The mortgage company Rocket is buying competitor Mr. Cooper in an all-stock deal valued at $9.4 billion, just weeks after acquiring real estate listing company Redfin.
Rocket Cos. said Monday that bringing Mr. Cooper Group Inc. into the fold will create a business representing one in every six mortgages in the United States and give it almost 7 million additional clients. The deal will boost loan volumes, the company said, while lowering client acquisition costs.
“By combining Mr. Cooper and Rocket, we will form the strongest mortgage company in the industry, offering an end-to-end homeownership experience backed by leading technology and grounded in customer care," Mr. Cooper Chairman and CEO Jay Bray, who will become president and CEO of Rocket Mortgage, said in a statement.
The U.S. housing market has been slumping for years with homebuyers, and sellers, buffeted by soaring mortgages rates and sky high prices that have put homes out of reach for many Americans.
Companies like Rocket, which is on an acquisition streak, are attempting to create more of a one-stop shopping experience for frazzled would-be homebuyers.
Bray will report to Rocket Cos. CEO Varun Krishna.
Mr. Cooper shareholders will receive a fixed exchange ratio of 11 Rocket shares for each share of Mr. Cooper common stock. Mr. Cooper is based in Coppell, Texas.
Rocket shareholders will own approximately 75% of the combined company, while Mr. Cooper stockholders will own about 25%. The combined company's board will have 11 members, with nine being from Rocket and two from Mr. Cooper.
Earlier this month Rocket, based in Detroit, announced that it was buying Redfin in an all-stock deal worth $1.75 billion.
Redfin, which was founded in 2004, has more than 1 million for sale and rental listings on its online platform.
The National Association of Realtors announced this month that existing home sales rose 4.2% in February from January to a seasonally adjusted annual rate of 4.26 million units. That was in part thanks to easing mortgage rates and more properties on the market encouraging home shoppers.
The U.S. housing sales began to slump in 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes fell last year to their lowest level in nearly 30 years.
FILE - A Rocket Companies sign is displayed on the exterior of the New York Stock Exchange, Aug. 6, 2020, in New York. (AP Photo/Mark Lennihan, file)
FILE - A for sale sign stands outside a single-family home Thursday, June 27, 2024, in Englewood, Colo. (AP Photo/David Zalubowski, File)
DALLAS (AP) — The bleak timeline for Luka Doncic's return from injury was already out there when the Los Angeles Lakers got word that Austin Reaves also wouldn't play again in the regular season.
LeBron James woke up from a nap to find out about the prognosis on Reaves' strained left oblique. He had gone to sleep knowing the outlook on a strained left hamstring for Doncic, the NBA scoring leader.
“It was a shot to the heart and to the chest and the main frame with Luka, and we got that news kind of quick,” James said after the Lakers' 134-128 loss to the Dallas Mavericks on Sunday night. “And (Reaves), he's kind of dealing with the pain, we're saying, ‘OK, whatever the case may be.’
“I woke up from my nap yesterday and then saw that news, I was like ... (expletive),” James said, pausing for several seconds before punctuating his thought.
For now, the playoff-bound Lakers will lean on James as their primary scorer and floor leader, while keeping in mind the 41-year-old is wrapping up his record 23rd NBA season.
Sure enough, James had 30 points and 15 assists against the Mavericks, but did struggle in the fourth quarter after sparking a rally in the second. He was 2 of 7 from the field in the final 12 minutes, and missed both free throws when the deficit was eight with 3:50 remaining.
“I think we have to be mindful of that. I think that’s a valid question,” coach JJ Redick said before the game. “For all our guys, him included, we want to put them in positions to be successful. Certain guys are gonna be tasked with doing stuff they haven’t done a lot of this year.”
Doncic and Reaves, LA's No. 2 scorer, both were injured in a blowout loss to Oklahoma City on Thursday.
Of course, Doncic is the centerpiece of that conversation as an MVP candidate who will finish the season one game short of the 65 required to be eligible for that and other postseason awards.
“I just know that he’s gonna do everything he can to try to be back,” Redick said. “I talked to him Friday, I talked him again (Saturday), I talked with him again (Sunday) morning. He’s gonna go through all the necessary things to be back at some point, and it’s our job again to extend the season so that both those guys can get back.”
Redick spoke of point guard by committee, an approach made necessary by another absence in Marcus Smart, who has a right ankle injury. Redick included James' son, Bronny James, in that mix along with Luke Kennard, Nick Smith Jr. and the seldom-used Kobe Bufkin.
Kennard had his first career triple-double with 15 points, a career-high 16 rebounds and 11 assists, but had a rough shooting nigh against the Mavericks, going 5 of 17. Among the others mentioned by Redick, only Bronny James played more than five minutes, scoring five points in nine minutes.
“I think simplicity wins,” Redick said. “It’s nothing too crazy. But it’s just being really simple with the menu and hopefully over the next five games, we can really figure out what works for this group. And that’s obviously trial and error.”
James had a triple-double with 21 points, 10 rebounds and 12 assists in a victory over Washington last week when Doncic was serving a one-game suspension for receiving his 16th technical foul this season.
The loss to Dallas dropped the Lakers into a third-place tie with Denver in the Western Conference. Fifth-place Houston could end up chasing home-court advantage in the first round as well, particularly with the Lakers so wounded.
Rui Hachimura scored 12 of his 21 points in the first quarter against the Mavericks, who built a 22-point lead before halftime and held on despite James' strong showing and 23 points from backup center Jaxson Hayes.
The Lakers shot 52% with 36 assists, two off their season high, but let the Mavs match that 52%. Dallas, one of the NBA's worst teams from 3-point range, made 14 of 32 (44%).
“We’ve got a week left of the regular season and then a week to prepare and we’ve gotta have the commitment to do it on both ends,” Redick said after the game. “That’s the reason that we’ve put ourselves in the position to be in the playoffs is because we became a really good offensive team and a really good defensive team. So it’s gotta be the commitment to both ends.”
AP NBA: https://apnews.com/nba
Los Angeles Lakers guard Austin Reaves (15) shoots against Oklahoma City Thunder forward Jaylin Williams (6) during the first half of an NBA basketball game Thursday, April. 2, 2026, in Oklahoma City. (AP Photo/Gerald Leong)
Los Angeles Lakers forward LeBron James grimaces as he grabs the ball after a whistle during the first half of an NBA basketball game against the Dallas Mavericks in Dallas, Sunday, April 5, 2026. (AP Photo/LM Otero)
Los Angeles Lakers head coach JJ Redick walks onto the court during a time out in the first half of an NBA basketball game against the Dallas Mavericks in Dallas, Sunday, April 5, 2026. (AP Photo/LM Otero)
Los Angeles Lakers guard Austin Reaves (15) drives against Oklahoma City Thunder guard Ajay Mitchell (25) during the first half of an NBA basketball game Thursday, April. 2, 2026, in Oklahoma City. (AP Photo/Gerald Leong)
Los Angeles Lakers forward/guard Luka Dončić (77) drives against Oklahoma City Thunder guard Cason Wallace (22) during the first half of an NBA basketball game Thursday, April. 2, 2026, in Oklahoma City. (AP Photo/Gerald Leong)
Los Angeles Lakers Head Coach JJ Redick reacts during the first half of an NBA basketball game against the Oklahoma City Thunder Thursday, April. 2, 2026, in Oklahoma City. (AP Photo/Gerald Leong)
Los Angeles Lakers forward LeBron James (23) drives the ball during the first half of an NBA basketball game against the Oklahoma City Thunder Thursday, April. 2, 2026, in Oklahoma City. (AP Photo/Gerald Leong)
