Mortgage loan servicer Mr. Cooper Group Inc. has announced the appointment of Mike Weinbach as new company President, effective February 1, 2024, leading the company’s operations, including originations, servicing, and technology.
With more than 25 years’ experience in the financial services industry, Weinbach has a track record of senior leadership roles across consumer and mortgage banking.
“I am delighted to welcome Mike to Mr. Cooper Group. His extensive background in consumer lending and financial services as well as his people-first approach will be a great fit for our team as he helps lead the company forward on the next phase of our journey,” said Jay Bray, Chair and CEO of Mr. Cooper Group.
Most recently, Weinbach served as CEO of Consumer Lending for Wells Fargo, and as a member of the firm’s Operating Committee, responsible for leading more than 40,000 team members focused on home lending, auto lending, credit cards, merchant services, student lending and personal lending. Previously, he served as CEO of Chase Home Lending at JP Morgan Chase, where he also held leadership roles in consumer banking, business banking, mortgage servicing and auto finance, with oversight of sales, finance, and operations.
“I have long admired Mr. Cooper’s impressive record of growth and profitability as well as their commitment to the customer experience, and I am thrilled to hit the ground running with this fantastic team,” said Weinbach.
Chris Marshall, who currently serves as Vice Chair and President, will remain with Mr. Cooper Group to assist with the transition and oversee fundraising for the company’s MSR fund. Marshall is set to retire at the end of 2024.
Mr. Cooper reported third quarter net income of $275 million in 2023. Excluding other mark-to-market and certain other items, pretax operating income was $249 million, which benefitted from a $67 million gain from the collapse of a securitization trust. Excluding that gain, operating return on equity was 13.8% in the quarter. Other mark to market adjustment was $61 million, and other items included a $96 million preliminary bargain purchase gain related to the Home Point Capital acquisition, a $39 million loss associated with equity investments primarily related to the sale of the company’s title business in 2021, and other items.
“Our impressive performance, highlighted by rising return on equity, strong book value per share growth, robust capital, and record liquidity, reflects the strength of our balanced business model,” said Bray. “With our servicing portfolio now at $937 billion, Mr. Cooper’s consistent track record of growth has propelled us to the nation’s leading servicer, one step closer to achieving our $1 trillion target.”
Mr. Cooper Group provides customer-centric servicing, origination and transaction-based services related principally to single-family residences throughout the U.S., with operations under its primary brands: Mr. Cooper and Xome.
