COOP - Mortgage Servicing Saves the Day for Mr. Cooper Group
Last year was absolutely abysmal for the mortgage space. The Federal Reserve's aggressive response to rising inflation along with rapidly rising home prices caused a collapse in affordability. Loan origination dried up and has yet to show any signs of recovery. We saw many mortgage originators severely cut back the business, go bankrupt, or exit the business altogether.
The originators who had large mortgage servicing portfolios like Mr. Cooper Group (NASDAQ: COOP) ended up outperforming. Can we expect this to continue?
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Mortgage Servicing Saves the Day for Mr. Cooper Group