Mr. Cooper completes acquisition of Home Point Capital

Mr. Cooper on Tuesday reported that it closed its acquisition of Home Point Capital through a vehicle called Heisman Merger Sub following the expiration of a final tender offer.

Roughly 98.5% of HPC's shares were tendered prior to the expiration, and all conditions of the offer were satisfied, according to a press release issued by Mr. Cooper.

The deal adds around $83 billion in mortgage servicing rights to the acquiring company's portfolio, bringing it a lot closer to Chairman and CEO Jay Bray's goal to make Mr. Cooper a $1 trillion servicer.

It also includes the assumption of $500 million in bonds that have "an attractive rate," Vice Chairman and President Chris Marshall said in the press release.

"As a result, we do not expect the acquisition to have a material impact on the company's liquidity," Marshall added.

With the closing of the acquisition, shares of Home Point trading on the Nasdaq Global Select Market will be delisted.

Home Point's delisting will mark the end of a company that had sought to compete with giants like Rocket Mortgage and United Wholesale for broker business at a challenging time for the industry. It previously agreed to sell its wholesale business separately to The Loan Store.

Mr. Cooper also reported on Tuesday that it had finalized the acquisition of Roosevelt Management company and affiliates.

Executives from the acquiring company had expressed confidence in a recent earnings call that both acquisitions would close. The company had extended the expiration for its tender offer for Home Point Capital twice before closing the deal.