Mr. Cooper Group Inc 2024年度报告

BOARDOFDIRECTORS-ayBray&KLHI([HFXWLYH2IILFHUDQG&KDLUPDQRIWKH%RDUG CORPORATE+EAD4UARTERS 8950CypressWatersBoulevardDallas,Texas75019(469)549-2000www.mrcooper.com AndreZBonSalle'LUHFWRU RoyGuthrie,QGHSHQGHQW/HDG'LUHFWRU INDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM ErnstŽŽŬŝŶŐ^ƚĂƚĞŵĞŶƚƐ ŶLJƐƚĂƚĞŵĞŶƚƐŝŶƚŚŝƐĂŶŶƵĂůƌĞƉŽƌƚƚŚĂƚĂƌĞŶŽƚŚŝƐƚŽƌŝĐĂůŽƌĐƵƌƌĞŶƚĨĂĐƚƐĂƌĞĨŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐ͘dŚĞƐĞĨŽƌǁĂƌĚͲůŽ ŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐ͕ĞƐƚŝŵĂƚĞƐĂŶĚƉƌŽũĞĐƚŝŽŶƐŝŶĐůƵĚĞ͕ďƵƚĂƌĞŶŽƚůŝŵŝƚĞĚƚŽ͕ŽƵƌĞdžƉĞĐƚĂƚŝŽ ŶƐŽƌƉƌĞĚŝĐƚŝŽŶƐŽĨĨƵƚƵƌĞĨŝŶĂŶĐŝĂůŽƌďƵƐŝŶĞƐƐƉĞƌĨŽƌŵĂŶĐĞŽƌĐŽŶĚŝƚŝŽŶƐ͘&ŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐŝŶǀŽůǀĞŬŶŽǁŶĂŶĚƵŶŬŶŽǁŶƌŝƐŬƐ͕ƵŶĐĞƌƚĂŝŶƚŝĞƐĂŶĚŽ ƚŚĞƌĨĂĐƚŽƌƐƚŚĂƚŵĂLJĐĂƵƐĞŽƵƌĂĐƚƵĂůƌĞƐƵůƚƐ͕ƉĞƌĨŽƌŵĂŶĐĞ͕Žƌ ĂĐŚŝĞǀĞŵĞŶƚƐƚŽďĞŵĂƚĞƌŝĂůůLJĚŝĨĨĞƌĞŶƚĨƌŽŵĂŶLJĨƵƚƵƌĞƌĞƐƵůƚƐ͕ƉĞƌĨŽƌŵĂŶĐĞŽƌĂĐ ŚŝĞǀĞŵĞŶƚƐĞdžƉƌĞƐƐĞĚŽƌŝŵƉůŝĞĚďLJƚŚĞĨŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐ͘ĞƌƚĂŝŶŽĨƚŚĞƐĞƌŝƐŬƐĂŶĚƵŶĐĞƌƚĂŝŶƚŝĞƐĂƌĞĚĞƐĐƌŝďĞĚŝŶƚŚĞ͞ZŝƐŬ&ĂĐƚŽƌƐ͟ƐĞĐƚŝŽŶŽĨŽƵƌŵŽƐƚƌĞĐĞŶƚĂŶŶƵĂůƌĞƉŽƌƚĂŶĚŽƚŚĞƌƌĞƋƵŝƌĞĚĚŽĐƵŵĞŶƚƐĂƐĨŝůĞĚǁŝƚŚƚŚĞ^ǁŚŝĐŚĂƌĞĂǀĂŝůĂďůĞĂƚƚŚĞ^͛ƐǁĞďƐŝƚĞĂƚŚƚƚƉ͗ͬͬǁǁǁ͘ƐĞĐ͘ŐŽǀ͘&ŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐƐƉĞĂŬŽŶůLJĂƐŽĨƚŚĞĚĂƚĞƚŚĞLJĂƌĞŵĂĚĞ͕ ĂŶĚDƌ͘ŽŽƉĞƌ'ƌŽƵƉŝƐŶŽƚƵŶĚĞƌĂŶLJŽďůŝŐĂƚŝŽŶ͕ĂŶĚĞdžƉƌĞƐƐůLJĚŝƐĐůĂŝŵƐĂŶLJŽďůŝŐĂƚŝŽ Ŷ͕ƚŽƵƉĚĂƚĞ͕ĂůƚĞƌŽƌŽƚŚĞƌǁŝƐĞƌĞǀŝƐĞĂŶLJĨŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂ ƚĞŵĞŶƚ͕ĞdžĐĞƉƚĂƐƌĞƋƵŝƌĞĚďLJůĂǁ͘ EŽŶͲ'WŵĞĂƐƵƌĞƐ Thisannualreportreferstocertainnon-GAAPfinancialmetrics.SeeAnnexAforadiscussionandreconciliationofthesenon-GAAPmeasurestothemostdirectlycomparableGAAPmeasures. Dear Shareholders, 2024 was an outstanding year for Mr. Cooper, marked by strong financial performance, strategicexecution, and market leadership. We delivered a return on common equity of 14.7% and anoperating return on tangible common equity (ROTCE)(1)of 15.6%, up from 12.5% the prior year.Book value per share rose to $75.70, and tangible book value(1)increased to $71.61, representing12% year-over-year growth. These results helped drive a 47% increase in our stock price,significantly outperforming our peer group’s 5% gain. Reflecting on the year, the core drivers of oursuccess are simple but powerful: a strategy built on operational leadership and exceptional customerexperience, consistent investment in innovative technology, and a people-first culture. Theseprinciples will continue to guide our approach as the mortgage industry evolves. One of the most notable achievements of the year was the 57% growth of our servicing portfolio,which now totals $1.56 trillion and serves 6.7 million customers. This growth reflects the successfulexecution of a strategy we laid out in late 2022, when we identified dislocations in the bulk MSRmarket caused by margin pressure on originators, strategic divestitures, and the ongoing exit ofbanks. Our foresight and disciplined execution allowed us to act on these opportunities and furtherstrengthen our scale advantage. Today, our platform is more than 50% larger than that of our nearestcompetitor. A major catalyst for the growth in 2024 was our acquisition of Flagstar’s mortgage operations, whichincluded MSRs, advances, subservicing contracts, and a third-party originations platform. Thistransaction demonstrated our ability to deliver full-service solutions to large financial institutions andhelp them achieve their strategic objectives. It also solidified our position as the #1 largestsubservicer(2)in the industry. Thanks to our industry-leading onboarding capabilities, our Pyro AI-powered tool for document extraction/classification, and our extensive experience, we executed aseamless integration of Flagstar’s customers, clients, and team members. This was the largestacquisition in our history and one of the largest customer transfers ever in the mortgage industry. I’mincredibly proud of our team’s execution and excited to have welcomed 1.2 million new customers tothe Mr. Cooper family. The Flagstar acquisition was financed with a high-yield bond issuance at the tightest spreads in ourcompany’s history, a strong vote of confidence in our strategy and balance sheet management from