美国政府支持企业（gse）私有化对美国抵押贷款机构的风险

Matthew Hurwit, CFA * | Equity Analyst+1 (415) 229-1487 | mhurwit@jefferies.comJohn Hecht * | Equity Analyst(415) 229-1569 | jhecht@jefferies.com against losses. Smaller non-bank players could struggle to meet standards, leaving a few largeplayers (RKT/COOP/UWMC) to dominate.Please see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionMr. Cooper GroupMr. Cooper Group (NASDAQ: COOP) provides quality servicing, origination and transaction based services related principally to single-familyresidences throughout the United States with operations under its primary brands: Mr. Cooper® and Xome®. Mr. Cooper is one of the largest homeloan servicers in the country focused on delivering a variety of servicing and lending products, services and technologies. Xome provides technologyand data enhanced solutions to homebuyers, home sellers, real estate agents and mortgage companies.Rocket CompaniesRocket Companies is a Detroit-based holding company consisting of personal finance and consumer service brands including Rocket Mortgage,Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial. Since 1985,Rocket Companies has been obsessed with helping its clients achieve the American dream of home ownership and financial freedom. RocketCompanies offers an industry-leading client experience powered by our simple, fast, and trusted digital solutions. Rocket Companies has 20,000 teammembers across the United States. Its flagship company, Rocket Mortgage, has been named to Fortune magazine's list of "100 Best Companies toWork For" for 17 consecutive years.United Wholesale MortgageUWMC is the second-largest residential mortgage lender in the United States and the largest wholesale mortgage lender in the United States,originating mortgage loans exclusively through the wholesale channel. With over 8,600 team members and a culture of continuous innovation oftechnology and enhanced client experience, UWMC builds upon proprietary and exclusively licensed technology platforms, superior service andfocused partnership with the Independent Mortgage Advisor community. The company originates primarily conforming and government loans acrossall 50 states and the District of Columbia.Company Valuation/RisksMr. Cooper GroupOur $110 PT reflects ~1.5x BV. Risks include lower origination volumes, contracting servicing portfolios, and interest rate volatility.Rocket CompaniesOur $11.50 PT is based on ~16.5x '26E EPS. Risks include lower origination volumes (particularly refinance volumes) and further contraction of GOSmargins (particularly in the partner channel).United Wholesale MortgageOur $7 price target represents a ~15x multiple on '26E EPS, a premium to slower growing mortgage originations/servicers. Primary risks includemargin compression, volumes, and competition.Analyst Certification:I, Matthew Hurwit, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, John Hecht, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedPlease see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 22, 2025 , 13:16 ET.May 22, 2025 , 13:16 ET.3 Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yiel