Sagent Purchases Mr. Cooper IP to Create Cloud-Native Mortgage Servicing Platform
March 31, 2022
Sagent M&C (d/b/a Sagent Lending Technologies) purchased certain intellectual property rights related to Mr. Cooper's cloud-based mortgage servicing platform. As part of the agreement, Mr. Cooper received an equity stake in Sagent, appointed two directors to Sagent's board, and will be a multi-year customer as the parties build a cloud-native servicing platform.
- Buyers
- Sagent M&C, LLC (d/b/a Sagent Lending Technologies)
- Targets
- Certain intellectual property rights related to Mr. Cooper Group Inc.'s proprietary cloud-based mortgage servicing platform
- Sellers
- Mr. Cooper Group Inc.
- Industry
- Cloud & SaaS
- Location
- Texas, United States
- Transaction Type
- Divestiture
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Mr. Cooper Acquires Flagstar Bank's Mortgage Operations
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Mr. Cooper Group Inc. has closed its previously announced acquisition of Flagstar Bank N.A.'s mortgage operations, acquiring MSRs, advances, subservicing contracts, and Flagstar's third-party origination platform for approximately $1.3 billion in cash. The deal expands Mr. Cooper's servicing and origination capabilities and transfers Flagstar's mortgage customers and team members to Mr. Cooper, with full operational integration expected in early 2025.
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Rocket Companies Acquires Mr. Cooper Group
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