Mr. Cooper Group has struck a deal to acquire a third-party origination (TPO) platform and $356 billion in mortgage servicing rights (MSRs), advances and subservicing contracts from Flagstar Bank, owned by New York Community Bancorp (NYCB). 

As part of the deal, the Dallas-based servicer and lender will pay $1.4 billion in cash, funded via available cash and drawdowns of existing MSR lines. The transaction, which will add 1.3 million customers to Mr. Cooper and improve NYCB’s capital level, is expected to close in the fourth quarter of 2024. 

Mr. Cooper details ⇒

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