Mr. Cooper President Chris Marshall is becoming executive chairman role at Sagent, effective immediately, the technology vendor reported Friday afternoon.
The move suggests that Marshall, who plans to move out of his role at Mr. Cooper by the end of the month, will continue to be involved in the business in terms of its partnership with Sagent in addition to heading up efforts to raise capital for the mortgage company’s first servicing rights fund.
“With his extensive experience and proven track record of success, Chris will keep Sagent in the lead on innovating the lending and homeownership experience for America’s top mortgage players,” Sagent CEO Dan Sogorka said in a press release. “With Chris’ leadership, Sagent will enable servicers to realize their vision of a single data and user experience across their entire operations.”
The mortgage firm recently hired another industry veteran, Michael Weinbach, to be its next president. Weinbach is a former banking executive who long headed up Chase Home Lending as CEO and also previously served in a consumer lending leadership role at Wells Fargo.
Marshall’s move to a technology-related role is in line with his background in operations. The two companies have been working on establishing a modernized cloud native-based platform for a servicing industry that’s long been reliant on legacy technology.
Automation in general has proved to be a mixed blessing for Mr. Cooper which, like many servicers, has been working to shore up cybersecurity in the wake of data breaches that have become increasingly common in the industry.
It also has experienced issues with a payments vendor that accidentally ran what were supposed to be test withdrawals on live customers.
