Mr. Cooper is the largest residential mortgage servicer in the U.S., managing a portfolio of $1.6 trillion in unpaid principal balance across 6.7 million customers. The core business is mortgage servicing: Mr. Cooper collects loan payments from borrowers on behalf of investors — primarily Fannie Mae, Freddie Mac, and Ginnie Mae — and remits principal and interest to those investors while managing escrow and loss mitigation. Mr. Cooper earns servicing fees on loans where it owns the mortgage servicing rights (MSRs), and earns a flat per-loan monthly fee where it subservices on behalf of third-party MSR owners. The servicing portfolio breaks down roughly into $736B of owned servicing and $820B of subservicing. Mr. Cooper also originates residential mortgages, primarily refinances and home equity products targeting its existing servicing customers (direct-to-consumer), as well as through a correspondent channel where it purchases closed loans from banks and credit unions. Originated loans are sold into the secondary market within roughly 30 days, with Mr. Cooper typically retaining the MSRs. Servicing and originations act as a natural hedge: higher rates benefit servicing via slower prepayment speeds and higher MSR values, while lower rates boost origination volumes. A growing third revenue stream is capital-light fee income from subservicing clients, master servicing, and technology licensing. Mr. Cooper's growth strategy centers on scaling the servicing portfolio through bulk MSR acquisitions, driving down servicing cost per loan through technology investment, and winning new subservicing clients to grow fee-based income.