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Mr. Cooper surges 12% as originations, Xome outperform

Aug. 01, 2019 3:46 PM ETMr. Cooper Group Inc. (COOP) StockBy: Liz Kiesche, SA News Editor
  • Mr. Cooper Group (NASDAQ:COOPgains 12% after Q2 results came in better than some analysts expected.
  • Q2 loss of $87M, or 98 cents per share, includes net fair value mark-to-market on the MSR portfolio of $231M.
  • Q2 origination volumes of $10B sailed past BTIG analyst Giuliano Bologna's estimate of $8.4B and segment pretax income of $118M vs. the $55M he expected.
  • Credit Suisse analyst Douglas Harter says servicing, originations, and Xome all were better than expected, fueling adjusted earnings beat; Q2 adjusted EPS of 98 cents vs. 33 cents consensus.
  • The "only offset" was COOP's mark-to-market on the MSR portfolio, which reduced tangible book value to $15.95 per share form $16.91 in Q1, Bologna says.
  1. Still, he writes "TBV is not the primary metric investors should focus on because it does not have meaning impact on COOP’s ability to generate cash flow in the future."

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