Mr. Cooper Group Inc. will acquire Pacific Union Financial LLC, a mortgage lender based in Dallas.

“This acquisition allows us to expand our servicing portfolio by welcoming more than 120,000 customers and increases our mortgage lending volume and capabilities,” said Jay Bray, Chairman and CEO of Mr. Cooper Group Inc. “The Pacific Union team, customers and clients are great additions to the Mr. Cooper family, and by joining forces we’re excited to capitalize on our strengths to provide industry-leading service and products.”

Pacific Union is an originator with a servicing portfolio of approximately $25 billion. The acquisition enables Mr. Cooper to expand its presence in correspondent and wholesale originations with delegated and non-delegated product offerings. Pacific Union Financial brings more than 700 active clients, and there is only around 20% overlap with Mr. Cooper’s existing clients. Incremental annual originations volume potential is estimated at more than $10 billion with over 80% purchase loans. Subject to regulatory approvals, the close is anticipated in the first quarter of 2019 board more than 120,000 customers to the Servicing platform.

“Since our inception in 2004, Pacific Union has been highly focused on our clients and team members,” said Evan Stone, founder and CEO of Pacific Union. “We have taken great pride in providing superior service to our customers and business partners and providing a home for exceptionally talented mortgage professionals