Mr. Cooper Group Inc. has entered into a definitive agreement to sell its Xome Field Services unit to Cyprexx Services LLC. The sale is expected to close during the fourth quarter of 2021, subject to customary conditions.
The terms of the transaction have not been disclosed, however, the company does not view the financial impact as significant.
“This transaction is consistent with our strategic focus on mortgage originations and servicing, where we see exciting growth opportunities,” said Jay Bray, chairman and CEO of Mr. Cooper. “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.”
More than 40% of homes flipped in the second quarter of 2021 were purchased with mortgage financing, up slightly from the prior quarter.