Mr. Cooper Group (Nationstar Mortgage d/b/a Mr. Cooper) is planning to acquire Pacific Union Financial, a Dallas-based mortgage originator and servicer with 700 active clients and 120,000 customers on its servicing platform.
If the deal passes regulatory approvals, Mr. Cooper would take ownership of the entire, existing company, including its correspondent and wholesale divisions.
Terms of the transaction, which is expected to close in early 2019, have not been divulged.
The deal enables Mr. Cooper to expand its presence in correspondent and wholesale originations with delegated and non-delegated product offerings.
There is about a 20% overlap with Mr. Cooper’s existing clients.
The deal could bring Mr. Cooper’s annual origination volume to more than $10 billion – with more than 80% being purchase loans, the company says in its third quarter report.
Pacific Union has a servicing portfolio of approximately $25 billion.