Mr. Cooper has agreed to sell Xome Field Services to Cyprexx Services for an undisclosed price, as part of its ongoing effort to dismantle its ancillary services business.
This follows the sale of
"Xome made the decision to sell its field services business to Cyprexx Services, a provider of property preservation services, as the company continues to focus investments and resources on growing its Exchange business," Mr. Cooper said in a statement. "Along with the sale of the title and valuations businesses earlier this year, this transaction, which is expected to close during the fourth quarter, further reinforces Xome's commitment to maximizing the potential of its auction platform and becoming the premier asset management company in the industry."
The company does not consider the transaction's financial implications to be significant. It said the same for the Xome Valuations sale.
"This transaction is consistent with our strategic focus on mortgage originations and servicing, where we see exciting growth opportunities," Jay Bray, chairman and CEO of Mr. Cooper, said in a press release. "We thank all of our team members in the Field Services unit for their hard work and strong results and look forward to a smooth transition to Cyprexx."
The majority of the field service business' U.S. workers will become Cyprexx employees. "We are finding new opportunities within the company for the India-based team members supporting field services," the Mr. Cooper statement said.
Xome was originally known as Solutionstar, which represented Mr. Cooper's former brand name Nationstar. It was
In May 2017, Nationstar/Mr. Cooper looked to
In July, Mr. Cooper undertook another move to slim down and refocus its business by selling the reverse mortgage servicing portfolio to
At the end of
