COOP - Has Mr. Cooper Milked About All It Can From Mortgage Servicing?
The mortgage banking business is one of the most cyclical industries. In 2020 and 2021, it feasted on easy refinancing activity courtesy of the Federal Reserve's rate cuts in reaction to the COVID-19 pandemic. But the mortgage origination boom ended when the Fed started raising interest rates to slow inflation .
Mortgage bankers have been absolutely hammered this year, with some going bankrupt and some radically restructuring their businesses. One publicly traded mortgage banker has bucked the trend, however: Mr. Cooper Group (NASDAQ: COOP) .
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Has Mr. Cooper Milked About All It Can From Mortgage Servicing?