Rocket Companies acquired Mr. Cooper Group in an all-stock transaction worth $9.4 billion in equity value. Photo courtesy Rocket

March 31 (UPI) — The financial technology platform Rocket Companies acquired the Mr. Cooper Group mortgage company Monday, creating an entity that will represent nearly 20% of all mortgages in the United States.

Rocket, which includes real estate, title and personal finance businesses, and mortgages under its umbrella, announced Monday that it has agreed to acquire Mr. Cooper Group Inc. in an all-stock transaction worth $9.4 billion in equity value.

This move combines the largest lender and largest servicer in the United States into a single entity, and Rocket said it will gain close to 7 million additional clients and 150 million annual customer interactions through the purchase of Mr. Cooper.

Rocket will bring its industry-leading mortgage recapture capabilities to a combined servicing book of $2.1 trillion across nearly 10 million clients, representing one in every six mortgages in America.”Rocket, which also acquired the real estate brokerage and mortgage company Redfin on March 10, said in a press release.

The acquisitions of Mr. Cooper and Redfin will allow Rocket to speed up its AI-powered platform “and remove the friction and complexities plaguing today’s homebuying process,” according to the release.

The combined company will see Mr. Cooper Group Chairperson and CEO Jay Bray become President and CEO of Rocket Mortgage, who will work under Rocket CEO Varun Krishna.

“By combining Mr. Cooper and Rocket, we will form the strongest mortgage company in the industry,” said Bray.

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