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Flagstar Bank Closes On The Sale Of Its Mortgage Servicing/Sub-Servicing Business, Mortgage Servicing Rights, And The Third-Party Origination Platform To Mr. Cooper For ~$1.3B In Cash

Benzinga ·  Nov 1 16:34

Flagstar Bank, N.A. (the "Bank"), the bank subsidiary of Flagstar Financial, Inc. (NYSE:FLG) (the "Company") announced today that it has closed the previously announced sale of its residential mortgage servicing/sub-servicing business, mortgage servicing rights, and the third-party origination platform to Mr. Cooper Group Inc. ("Mr. Cooper"), for approximately $1.3 billion in cash. The transaction is expected to increase the Company's CET1 capital ratio by approximately 60 basis points on a proforma basis as of September 30, 2024.

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