Mr. Cooper Group to Acquire IBM’s Mortgage Servicing Business.
International Business Machines Corporation (IBM) provides information technology (IT) products and services worldwide. IBMannounced recently two significant quantum processor upgrades for its IBM Q early-access commercial systems. These upgrades represent rapid advances in quantum hardware as IBM continues to drive progress across the entire quantum computing technology stack, with focus on systems, software, applications, and enablement.
Mr. Cooper Group announced January 3, 2019 its entrance into a definitive agreement to acquire IBM’s mortgage servicing business. In 2008 during the financial crisis, IBM acquired the Seterus mortgage servicing business. IBM showed success in mortgage servicing and created a very stable portfolio, making the time perfect for divesting this part of the business to a mortgage servicing specialist that can further the business.
IBM is selling the Seterus mortgage servicing platform to Mr. Cooper Group, a company that offers quality servicing related mostly to single-family residences in the U.S. No financial terms of the deal have been released, but the transaction is expected to close in the first quarter of 2019.