Houlihan Lokey Advises Nationstar Mortgage Holdings

Houlihan Lokey is pleased to announce that Nationstar Mortgage Holdings, Inc. (NYSE:NSM) has completed its merger with WMIH Corp. (NASDAQ:WMIH). The transaction closed on July 31, 2018.

WMIH Corp. has completed its acquisition of Nationstar Mortgage Holdings with its flagship brand Mr. Cooper®.

The combined company offers both mortgage servicing and a fully integrated loan originations platform, supported by its Xome® business, which provides services spanning the real estate and mortgage markets. With more than 3 million customers, the combined company offers customers a caring, transparent, and seamless experience. As one of the largest mortgage servicers in the country, operating under its Mr. Cooper® brand, the company is uniquely positioned for growth in a highly addressable and healthy housing market.

The combined company (WMIH) continues to trade on NASDAQ under the ticker symbol "WMIH" in the near term. As a result of the merger, shares of Nationstar common stock are no longer listed for trading on the New York Stock Exchange. WMIH expects to change its name to "Mr. Cooper Group Inc." and its ticker symbol to "COOP," and the combined company is evaluating other administrative and corporate actions, including a reverse stock split, which would require a shareholder vote.

Prior to the acquisition, WMIH Corp., formerly known as Washington Mutual, Inc., was focused on identifying and consummating an accretive acquisition transaction across a broad array of industries, with a primary focus on the financial institutions sector. In addition to certain legacy reinsurance assets and non-recourse run-off liabilities, WMIH had approximately $600 million in cash and cash equivalents and federal net operating loss carryforwards of approximately $6 billion that are not subject to any annual use limitation and will not begin to expire until 2032. WMIH's shareholders included a number of institutional investors, the largest of which was KKR. Nationstar aligned perfectly with WMIH's acquisition strategy.

Houlihan Lokey served as a financial advisor to Nationstar. This transaction represents Houlihan Lokey's continued position as the leading advisor within the residential mortgage industry.

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