Jay Bray Now Ceo Of Rocket Mortgage As Rocket Closes $14.2b Mr. Cooper Acquisition

Rocket Companies has completed all steps necessary to acquire Mr. Cooper Group for $14.2 billion, paying 51% more than the valuation announced in March, the company said Wednesday. As part of the deal, Mr. Cooper will be rebranded under the Rocket umbrella, and its CEO, Jay Bray, will become president and CEO of subsidiary Rocket Mortgage.

Combined, the companies will have a servicing portfolio of nearly 10 million homeowners. At the end of the second quarter, they jointly held $1.27 trillion in owned mortgage servicing rights (MSRs), according to Inside Mortgage Finance. Rocket’s mortgage production rose to $29 billion from April through June, while Mr. Cooper funded $9.4 billion in Q2 2025.

Rocket also recently closed its $1.75 billion acquisition of Redfin, building on a $500 million investment in data and AI technology. The completed transaction merges Redfin’s home search platform — which draws 50 million monthly visitors, includes 1 million active purchase and rental listings, and supports a network of more than 2,200 agents — with Rocket’s mortgage services.

“By integrating Mr. Cooper’s servicing strength with Rocket’s origination capabilities, AI technology, and established national brand, our goal is to lower costs and make the process easier,” Varun Krishna, CEO and director of Rocket Companies, said in a statement.

Bray, who led Mr. Cooper for 25 years, will report to Krishna and join the board of directors. In a statement, he said, “Through the power of our platform and our people, we will create a more personalized experience that makes owning a home more attainable and easier to navigate. Together, we will deliver the change the housing industry needs.”

J.P. Morgan Securities LLC advised Rocket, while Citigroup Global Markets advised Mr. Cooper.

The deal closed following the Sept. 30 completion of offers to exchange $750 million in outstanding 6.500% senior notes due 2029 and $1.0 billion in outstanding 7.125% senior notes due 2032 from Mr. Cooper’s subsidiary Nationstar Mortgage Holdings Inc. The company also concluded a cash tender offer for its outstanding 5.125% senior notes due 2030 and 5.750% senior notes due 2031.

A Rocket spokesperson told HousingWire that the higher valuation reflects “an 11x exchange ratio” tied to Mr. Cooper’s stock price, which has risen since March.

Mr. Cooper stockholders approved the acquisition in early September. Rocket and Mr. Cooper’s board of directors signed off in late July. Rocket Holdings Inc.—which controls 79% of Rocket’s voting power—had already provided written consent for the stock issuance, eliminating the need for a Rocket shareholder vote.

In late August, the Federal Housing Finance Agency (FHFA) approved the merger, subject to a 20% cap on Fannie Mae and Freddie Mac servicing exposure for the combined company.