Mortgage originator and servicer Mr. Cooper Group announced on Thursday that it is promoting two of its own into executive vice president roles.
Jaime Gow will hold the president of executive vice president and chief financial officer position. Meanwhile, Ethan Elzen will be the executive vice president of business development and operational finance.
According to Jay Bray, chairman and CEO of Mr. Cooper Group Inc., the promotion of both executives will play an important role as the company continues to grow to “a $1 trillion servicer.”
According to the latest quarterly earnings, the servicing company ended the fourth quarter of 2021 with $710 billion in unpaid principal balance, up from $668 billion in the third quarter.
Gow joined Mr. Cooper Group in 2019 as SVP of accounting, financial planning and analysis. Recently, he served as deputy chief financial officer. Before joining Mr. Cooper, he held executive positions at First Horizon National Corporation and Capital Bank.
Gow will succeed and report to Chris Marshall, who has served as vice chairman and president since June 2021.
Elzen has more than 20 years of experience in the financial services industry. He held roles at Colorado Federal Savings Bank, Provident Funding Associates, UBS Investment Bank and Ally Financial.
Elzen, who will also report to Marshall, led the originations finance team and served as the chief financial officer of Xome, Mr. Cooper’s unit sold to Cyprexx Services LLC in September.
During the announcement of the transaction, Bray said in a statement that Mr. Cooper’s strategic focus is on mortgage originations and servicing, businesses that have been affected by the higher mortgage rates landscape.
Mr. Cooper reported $155 million in net income in the fourth quarter, down 48.2% sequentially from Q3. Net income from originations came in at $181 million during the fourth quarter, down from $271 million in the third quarter. In all, Mr. Cooper originated $17.17 billion in mortgages in the fourth quarter, a 13.9% drop from the prior quarter.
Mr. Cooper’s servicing segment generated $87 million in pre-tax income in Q4, down from $197 million in the prior quarter.
In February, the company announced it had entered into an agreement with the loan servicing software developer Sagent to create a cloud-native servicing platform. As part of the agreement, Mr. Cooper will sell certain intellectual property rights to Sagent but receive a minority equity stake in the fintech company.
In SEC filings earlier this month, it was revealed that Bray, the CEO, took home $8.76 million in total compensation in 2021.