Marshall will take over for Xome CEO Mike Rawls when he retires on June 30, with the two working together until then to ensure a smooth transition at the foreclosure auction site, executives said.
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Mortgage loan servicing giant Mr. Cooper has tapped former vice chairman and president Chris Marshall to run the company’s online real estate marketplace, Xome.
Marshall will take over for Xome CEO Mike Rawls, who is retiring on June 30, with the two working together until then to ensure a smooth transition, the company said Thursday.
Jay Bray
“Since taking on the role of CEO in 2020, Mike has skillfully led Xome to become the powerhouse real estate marketplace it is today, with tremendous opportunity for growth as we move into 2025,” Mr. Cooper Chairman and CEO Jay Bray said in a statement.
Xome has sold more than 115,000 homes since its 2015 launch, when Mr. Cooper was known as Nationstar. In addition to providing a marketplace for auctions of foreclosures and bank-owned properties, the site lets homebuyers browse traditional MLS listings and property data. Last year Xome launched a do-it-yourself platform that lets investors sell homes without an agent.
Xome sales down from Q4 2023 peak
Xome inventory and sales by quarter. Source: Mr. Cooper earnings reports.
Although Xome boasts an inventory that grew to nearly 30,000 homes in the aftermath of the pandemic, sales peaked at 2,172 during Q3 2023 and slipped to 1,476 during Q3 2024.
Bray said Marshall will bring 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.
Revenue from Xome-related service fees declined from $186 million in 2021 to $84 million in 2023, Mr. Cooper said in its most recent annual report to investors.
That’s due in part because Xome is a smaller company. In 2021, Mr. Cooper sold its title unit, Title365, to San Francisco-based software developer Blend, for $422 million, and also spun off Xome Valuations to Voxtur Analytics Corp. for $15 million.
Xome generated $60 million in revenue during the first nine months of 2024, down from $62 million during the same period of 2023, the company said in reporting third quarter results.
“Chris is an industry expert when it comes to driving revenue growth and building partnerships,” Bray said. “In his time at Mr. Cooper, our team realized exponential growth and greater financial strength, and I am confident that Xome will unlock new avenues for growth and bolster its market position under Chris’ leadership.”
Marshall will continue to serve as chairman of the board at Sagent, a loan servicing technology provider whose biggest client is Mr. Cooper.
Sagent acquired the rights to Mr. Cooper’s loan servicing platform in 2022 in a $250 million deal that gave Mr. Cooper a minority stake in Sagent and two seats on its board of directors. Sagent appointed former Mr. Cooper executive Jaime Gow as chief financial officer in July.
Chris Marshall
“The Xome team has built an innovative, state-of-the-art real estate platform and fostered strong relationships with leading industry players, and I am looking forward to helping the team sustain this momentum as Xome continues to elevate its market position,” Marshall said in a statement.
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