Cooper sells Xome estimates to Voxtur Analytics

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Mr. Cooper, upon completion Sale of Title365 to Blend Labs at the end of the second quarter is now selling another piece of its Xome business.

Xome Valuations is being sold to Voxtur Analytics, a Toronto-based company with operations on both sides of the border, for a total of $ 15 million, of which $ 6 million will be in stock and the rest in cash. Mr. Cooper’s press release describes this review as “immaterial.”

Mr cooper first wanted to sell Xome back in May 2017, when the former company was still operating as Nationstar Mortgage Holdings. Following the merger of the parent company with WMIH, the lender changed course in August 2018 when Xome acquired Business Assurant’s Mortgage Solutions.

In the second quarter, which does not include any Title365 results, Xome generated $ 480 million in pre-tax revenue from continuing operations and $ 39 million in revenues. In the same period last year, which included $ 52 million in Title365 revenue, Xome generated $ 12 million in pre-tax revenue from continuing operations with $ 106 million in revenue.

“This deal is another example of how we are streamlining and simplifying to focus on our core businesses, where we see tremendous growth opportunities,” said Jay Bray, Chairman and CEO of Mr. Cooper in a press release. … “We are grateful to the evaluation team for their contributions to the organization and we will work closely with Voxtur to ensure a smooth transition for our team members and clients.”

These sales limit Xome to just one business line. “We believe this solution is in the best interest of our business, our team and our stakeholders, and streamlining Xome’s services with a focus on end-to-end asset management capabilities will improve the company’s future position,” the company said in a statement. “We are committed to providing a seamless experience for our Xome Valuations team members and customers when they move to Voxtur.”

Earlier this year, Voxtur acquired Anow score management software company.

“Valuation is a manual, time-consuming process for lenders and consumers, and by bringing all parties together into one automated platform, we can significantly improve the experience,” Voxtur executive chairman Gary Yeoman said in a message from the company. “With a focus on customers and operational excellence, Xome Valuations is what you need to help us scale our efforts and have an immediate impact on the valuation industry.”

The Xome Valuations team will continue to be led by Al Broadway as President.

The deal is expected to close in the current quarter, subject to regulatory approvals, including TSX Venture Exchange.



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