<SEC-DOCUMENT>0001157523-20-000468.txt : 20200406
<SEC-HEADER>0001157523-20-000468.hdr.sgml : 20200406
<ACCEPTANCE-DATETIME>20200406070026
ACCESSION NUMBER:		0001157523-20-000468
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200406
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20200406
DATE AS OF CHANGE:		20200406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mr. Cooper Group Inc.
		CENTRAL INDEX KEY:			0000933136
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				911653725
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14667
		FILM NUMBER:		20775694

	BUSINESS ADDRESS:	
		STREET 1:		8950 CYPRESS WATERS BLVD.
		CITY:			COPPELL
		STATE:			TX
		ZIP:			75019
		BUSINESS PHONE:		469-240-4688

	MAIL ADDRESS:	
		STREET 1:		8950 CYPRESS WATERS BLVD.
		CITY:			COPPELL
		STATE:			TX
		ZIP:			75019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WMIH CORP.
		DATE OF NAME CHANGE:	20150512

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WMI HOLDINGS CORP.
		DATE OF NAME CHANGE:	20120320

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WASHINGTON MUTUAL, INC
		DATE OF NAME CHANGE:	20061017
</SEC-HEADER>
<DOCUMENT>
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<DESCRIPTION>MR. COOPER GROUP INC. 8-K
<TEXT>
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    <div style="text-align: center; margin-top: 4.4pt; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-weight: bold;">WASHINGTON, DC 20549</font>&#160;</div>
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    <div style="text-align: center; margin-top: 13.2pt; font-size: 12pt;"><font style="font-size: 16pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">FORM 8-K</font><font style="font-size: 16pt;">&#160;</font></div>
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    <div style="text-align: center; margin-top: 13.2pt; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Pursuant to Section&#160;13 or 15(d) of the</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Securities Exchange Act of 1934</div>
    <div style="text-align: center; margin-top: 13.2pt; font-size: 12pt; font-weight: bold;">Date of report:&#160; April 6, 2020</div>
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      <div style="text-align: center; margin-bottom: 2.2pt;">&#160;</div>
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    <div style="text-align: center; margin-top: 13.2pt; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">Mr. Cooper Group Inc.</div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">(Exact Name of Registrant as Specified in Charter)</font>&#160;</div>
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            <div style="font-size: 8pt;"><font style="font-size: 12pt;">&#160;</font>&#160;</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Delaware</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">001-14667</div>
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            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(State or Other Jurisdiction</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">of Incorporation)</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(Commission</div>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">8950 Cypress Waters Blvd.</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Coppell, TX 75019</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(Address of Principal Executive Offices, and Zip Code)</div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">469.549.2000</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Registrant&#8217;s Telephone Number, Including Area Code</div>
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      <div style="text-align: center; margin-bottom: 2.2pt;">&#160;</div>
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    </div>
    <div style="margin-top: 13.2pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="font-style: italic;">see</font>
      General Instruction A.2. below):</div>
    <div style="font-size: 8pt;">&#160;</div>
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            <div>&#160;</div>
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            <div>&#9744;</div>
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          <td style="width: 94%; vertical-align: top;">
            <div>Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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            <div>&#160;</div>
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            <div>&#9744;</div>
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          <td style="width: 94%; vertical-align: top;">
            <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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    <div style="font-size: 8pt;">&#160;</div>
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            <div>&#160;</div>
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            <div>&#9744;</div>
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          <td style="width: 94%; vertical-align: top;">
            <div>Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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    <div style="font-size: 8pt;"> <br>
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          <td style="width: 3%; vertical-align: top;">&#9744; <br>
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          <td style="width: 94%; vertical-align: top;">Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) <br>
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    <div style="font-size: 8pt;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><font style="font-size: 10pt;"> <br>
      </font></div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><font style="font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</font> </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><br>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="text-align: center;">Title of each class</div>
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              <div style="text-align: center;">Trading Symbol(s)</div>
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            <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Name of each exchange on which registered</div>
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              <div style="text-align: center; font-weight: bold;">Common Stock, $0.01 par value per share</div>
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              <div style="text-align: center; font-weight: bold;">COOP</div>
