Mr. Cooper Group chairman and chief executive officer Jay Bray will become president and CEO of Rocket Mortgage, according to a press release, while Dan Gilbert will remain chairman of Rocket Companies.
The combined board will feature nine members from the board of Rocket and two from the board of Mr. Cooper.
Rocket said the move would allow it access to Mr. Cooper’s nearly seven million clients and 150 yearly customer interactions, and attach Rocket’s title, closing and appraisal services to existing originations at Mr. Cooper.
It said it expects $400 million in pre-tax cost savings as a result of streamlined operations, corporate expense and technology investments, while the deal is also projected to generate about $100 million in pre-tax revenue.
The deal is expected to close in the fourth quarter of 2025, subject to regulatory approval and the endorsement of Mr. Cooper shareholders.