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July 27, 2022 | Premium Service | In this issue of The Institutional Risk Analyst, we look at the Q2 2022 results for Mr. Cooper (COOP) released today. COOP is one of the larger owners of servicing among independent mortgage banks (IMBs) and one of the first members of the group to report. Generally speaking, IMBs, fintech platforms and other members of the finance market fringe tend to hide in the weeds until the last week or two of the 45-day reporting season mandated by the SEC.
United Wholesale Mortgage Corp (UWMC), for example, reports on August 9th, but COOP is always one of first out of the gate and always has some of the best disclosure in the industry. Most of the rest of the industry won't report till next week at the earliest. As Sydney Poitier said so well in The Jackal, the good guys don’t hide.