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Joele Frank works for Rocket Companies, fintech platform, that is acquiring Mr. Cooper Group, the No. 1 mortgage servicing provider, in a $9.4B equity deal to create an entity that handles about 10M customers representing one in six mortgages in the US.
The deal adds servicing to Rocket’s mortgage, real estate, title and personal finances business.
Rocket CEO Varun Krishna called servicing a critical pillar of homeownership—alongside home search and mortgage origination. “With the right data and AI infrastructure we will deliver the right products at the right time,” he noted. “That’s how we build lifelong relationships, by proactively unlocking benefits and meeting needs before they arise.”
Jay Bray, Mr. Cooper’s chief, said the merger “will form the strongest mortgage company in the industry, offering an end-to-end homeownership experience backed by leading technology and grounded in customer care.”
The deal is expected to close by the end of the year. Rocket shareholders will control 75 percent of the new company, with Mr. Cooper investors owning the rest.
Joele Frank, Wilkinson Brimmer Katcher partners Leigh Parrish and Adam Pollack; managing director Haley Sala; and director Brooks Hussey, handle Rocket.
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