According to Mr. Cooper’s Q4 2023 earnings report, its servicing division posted a pre-tax income of $184 million for the quarter, which included a $41 million contribution from market adjustments. By the end of the quarter, the servicing portfolio reached $992 billion, with the division’s operating income before taxes (excluding market adjustments) coming in at $229 million. The Mortgage Servicing Rights (MSR) were valued at $9,090 million, equivalent to 155 basis points of MSR UPB.
The originations segment, focused on acquiring loans and refinancing existing ones to create servicing assets, reported a pre-tax income of $9 million and an operating income before taxes of $10 million for the quarter.
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The company managed to fund 10,699 loans, totaling about $2.7 billion in UPB, divided between $1.2 billion from direct-to-consumer efforts and $1.5 billion through correspondent channels. The quarter saw a 22% drop in funded volume and an equal decrease in pull-through adjusted volume to $2.6 billion, reflecting the competitive and changing market conditions, the lender said.
Mr. Cooper’s vice chairman, Chris Marshall, highlighted the year’s operational achievements.
Source: mpamag.com