Mr. Cooper reported a net income of $198 million for the quarter, up from $88 million in Q1 2025 but down from $204 million year-over-year. The servicing portfolio declined to $1.509 trillion, impacted by United Wholesale Mortgage's exit of $62 billion from its subservicing agreement. Mr. Cooper plans to onboard a new $40 billion client and acquire $20 billion in mortgage servicing rights. Despite stable portfolio performance with a 1% delinquency rate, the company is closely monitoring FHA loan delinquencies and stricter eligibility for loan modifications.
Mr. Cooper's net income for the quarter reached $198 million, a notable increase from $88 million in Q1 2025, though slightly below last year's profit of $204 million.
The servicing portfolio dipped to $1.509 trillion, influenced by United Wholesale Mortgage's $62 billion exit from its subservicing relationship, with $12 billion departing in Q2 and $50 billion in July.
To compensate for UWM's exit, Mr. Cooper anticipates onboarding a $40 billion new client by year's end and plans to acquire an additional $20 billion in mortgage servicing rights.
The company's servicing portfolio performance stayed stable, with a 1% delinquency rate and an average FICO score of 737, while monitoring the increased delinquencies in the FHA loan segment.
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