Mr. Cooper Group Inc. (NASDAQ:COOP) Q3 2023 Earnings Conference Call October 25, 2023 10:00 AM ET
Company Participants
Ken Posner - Senior Vice President of Strategic Planning and Investor Relations
Jay Bray - Chairman and Chief Executive Officer
Christopher Marshall - Vice Chairman and President
Kurt Johnson - Executive Vice President and Chief Financial Officer
Conference Call Participants
Kevin Barker - Piper Sandler
Bose George - KBW
Eric Hagen - BTIG
Giuliano Bologna - Compass Point
Kyle Joseph - Jefferies
Operator
Hello and welcome to Mr. Cooper's Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation there will be a question-and-answer session. [Operator Instructions]
I would now like to hand the conference over to begin.
Ken Posner
Good morning and welcome to Mr. Cooper Group's Third Quarter Earnings call. My name is Ken Posner and I’m SVP of Strategic Planning and Investor Relations. With me today are Jay Bray, Chairman and CEO; Chris Marshall, Vice Chairman and President; and Kurt Johnson, Executive Vice President and CFO.
As a quick reminder, this call is being recorded and you can find the slides on our Investor Relations webpage at investors.mrcoopergroup.com. During this call, we may refer to non-GAAP measures which are reconciled to GAAP results in the appendix to the slide deck. Also, we may make forward-looking statements, which you should understand could be affected by risk factors that we've identified in our 10-K and other SEC filings. We are not undertaking any commitment to update these statements if conditions change.
I'll now turn the call over to Jay.
Jay Bray
Thanks Ken, and good morning everyone, and welcome to our call. Let's start then with a review of our quarterly highlights on Slide 3. Starting with the financial performance, we were delighted with operating ROTCE of 13.8% which is back within our target range. And at this point in the cycle double digit return on equity is a powerful validation of our balanced business model and a major differentiator from our peers, whose results are much less consistent.
Tangible book value was up nicely in the quarter to $62.78 and there is a lot of good news here. You're seeing the benefit of continued strong operating results, the gain from the trust collapse we mentioned last quarter and the accretion from closing the Home Point acquisition which came in consistent with our guidance.