R
ocket Companies announced on Oct. 1 that it has closed its $14.2 billion purchase of Mr. Cooper, labeling the transaction “the largest independent mortgage deal in history.” The merger creates a mortgage powerhouse that now serves nearly 10 million homeowners. With the deal, Rocket has become the nation’s biggest home‑loan originator and mortgage servicer, covering roughly one in every six U.S. mortgages. The company will phase out the Mr. Cooper brand, consolidating all operations under the Rocket name.

    Jay Bray, who led Mr. Cooper for 25 years, will step into the role of president and CEO of Rocket Mortgage, reporting to Rocket Companies CEO Varun Krishna and joining the board. “Under my leadership Mr. Cooper grew into the country’s largest servicer and delivered significant value to clients, partners, and investors,” Bray said. “By merging our operations, we can bring the change the housing industry needs.”

    Krishna emphasized that the acquisition is not only about scale but also about enhancing the home‑buying experience. At a recent NAHREP conference he highlighted the “adversarial dynamic” that harms consumers and stressed Rocket’s commitment to community partnerships and acquisitions. “We’re stronger together,” he said. “The market is vast, and there’s plenty of opportunity.” He added that combining mortgage servicing, loan origination, and Redfin’s home‑search platform will help more Americans achieve the dream of homeownership.

    The Mr. Cooper deal follows Rocket’s earlier purchase of Redfin, finalized on July 1. During the July 31 earnings call, Krishna noted that Redfin already channels customers to Rocket, expanding the company’s local market presence. “Redfin’s 50 million monthly consumer relationships give us a deep connection to demand at the top of the funnel, creating new purchase opportunities in both directions,” he explained.

    With home‑search, lending, and brokerage capabilities now unified, Rocket has become an even larger force in residential real estate. The stock traded around $20 on Oct. 1 after the closing announcement, up about 85 % year‑to‑date but only 4.5 % higher than the same period a year ago.