| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Mr. Cooper Group Inc. > News item |
Mr. Cooper reports strong capital ratio, record high liquidity for Q1
By Devika Patel
Knoxville, Tenn., April 25 – Mr. Cooper Group Inc. saw record high liquidity last quarter and a capital ratio well above management’s target.
“We finished the quarter with record liquidity and a very strong capital ratio,” chairman and chief executive officer Jay Bray said on the Dallas-based non-bank mortgage services provider’s first quarter ended March 31 earnings conference call on Wednesday.
“Our capital ratio, as measured by tangible net worth to assets, ended the quarter at 29%, down 30 basis points due to asset growth but still above our target range of 20% to 25% as we continue to deploy our capital in a measured, thoughtful and disciplined manner,” executive vice president and chief financial officer Kurt Johnson said on the call.
The balance sheet was bolstered by record high liquidity and management extended the MSR lines out to 2026 during the quarter.
“Our balance sheet remains exceptionally strong,” Johnson said.
“Liquidity reached another record high of $3.3 billion, thanks to the $1 billion senior note issuance during the quarter, which we used to pay down our MSR lines.
“Liquidity consisted of $578 million in unrestricted cash with the remainder in MSR line capacity, which is fully collateralized and immediately available.
“We did draw on our MSR lines for purchases during the quarter, but this brought us new collateral and we were able to upsize our borrowing capacity by $200 million during the quarter and another $250 million after quarter end.
“Additionally, we began renegotiating existing MSR lines to extend maturities to 2026,” Johnson said.
Cash and cash equivalents were $578 million as of March 31, 2024, compared to $571 million as of Dec. 31, 2023.
Net unsecured senior notes were $4,137,000,000 as of March 31, 2024, compared to $3,151,000,000 as of Dec. 31, 2023.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.