Rocket Mortgage, an online home-loan originator, is purchasing mortgage-servicing company Mr. Cooper Group in a $9.4 billion deal.
Following the acquisition, Rocket will represent one in every six mortgages in the United States and welcome approximately 7 million clients to the fold, servicing more than $2 trillion worth of mortgages, the company said in a release. Rocket expects the deal to bolster loan volume, generate more recurrent revenues, and lower client acquisition costs.
