Mr. Cooper Group(COOP) - 2024 Q4 - Annual Results

Financial Performance - Reported net income of $204 million, resulting in a return on common equity (ROCE) of 17.3% and an operating return on tangible common equity (ROTCE) of 15.8%[6] - Total revenues for Q4 2024 were $654 million, up from $424 million in Q3 2024[18] - Net income for Q4 2024 was $204 million, compared to $80 million in Q3 2024, marking a 155% increase[24] - Earnings per share (EPS) for Q4 2024 were $3.20 (basic) and $3.13 (diluted), up from $1.24 (basic) and $1.22 (diluted) in Q3 2024[24] - Total expenses for Q4 2024 were $367 million, an increase from $335 million in Q3 2024, reflecting a 10% rise[24] - The company reported a pretax income of $280 million in Q4 2024, compared to $112 million in Q3 2024, indicating a 150% increase[24] - Operating income for the year ended December 31, 2024, was $681 million, with a return on tangible common equity (ROTCE) of 15.6%[27] - Total revenues for the year ended December 31, 2024, were $2,225 million, up from $1,664 million in the previous year, representing a 33.5% increase[27] Servicing Portfolio - Servicing portfolio grew 57% year-over-year to $1,556 billion, with pretax operating income of $318 million excluding mark-to-market adjustments[5] - Average unpaid principal balance (UPB) for the servicing portfolio was $1,407 billion, with a 60+ day delinquency rate of 1.6%[7] - The annualized conditional prepayment rate (CPR) was 7.5%, compared to 7.1% in the previous quarter[7] Shareholder Actions - The company repurchased 0.4 million shares of common stock for $38 million during the quarter[6] Acquisitions and Recognition - Completed the acquisition of Flagstar's mortgage operations, enhancing the customer base and operational capabilities[4] - The company recognized as the top mortgage servicer by Freddie Mac, receiving the 2024 SHARP Gold Award[6] Other Income and Financial Metrics - The company’s net gain on mortgage loans held for sale in Q4 2024 was $117 million, compared to $136 million in Q3 2024, showing a decrease of 14%[24] - The company’s total other income (expense), net for Q4 2024 was $(7) million, a decline from $23 million in Q3 2024, indicating a negative shift[24] Book Value - Book value per share increased to $75.70 and tangible book value per share increased to $71.61[6] - The average tangible book value (TBV) for Q4 2024 was $4,514 million, compared to $4,451 million in Q3 2024, reflecting a 1.4% increase[24] Originations Segment - Originations segment earned pretax income of $46 million, with funded volume increasing 36% quarter-over-quarter to approximately $9.3 billion[8][11]