#1& Mr. CooperGroup R 3Q'21 EARNINGS REVIEW October 28, 2021#221 IMPORTANT INFORMATION This presentation contains summarized information concerning Mr. Cooper Group Inc. ("Mr. Cooper" or the "Company") and the Company's business, operations, financial performance and trends. No representation is made that the information in this presentation is complete. For additional financial, statistical and business related information, as well as information regarding business and segment trends, see the Company's most recent Annual Report on Form 10-K ("Form 10-K") and Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC"), as well other reports filed with the SEC from time to time. Such reports are or will be available in the Investors section of the Company's website (www.mrcoopergroup.com) and the SEC's website (www.sec.gov). Forward Looking Statements. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding UPB, ROTCE, TNW/Assets and recapture rate targets, gain on sale margin estimates, and refinancing opportunities. All statements other than statements of historical or current fact included in this presentation that address activities, events, conditions or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business and these statements are not guarantees of future performance. Forward-looking statements may include the words "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "strategy," "future," "opportunity," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements, including the severity and duration of the COVID-19 pandemic; the pandemic's impact on the U.S. and the global economies; federal, state, and local government responses to the pandemic; borrower forbearance rates and availability of financing. Certain of these risks are identified and discussed in documents Mr. Cooper has filed or will file from time to time with the SEC. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Mr. Cooper believes there is a reasonable basis for them. However, the events, results or trends identified in these forward-looking statements may not occur or be achieved. Forward-looking statements speak only as of the date they are made, and Mr. Cooper is not under any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward- looking statement, except as required by law. Readers should carefully review the statements set forth in the reports that Mr. Cooper has filed or will file from time to time with the SEC. Non-GAAP Measures. This presentation contains certain references to non- GAAP measures. Please refer to the Appendix for more information on non- GAAP measures. Mr. CooperGroup#33 | THIRD QUARTER HIGHLIGHTS $ FINANCIAL © OPERATIONAL KAD OTHER Reported $299 million in net income and $3.29 per diluted share TBV (1) grew to $41.56 per share, up 73% year-over-year Generated 25.2% Operating ROTCE(1) Ended quarter with unrestricted cash of $731 million Originations pretax operating income (1) was $273 million on funded volume of $19.9 billion Servicing pretax operating income (1) was $44 million with $131 million in EBO revenues UPB grew 2% q/q to $668 billion, with $32 billion in acquisitions closing post quarter-end Repurchased 11.1 million common shares and 1 million preferred shares for $396 million Closed sale of Xome Valuations Subsequent to quarter-end, closed sale of Xome Field Services (1) Please see appendix for reconciliations of non-GAAP items Mr. CooperGroup#44 1 RECENT RECOGNITION ● ● Great Place To Work® Certified USA ΤΗ Third year in a row, with near-90% response rate and nearly 90% stating that Mr. Cooper is a great place to work Listening to team members has resulted in programs like the Team Member Relief Fund, Student Debt Repayment Program, and Leadership Development opportunities ● Google Cloud Customer Award Winner Financial Services Recognition for our proprietary document reading technology which provides significantly higher accuracy than conventional OCR, and which is now driving improved efficiency in bulk acquisition onboarding. Mr. CooperGroup#55 | RATIONALIZE AND SIMPLIFY Scheduled to close in December Sold Xome Title365 Sold Xome Valuations Sold Xome Field Services Sell Reverse Portfolio FOCUS ON THE CORE 15% + TNW/ Assets Customer Delight 12% - 20% ROTCE $1 TRILLION SERVICING UPB 60% Refinance Recapture Rate Great Place To Work Certified Mr. CooperGroup#66 | SUMMARY 3Q'21 FINANCIAL RESULTS $ mm's, except per share data Servicing Originations Corporate debt interest expense Corporate expense/other Pretax operating income from continuing operations (1) Other mark-to-market Loss on redemption of unsecured senior notes Gain from Title365 sale Discontinued operations Adjustments Intangible amortization Pretax income Income tax expense Net income Weighted average diluted sharecount Diluted EPS (2) GAAP ROTCE Operating ROTCE (1) (3) 3Q'21 $44 273 (30) (24) $263 153 (15) 1 (3) $399 (100) $299 82.1 $3.29 37.8% 25.2% (1) Please see appendix for reconciliations of non-GAAP items (2) Per share data calculated based on net income (loss) attributable to common shareholders (3) Assumes GAAP tax-rate of 24.2% and does not