Marshall will take over when Xome CEO Mike Rawls steps down on June 30, executives said, but until then the two are working to ensure a smooth transition at the foreclosure auction site. We will work together to achieve this goal.
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Cooper, a leading mortgage repayment service, has hired former vice chairman and president Chris Marshall to run its online real estate marketplace, Xome.
Marshall will succeed outgoing Xome CEO Mike Rawls on June 30, and until then, the two will work together to ensure a smooth transition, the company announced Thursday. .
Jay Bray
“Since assuming the CEO role in 2020, Mike has skillfully guided Xome into today’s dominant real estate market, with significant growth opportunities heading into 2025,” said Cooper Chairman and CEO. (CEO) Jay Bray said. statement.
Xome has sold more than 115,000 homes since its launch in 2015, when Cooper was known as Nationstar. In addition to providing an auction marketplace for foreclosures and bank-owned properties, the site allows homebuyers to view traditional MLS listings and real estate data. Last year, Xome launched a do-it-yourself platform that allows investors to sell homes without an agent.
Xome revenue declines from peak in Q4 2023
Xome inventory and quarterly sales. Source: Mr. Cooper’s earnings report.
Xome boasts an inventory that has grown to nearly 30,000 units in the aftermath of the pandemic, but sales peaked at 2,172 units in Q3 2023 and declined to 1,476 units in Q3 2024.
Bray said Marshall brings decades of experience in financial services, mortgage operations and technology to his new role, and will prioritize growing Xome’s market share and accelerating new revenue opportunities.
In its latest annual report to investors, Cooper said Xome-related service fee revenue fell from $186 million in 2021 to $84 million in 2023.
Part of that is because Xome is a small company. In 2021, Cooper sold his company’s title division, Title365, to San Francisco-based software developer Blend for $422 million, and also spun off Xome Valuations to Voxtur Analytics Corp. for $15 million.
The company said in its third-quarter earnings report that Xome’s revenue for the first nine months of 2024 was $60 million, down from $62 million for the same period in 2023.
“Chris is an industry expert when it comes to driving revenue growth and building partnerships,” said Bray. “During my time with Mr. Cooper, our team achieved rapid growth and increased financial strength. Under Mr. I am confident that it will strengthen
Mr. Marshall will continue to serve as Chairman of the Board of Sagent, a loan servicing technology provider of which Mr. Cooper is one of the largest customers.
Sagent acquired the rights to Mr. Cooper’s loan repayment platform in a $250 million deal in 2022, giving Mr. Cooper a minority stake in Sagent and two seats on its board of directors. Sagent appointed former Mr. Cooper executive Jamie Gow as chief financial officer in July.
Chris Marshall
“The Xome team has built an innovative, cutting-edge real estate platform and cultivated strong relationships with leading players in the industry. I look forward to helping the team maintain this momentum as Xome continues to grow its market position. I look forward to helping,” Marshall said in a statement.
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