BTIG notes Mr. Cooper shares made a new high on Monday following its issuance of $1B of unsecured notes. The company’s overall capital structure now consists of $4.1B of tangible common equity and $4.2B of unsecured debt, in support of $9B in market value of mortgage servicing rights, plus its origination pipeline, the analyst tells investors in a research note. BTIG says the stock is the “powerhouse in mortgage servicing” with over $1 trillion of unpaid principal balance serviced directly, or subserviced for third parties. It keeps a Neutral rating on the shares.
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