Mike Weinbach, a veteran of the financial services industry, has been appointed president of Dallas’ Mr. Cooper Group.
“I am delighted to welcome Mike to Mr. Cooper Group,” chairman and CEO Jay Bray said in a news release. “His extensive background in consumer lending and financial services as well as his people-first approach will be a great fit for our team as he helps lead the company forward on the next phase of our journey.”
Mr. Cooper Group provides origination and transaction-based services to single-family residences across the U.S.
Starting February 1, Weinbach will succeed vice chairman and president Chris Marshall, who will remain with the company to help with the transition and oversee fundraising for the company’s MSR fund. He will retire at the end of the year.
“I have long admired Mr. Cooper’s impressive record of growth and profitability as well as their commitment to the customer experience, and I am thrilled to hit the ground running with this fantastic team,” Weinbach said.
Weinbach has worked in the financial services industry for 25 years, including in senior leadership positions in mortgage and consumer banking. Most recently, Weinbach was chief executive officer of consumer lending for Wells Fargo and a member of the firm’s operating committee. Before that, he was CEO of Chase Home Lending at JP Morgan Chase, where he also worked in leadership roles in consumer banking, business banking, mortgage servicing, and auto finance, overseeing sales, finance, and operations.
The company reported third-quarter net income of $275 million in 2023.
“Our impressive performance, highlighted by rising return on equity, strong book value per share growth, robust capital, and record liquidity, reflects the strength of our balanced business model,” said Bray, reported DS News. “With our servicing portfolio now at $937 billion, Mr. Cooper’s consistent track record of growth has propelled us to the nation’s leading servicer, one step closer to achieving our $1 trillion target.”
