By coinnews 
00:00 Speaker A
Let’s talk about Mr. Cooper first here. Mortgage servicing. Now, you guys have a mortgage servicing business. This will make it far larger. What’s the business profile of that and the profitability profile, and what is it going to bring to Rocket?
00:17 Jay Farner
You know, our vision, uh, thank you for having me, first of all, Julia. It’s great to be with you and Brian. Um, our vision is that we want to build an integrated home ownership platform. We want to make the entire experience of home ownership, from home search to origination to servicing, seamless and frictionless for our clients. And so we’ve learned a lot by creating our own servicing business. Uh, we have just about 3 million clients with Rocket, and we love, protect, and amaze them every day. It is a great business because when you build that kind of loyalty, you earn the right to recapture and generate new products and services for those same clients, which really improves the lifetime value. And that is really the theory of the case behind why this acquisition makes so much sense, is that we are connecting the best origination company in the country with the best servicer in the country so that we can create that recapture flywheel and create a long-term business. The other two things that are really interesting for us about this acquisition is that it provides us with more relationships and data that allow our models and our AI investments to become even more effective. And it also counterbalances the company to be able to drive growth in different market cycles, both high and low rate environments as well.
02:16 Speaker B
How did you identify Mr. Cooper, and how, I guess, fragmented is this industry?
02:28 Jay Farner
Yeah, you know, the, the good and the bad news is that it’s still a big market and it’s still very fragmented. And you know, Jay and I met, you know, when I was onboarding into the company, and I was learning from folks in the industry, and we just connected. And as I got to learn about the servicing business, um, you know, and talk with Jay and his company and meet his leaders, it became very clear that we shared a kind of a common viewpoint on where the world was going, and we wanted to create a better housing experience. You know, today the challenges we have is there’s just too much friction in the process. You have to deal with too many middlemen. It’s expensive. Um, you know, there’s a lot of wait and wonder. And so we felt that if we integrated our platforms, we could actually remove friction, and we can create a better client experience for all. And when we thought about who we wanted to partner with, obviously Mr. Cooper is the best in the business. They have incredible size, incredible scale, they have world class technology. And when we thought about who we wanted to partner with, I mean, the two companies have a very strong cultural alignment. They share similar DNA. We’ve collaborated together before, and we were, you know, a group of common, common-minded folks who just wanted to work together and do great things together. And so when we compared it against all of that criteria, it really had to be Mr. Cooper. They checked every box and we’re excited, uh, to be able to work with them.