Mr. Cooper names former Wells Fargo, JPMorgan exec Mike Weinbach as president

Key Takeaways:

– Mr. Cooper Group has named Mike Weinbach as its new president, succeeding Chris Marshall.
– Weinbach will be in charge of the company’s operations, including originations, servicing, and technology.
– Prior to joining Mr. Cooper, Weinbach was an advisor for MSW Advisors and McKinsey & Company and held executive positions at Wells Fargo and JPMorgan Chase.
– Weinbach will receive a base salary of $750,000 and a cash signing bonus of $350,000, among other incentives.
– Mr. Cooper has maintained profitability despite a shrinking mortgage market and has engaged in M&A activity, including the acquisition of Home Point Capital.
– Mr. Cooper reported $275 million in net income and $3.8 billion in loan originations in its latest earnings report.
– Weinbach will face challenges, including a cybersecurity attack in 2023 that exposed the data of nearly 15 million clients.
– Weinbach is impressed with Mr. Cooper’s growth, profitability, and commitment to the customer experience.
– Jay Bray, the company’s chairman and CEO, believes Weinbach’s background and approach will be a great fit for the team.

HousingWire:

Mortgage giant Mr. Cooper Group has named Mike Weinbach, a former Wells Fargo and JPMorgan Chase executive, as its new president. He will succeed Chris Marshall, who is retiring at the end of 2024 but will assist with the transition.

Weinbach, 50, will be in charge of the company’s operations, which includes originations, servicing and technology, Mr. Cooper announced on Tuesday. The effective date is Feb. 1.  

Prior to joining Mr. Cooper, Weinbach served as an advisor for MSW Advisors and McKinsey & Company. Before that, he was CEO of consumer lending and a member of the operating committee at Wells Fargo, responsible for over 40,000 team members. Previously, he served as CEO of Chase Home Lending at JPMorgan Chase, where he spent 16 years.  

Mr. Cooper’s new president will receive an annual base salary of $750,000 and a lump-sum cash signing bonus of $350,000, according to an 8-K filing with the Securities and Exchange Commission (SEC). 

The document states that he will also participate in an annual incentive plan between $1.5 million and $3 million and be eligible for a long-term incentive for the 2024 fiscal year of $4.2 million awarded in restricted stocks. Meanwhile, Weinbach will also receive a one-time award of time-based restricted stock units with a grant date fair value of $2 million to be granted in 2024.

A veteran with more than two decades in the financial services industry, Weinbach is joining a company that has managed to maintain profitability amid a shrinking mortgage market, mainly due to its robust servicing portfolio. Its financial position has helped Mr. Cooper engage in M&A activity with the acquisition of Home Point Capital for $324 million in 2023. 

Mr. Cooper’s latest earnings report showed that it delivered $275 million in net income from July to September, originating $3.8 billion in loans in the same period. On the servicing side, it had 4.3 million customers and $937 billion in UPB at the end of September. 

But Weinbach will face challenges. Mr. Cooper was the target of a cybersecurity attack in 2023. In October, it had the data of nearly 15 million current and former clients exposed in a hacking incident, which resulted in at least four class action suits

In a statement, Weinbach said he has been impressed with Mr. Cooper’s “record of growth and profitability as well as their commitment to the customer experience.” 

Jay Bray, the company’s chairman and CEO, said in a statement that Weinbach’s “extensive background in consumer lending and financial services, as well as his people-first approach, will be a great fit for our team.”

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Property Chomp’s Take:

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In recent news, mortgage giant Mr. Cooper Group has appointed Mike Weinbach as its new president. Weinbach, a former executive at Wells Fargo and JPMorgan Chase, will be responsible for overseeing the company’s operations, including originations, servicing, and technology. This appointment comes as Chris Marshall, the current president, plans to retire at the end of 2024.

Before joining Mr. Cooper, Weinbach served as an advisor for MSW Advisors and McKinsey & Company. He also held the position of CEO of consumer lending at Wells Fargo, where he was responsible for a large team of employees. Prior to that, he served as CEO of Chase Home Lending at JPMorgan Chase.

Weinbach’s appointment comes with an attractive compensation package. He will receive an annual base salary of $750,000, a lump-sum cash signing bonus of $350,000, and the opportunity to participate in various incentive plans. Additionally, he will be granted restricted stocks and time-based restricted stock units as part of his compensation.

Mr. Cooper Group has been able to maintain profitability in a shrinking mortgage market, thanks to its robust servicing portfolio. The company recently acquired Home Point Capital for $324 million, further strengthening its position in the industry. In its latest earnings report, Mr. Cooper reported $275 million in net income and originated $3.8 billion in loans in the third quarter of the year. It also had 4.3 million customers and $937 billion in unpaid principal balance on its servicing side.

However, Weinbach will face challenges as he takes on his new role. Mr. Cooper recently experienced a cybersecurity attack that exposed the personal data of nearly 15 million clients. This incident has resulted in multiple class action lawsuits against the company, highlighting the importance of strengthening cybersecurity measures.

In a statement, Weinbach expressed his admiration for Mr. Cooper’s growth, profitability, and commitment to customer experience. Jay Bray, the company’s chairman and CEO, believes that Weinbach’s background in consumer lending and financial services, coupled with his people-first approach, will be a valuable addition to the team.

In conclusion, the appointment of Mike Weinbach as the new president of Mr. Cooper Group brings a fresh perspective and extensive industry experience to the company. With his leadership, Mr. Cooper aims to continue its growth and profitability while prioritizing the customer experience. However, challenges such as the recent cybersecurity attack will require Weinbach’s attention and focus to ensure the company’s data security measures are robust and effective.

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