Washington Mutual successor WMIH Corp. has completed its pending 1-for-12 reverse stock split and its common shares will soon begin trading under the Mr. Cooper name it inherited from Nationstar Mortgage.
Common shares of the holding company, Mr. Cooper Group Inc., will trade under that name on a split-adjusted basis starting Oct. 11. The shares will trade under the ticker symbol COOP, which will replace the WMIH symbol they previously had been trading under. The stock merge reduces nearly 1.1 billion shares of WMIH common stock outstanding to more than 90 million shares.
“Today marks a new chapter for our business as we continue to build on our strong financial foundation with best-in-class servicing and originations for our more than 3 million customers and transaction-based services for our Xome clients,” Jay Bray, chairman and CEO of Mr. Cooper, said in a press release. Bray was CEO of Nationstar Mortgage Holdings prior to the acquisition.
Although the Nationstar Mortgage Holdings name is no longer being used, Nationstar Mortgage LLC, dba Mr. Cooper, remains the operating company name for business lines that operate under the company’s primary brands: Mr. Cooper and Xome. Xome, Nationstar’s real estate services and technology business, operates as an indirect wholly owned subsidiary of Nationstar Mortgage LLC.
Prior to Nationstar’s acquisition by WMIH and its rebranding as Mr. Cooper, it had considered selling Xome. Today, Xome operates under the management of a separate CEO, Rayman Kaur Mathoda.
WMIH named Mathoda as Xome’s CEO shortly after it acquired Nationstar. Also just following the acquisition, Xome acquired Assurant’s Mortgage Solutions unit.
The acquisition of the Assurant Group unit “should roughly double-Xome’s third-party revenues,” according to a report last month by Bose George, an analyst at Keefe, Bruyette & Woods.