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            <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">The Nasdaq Stock Market</div>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 8pt;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">
      <div style="background-color: #FFFFFF;">
        <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule
          12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</div>
      </div>
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        <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Emerging growth company &#9744;</div>
        <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><br>
          If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
          Act. &#9744;</div>
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            <div style="font-weight: bold;">Item&#160;2.02</div>
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          <td style="width: 90%; vertical-align: top;">
            <div style="font-weight: bold;">Results of Operations and Financial Condition.</div>
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    <div style="text-align: justify; margin-bottom: 8pt;"> <br>
    </div>
    <div style="text-align: justify; margin-bottom: 8pt;">In order to provide our equity investors and senior note holders with greater transparency during a period of heightened market volatility, today Mr. Cooper Group Inc. (&#8220;Mr. Cooper Group&#8221; or the
      &#8220;Company&#8221;) provided preliminary estimates for first quarter 2020 results and the following additional disclosures.</div>
    <div style="text-align: justify; margin-bottom: 8pt;">Chairman and CEO Jay Bray commented, &#8220;During the last downturn, Mr. Cooper Group boarded large volumes of delinquent portfolios with high levels of advances, and we worked hard to keep our borrowers
      in their homes.&#160; Since then we have built the largest nonbank platform in the industry, made significant investments in automation and efficiency, and embraced our role as the customer&#8217;s advocate.&#160; In this unprecedented environment, our leadership
      team is focused 100% on delivering the services American homeowners need.&#8221;</div>
    <div style="text-align: justify; margin-bottom: 8pt;">Vice chairman and CFO Chris Marshall added, &#8220;Because the full extent of the virus and the associated economic impact cannot yet be quantified, we are proactively working with government, agency, and
      financing partners to identify and secure robust financing alternatives and clarify forbearance and modification policies, with the goal of ensuring that our customers are served even in an extreme downside scenario.&#8221;</div>
    <div style="text-align: justify; margin-bottom: 8pt; font-weight: bold;">Covid-19 Response &#8211; Team Members and Customers</div>
    <div style="text-align: justify; margin-bottom: 8pt;">In March, Mr. Cooper Group moved to a remote work environment to protect the health and wellness of its team members. Currently, greater than 95% of our team members are working from home.</div>
    <div style="text-align: justify; margin-bottom: 8pt;">Mr. Cooper Group is now offering forbearance plans consistent with the CARES Act and agency and FHA guidance.&#160; As of April 3, 2020, we have placed over 86,000 of our customers on forbearance plans,
      or approximately 2.5% of our total customers.&#160; Since the CARES Act was signed, forbearance volumes have ranged from approximately 8,000 to 22,000 per day.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 8pt; font-weight: bold;">Preliminary Results</div>
    <div style="text-align: justify; margin-bottom: 8pt;">On a preliminary basis, we estimate that the GAAP net loss for first quarter 2020 was approximately $200 million, book value as of March 31, 2020 was approximately $22 per share, and tangible book
      value was approximately $20 per share.</div>
    <div style="text-align: justify; margin-bottom: 8pt;">We estimate the mark-to-market on our MSR portfolio net of excess spread liabilities was approximately $394 million, of which $364 million is related to changes in assumptions and $30 million
      represents the excess of fair value amortization over cost basis.</div>
    <div style="text-align: justify; margin-bottom: 8pt;">On an operating basis, that is, excluding the estimated $364 million mark-to-market, intangible amortization, and $4 million in severance, we estimate that during the first quarter the Company
      earned approximately $120 million in income before taxes.</div>
    <div style="text-align: justify; margin-bottom: 8pt;">Operating results for the Originations Segment included a $21 million charge to reverse estimated gains associated with spec pool deliveries given dislocations in that market and an $13 million
      charge to eliminate revenue associated with loans where customer employment issues may pose a risk to closing.</div>
    <div style="text-align: justify; margin-bottom: 8pt;">Servicing results included a $15 million loss associated with the Reverse portfolio, reflecting the impact of the significant decline in interest rates on the purchase accounting for HMBS bonds.</div>
    <div style="text-align: justify; margin-bottom: 8pt;">The Corporate segment included an $8 million charge associated with the exit of an ancillary business unit which is part of our corporate actions initiatives to improve efficiency.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 8pt; font-weight: bold;">Liquidity</div>
    <div style="text-align: justify; margin-bottom: 8pt;">As of March 31, 2020, unrestricted cash was approximately $570 million.</div>
    <div style="text-align: justify;">As of March 31, 2020, our total warehouse line capacity was $8.8 billion, unchanged from December 31, 2019.&#160; Servicing advance financing capacity was also unchanged at $900 million.&#160; Utilization for both warehouse and
      servicing advance lines remained in line with December 31, 2019.&#160; We are actively engaged with banking partners to proactively expand bank line capacity and assess securitization opportunities for future needs.</div>
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    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 8pt; font-weight: bold;">Servicing Portfolio Composition</div>
    <div style="text-align: justify; margin-bottom: 8pt;">The following table presents a preliminary estimate of the composition of our servicing portfolio as of March 31, 2020:</div>
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            <div style="text-align: justify; font-weight: bold;">Unpaid Principal Balance ($bn&#8217;s)</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; text-align: center;">1Q&#8217;20</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 8pt;">GSE</div>
