Mr. Cooper Group Inc. (NASDAQ: COOP) disclosed that it has inked an agreement with Sagent M&C, LLC (Sagent). As per the agreement, Sagent will acquire certain intellectual property rights related to Mr. Cooper’s proprietary, cloud-based technology platform for mortgage servicing, and Mr. Cooper will get an equity stake in Sagent.
Mr. Cooper has full confidence that the Sagent’s shared vision, technology, and scale execution will accelerate the Mr. Cooper’s strategic growth offering the chance to bring integrated best-in-class servicing platforms to the industry, ultimately speeding up the future of mortgage servicing software and offering advanced solutions to mortgage servicers and their customers.
Furthermore, Mr. Cooper's mortgage servicing expertise will be combined with Sagent's rapid software development to build the industry's first cloud-native, homeowner-first service platform. Mr. Cooper will also be a long-term Sagent customer. The pact also provides Mr. Cooper Group meaningful efficiencies and enables it to speed up its development of customer-facing applications that will make its customers happy with customized, friction-free solutions.
Additionally, as per the agreement, Mr. Cooper will get a significant minority equity stake in Sagent, and Jay Bray as well as Chris Marshall, Vice Chairman and President of Mr. Cooper Group, will join Sagent’s board. Sridhar Sharma, CIO, of Mr. Cooper Group, will be chosen Senior Technology Advisor to Sagent’s Board.
Mr. Cooper and Sagent have a vision of borrowers being able to handle their whole home and loan lifecycles from their mobile devices, and servicers being able to handle every single loan detail for customers, authorities, shareholders, and collaborators. The entire industry will be led into the future by this unified vision.