SEATTLE, July 31, 2018 /PRNewswire/ -- WMIH Corp. (NASDAQ:
WMIH) ("WMIH") today announced that it has completed its
acquisition of Nationstar Mortgage Holdings Inc.
("Nationstar").
The combined company will offer both mortgage servicing and a
fully integrated loan originations platform, supported by its Xome®
business, which provides services spanning the real estate and
mortgage markets. With more than three million customers, the
combined company will offer customers a caring, transparent and
seamless experience. As one of the largest mortgage servicers in
the country, operating under its Mr. Cooper® brand, the company is
uniquely positioned for growth in a highly addressable and
extremely healthy housing market.
"We are pleased to complete this merger and begin our next phase
of growth as an even stronger company, well-positioned to
capitalize on the trends in the housing market and build on our
leadership in the industry," said Jay
Bray, Chairman and Chief Executive Officer of the combined
company. "Our company is moving forward with a strong financial
foundation and a best-in-class integrated servicing and
originations platform. We are excited about the opportunities ahead
to expand our platform and create shareholder value by making
homeownership simpler for millions of Americans."
In connection with the closing of the merger, and pursuant to
the merger agreement, William C.
Gallagher, Diane B. Glossman,
Michael J. Renoff and Michael L. Willingham have resigned from the
WMIH board of directors, and the remaining directors of the WMIH
board of directors, who are Christopher J.
Harrington, Tagar C. Olson and
Steven D. Scheiwe, have appointed Jay Bray, as Chairman, Roy A. Guthrie, as Lead Director, Robert H. Gidel Sr. and Michael D. Malone to the WMIH board of
directors. Following such appointments, the WMIH board of directors
appointed, among others, Jay Bray
(President and Chief Executive Officer), Anthony Ebers (Executive Vice President and
Chief Operating Officer), Amar Patel
(Executive Vice President and Chief Financial Officer),
Mike Rawls (Executive Vice
President, Servicing) and Anthony
Villani (Executive Vice President and General Counsel) as
officers of the combined company.
The newly appointed directors and officers bring a wide variety
of expertise, qualifications, attributes and skills to the
governance of the combined company.
Timothy F. Jaeger (Senior Vice
President), Charles "Chad" Smith (Executive Vice President and
Assistant Secretary), Peter Struck
(Senior Vice President) and Weijia "Vicky" Wu (Senior Vice
President) will remain as officers of the combined company.
Following the close of the transaction, the combined company
will continue to trade on NASDAQ under the ticker symbol "WMIH" in
the near term. As a result of the merger, shares of Nationstar
common stock will no longer be listed for trading on the New York
Stock Exchange. WMIH expects to change its name to "Mr. Cooper
Group Inc." and its ticker symbol to "COOP", and the combined
company is evaluating other administrative and corporate actions,
including a reverse stock split, which would require a shareholder
vote. WMIH will provide updates on any such actions when
appropriate.
About WMIH Corp.
WMIH Corp.'s (NASDAQ: WMIH), formerly
known as Washington Mutual, Inc., operations consist primarily of
Nationstar, which provides quality servicing, origination and
transaction-based services related principally to single-family
residences throughout the United
States. Nationstar is a recognized leader in the mortgage
industry with more than two decades of experience, and with its
flagship brand, Mr. Cooper®, is one of the largest mortgage
servicers in the country. A subsidiary of WMIH also operates a
legacy reinsurance business in runoff mode. Additional information
regarding WMIH may be found at www.wmih-corp.com.
Forward Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 including, but not limited
to, WMIH's expectations or predictions of future financial or
business performance or conditions. All statements other than
statements of historical or current fact included in this press
release that address activities, events, conditions or developments
that we expect, believe or anticipate will or may occur in the
future are forward-looking statements. Forward-looking statements
give our current expectations and projections relating to our
financial condition, results of operations, plans, objectives,
future performance and business and these statements are not
guarantees of future performance. Forward-looking statements may
include the words "anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe," "strategy," "future," "opportunity,"
"may," "should," "will," "would," "will be," "will continue," "will
likely result," and similar expressions. Such forward-looking
statements involve risks and uncertainties that may cause actual
events, results or performance to differ materially from those
indicated by such statements. Certain of these risks are identified
and discussed in documents WMIH and Nationstar have filed or will
file from time to time with the SEC. These risk factors will be
important to consider in determining future results and should be
reviewed in their entirety. These forward-looking statements are
expressed in good faith, and WMIH believes there is a reasonable
basis for them. However, there can be no assurance that the events,
results or trends identified in these forward-looking statements
will occur or be achieved. Forward-looking statements speak only as
of the date they are made, and WMIH is not under any obligation,
and expressly disclaims any obligation, to update, alter or
otherwise revise any forward-looking statement, except as required
by law. Readers should carefully review the statements set forth in
the reports that WMIH and Nationstar have filed or will file from
time to time with the SEC.
Contacts
Andrew Siegel
/ Aaron Palash
Joele Frank
212-355-4449
Or
Richard Delgado
(214) 687-4844
richard.delgado@mrcooper.com
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SOURCE WMIH Corp.