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            <div>$</div>
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            <div>129</div>
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            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 8pt;">GNMA</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>108</div>
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            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 8pt;">PLS</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div>54</div>
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            <div style="text-align: justify;">Forward owned</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div>291</div>
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            <div style="text-align: justify;">Subservicing and other</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 13%;">
            <div>317</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div>21</div>
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            <div style="text-align: justify;">Total servicing portfolio</div>
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            <div>$</div>
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            <div>629</div>
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    <div style="text-align: justify; margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; clear: both;"> <br>
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    <div style="text-align: justify; margin-bottom: 8pt; font-weight: bold;">Origination Activities</div>
    <div style="text-align: justify; margin-bottom: 8pt;">Interest rate locks (pull-through adjusted) totaled $4.2 billion in January, $4.3 billion in February, and $4.3 billion in March.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 8pt; font-weight: bold;">Regulatory Capital and Liquidity and Covenant Compliance</div>
    <div style="text-align: justify; margin-bottom: 8pt;">As of March 31, 2020, our operating subsidiary Nationstar Mortgage LLC is expected to be in compliance with all regulatory capital and liquidity requirements and lender covenants.</div>
    <div style="text-align: justify;">The&#160;guidance&#160;provided herein is only an&#160;estimate&#160;of what Mr. Cooper Group believes is realizable as of the date of this Form 8-K. Actual results may vary from the&#160;guidance&#160;and the variations may be material. The
      Company recognizes the considerable uncertainty in the current environment relating to the impact of the COVID-19 pandemic, including with respect to the response of the U.S. government, state governments, Fannie Mae, Freddie Mac, Ginnie Mae and
      regulators, as well as the potential for ongoing disruption in the financial markets and in commercial activity generally. In this context, forecasting our liquidity and financial condition is particularly challenging. Estimates of the COVID-19
      impact by economists and mortgage industry experts vary considerably.&#160; Any statements in this release that are not historical or current facts are forward looking statements. These forward-looking statements include statements concerning Mr. Cooper
      Group&#8217;s expectations or predictions of future financial, liquidity and business performance or conditions. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performances or
      achievements to be materially different from any future results, performances or achievements expressed or implied by the forward statements. Mr. Cooper Group undertakes no intent or obligation to publicly&#160;update&#160;or revise any of these projections,
      whether as a result of new information, future events or otherwise, except as required by law. The information furnished pursuant to this Item&#160;2.02 shall not be deemed to be &#8220;filed&#8221; for purposes of Section&#160;18 of the Securities Exchange Act of 1934,
      as amended (the &#8220;Exchange Act&#8221;), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company utilizes non-GAAP financial measures as the measures provide additional information to assist investors in understanding and assessing the Company&#8217;s and our business segments&#8217; ongoing performance and
      financial results, as well as assessing our prospects for future performance. Non-GAAP financial measures facilitate a meaningful analysis and allow more accurate comparisons of our ongoing business operations because they exclude items that may not
      be indicative of or are unrelated to the Company&#8217;s and our business segments&#8217; core operating performance, and are better measures for assessing trends in our underlying businesses. Management uses these non-GAAP financial measures in making
      financial, operational and planning decisions and evaluating the Company&#8217;s and our business segment&#8217;s ongoing performance.&#160; Book value per share is defined as shareholders equity, which is estimated at $2.0 billion as of March 31, 2020, divided by
      estimated weighted average diluted shares of 93.4 million.&#160; The difference between book value and tangible book value includes estimated goodwill and intangibles of approximately $2 per share as of March 31, 2020.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: justify; text-indent: -24.5pt; margin-left: 24.5pt; margin-top: 6.3pt; font-weight: bold;">SIGNATURES</div>
    <div style="text-align: justify; text-indent: 24.5pt; margin-top: 6.3pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
      authorized.</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 50%; vertical-align: middle;">&#160;</td>
          <td style="width: 4%; vertical-align: middle;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 44%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>Mr. Cooper Group Inc.</div>
          </td>
        </tr>
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          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 50%; vertical-align: middle;">&#160;</td>
          <td style="width: 4%; vertical-align: middle;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">
            <div>Date:&#160; April 06, 2020</div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; font-style: italic;">&#160;/s/ Christopher G. Marshall</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;">
            <div>&#160;</div>
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          <td style="width: 44%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif;">Christopher G. Marshall</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Vice Chairman &amp; Chief Financial Officer</div>
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