Mr. Cooper, one of the nation’s top servicers, and Sagent, a loan servicing software developer, announced on Friday that they will join forces to create a cloud-native servicing platform.

The definitive agreement reached by both parties stipulates that Mr. Cooper will sell certain intellectual property rights related to its proprietary, cloud-based technology platform for mortgage servicing to Sagent. Meanwhile, Mr. Cooper will receive a minority equity stake in the fintech company.

Additionally, under the terms of the agreement, Jay Bray, CEO of Mr. Cooper, as well as Chris Marshall, vice chairman of Mr. Cooper Group, will have a spot on Sagent’s board.

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