give credit to cash flow benefits of the DTA 2Q¹21 $80 213 (30) (36) $227 (135) 485 16 (7) (3) $583 (144) $439 89.6 $4.85 58.9% 23.1% 3Q'20 ($62) 438 (44) (19) $313 (4) (53) 35 (1) (9) $281 (67) $214 95.0 $2.18 41.2% 45.7% $273 million in Originations pretax operating income (1) included $20 million impact of adverse fee removal Servicing pretax operating income (1) benefitted from $131 million in EBOS • We are no longer reporting Xome as a separate segment but instead including results in Corporate/other ● • $153 million other mark-to-market from higher interest rates at quarter-end ● • Discontinued operations includes Reverse, which is on schedule to close in December Adjustments include $7 million gain from the sale of Valuations, $4 million in transaction-related costs associated with Title365 sale, and $2 million in charges in Originations related to corporate actions Mr. CooperGroup#7SUMMARY 3Q'21 FINANCIAL RESULTS (CONT'D) ● $23.98 62% 3Q'20 TBV/Share(1) +73% year-over-year $26.30 57% 4Q'20 $32.01 45% 1Q'21 $37.24 35% 2Q'21 $41.56 32% 3Q'21 We regard TBV per share as an important measure of shareholder value creation 7 | (1) Please see appendix for reconciliations of non-GAAP items. (2) Includes $368 million in common shares and $28 million in preferred shares repurchased DTA % of TBV • During 3Q'21, TBV per share benefitted from strong operating earnings, the positive MSR mark, and stock repurchase activity • Future TBV drivers could include mark-up to the deferred tax asset if Congress passes legislation to raise the corporate tax rate and gains from further monetization of Xome business units TBV Rollforward 2Q'21 3Q'21 pretax operating income from continuing operations (¹) Other mark-to-market Income taxes / other Stock repurchase (²) 3Q'21 Shares $ mm's oustanding $3,208 86.1 263 153 (106) (396) $3,122 (11.1) 75.1 Per share $37.24 3.05 1.78 (1.23) $0.72 $41.56 Mr. CooperGroup#8MSR VALUE INCREASED TO 121 BPS 3.08 0.35 ● 100 3Q'20 100 4Q'20 MSR Value (bps) 122 1Q'21 30-year fixed mortgage rate -1 bps q/q 115 2Q'21 121 3.01 1.05 3Q'21 5-year swap rate +9 bps q/q The Company reported a positive other mark-to-market of $153 million as interest rates rose at quarter-end Customers (thousands) 1,600 1,400 1,200 1,000 800 600 400 200 0 2.50% Rate/term Refinance Opportunity 2.75% 3.00% Mortgage Rate 3.25% Minimum $100 dollars in savings Minimum $200 dollars in savings • The population of customers who could save $200 per month was relatively stable quarter-over-quarter 8 | Note: Rate/term refinance opportunity for eligible customers with minimum savings of $200/month is equivalent to approximately a 2-year payback, and approximately a 4-year payback for eligible customers with minimum savings of $100/month. ● In addition to customers with a minimum savings of $200 per month, there are 817,000 customers who could benefit from a cash-out refinance We estimate there is $152 billion in equity available to our customers for cash- out opportunities, an average of $186,000 per customer Mr. CooperGroup#9STRONG ORIGINATIONS PROFITS AS MARGINS COMPRESS TOWARDS NORMAL ● $438 3Q'20 Originations Pretax Operating Income (1) ($ mm's) $435 4Q'20 $362 1Q'21 $213 2Q¹21 9 (¹) Please see appendix for reconciliations of non-GAAP items Adverse Fee removal $20 $253 3Q'21 Excluding the $20 mm benefit from removal of adverse market fee, Originations generated $253 million in pretax operating income(¹), equivalent to a normalized margin of 1.27% unded volume was down 10% quarter-over-quarter but pull through adjusted lock volume was up 9% quarter-over-quarter to $20.1 billion $15.6 6.5 9.1 3Q'20 1.95% Funded Volume By Channel ($ bn's) 3Q'20 $24.5 13.6 10.9 4Q'20 1.86% $25.1 2015-2019 average: 94 bps 4Q'20 13.7 11.4 1Q'21 1.63% $22.2 1Q'21 11.7 10.5 2Q'21 Pretax Operating Originations Margin(¹) 1.36% $19.9 2Q'21 10.1 9.8 3Q'21 Normalized Margin -10% q/q Correspondent 1.35% Direct-to- Consumer 1.27% 3Q'21 Mr. CooperGroup#1010 | PURCHASE AND CASH-OUT CONTINUE TO RISE 37% 3Q'20 18% 3Q'20 Correspondent Purchase Mix % 30% 4Q'20 20% 4Q'20 21% 1Q'21 DTC Cash-Out % 22% 1Q'21 43% 2Q¹21 30% 2Q¹21 58% 3Q'21 40% 3Q'21 3Q'20 31% 3Q'20 4Q'20 Gain-on-Sale Margin 35% 1Q'21 4Q'20 37% DTC Refinance Recapture Rate 1Q'21 Correspondent 2Q¹21 3Q'21 42% 2Q¹21 Oct¹21E 60% Target 40% 3Q'21 Mr. CooperGroup#11● ● SERVICING PORTFOLIO GREW 2% Q/Q Unpaid Principal Balance ($ bn's) Excludes Reverse Portfolio $654 $21 $10 $9 2Q'21 MSR Runoff Correspondent (1) DTC (1) $22 Acquisitions $5 Net Subservicing / other $668 11 (¹) DTC and Correspondent reflects settlements of originated loans added to the Servicing portfolio 3Q'21 Portfolio grew 2% quarter-over-quarter due to strong originations and acquisitions Acquisitions increased 31% quarter-over-quarter to $21.6 billion, with an additional $32.3 billion expected to close subsequent to quarter-end $2.7 1Q'20 2Q'20 25.9% $0.2 3Q'20 Acquisitions ($ bn's) $0.6 28.6% $11.3 4Q'20 3Q'20 4Q'20 1Q'21 2Q¹21 MSR CPR 26.1% $15.1 1Q'21 Acquisitions closing after quarter-end 23.7% $16.5 2Q¹21 $32.3 $21.6 3Q'21 22.3% 3Q'21 Mr. CooperGroup#12SERVICING BENEFITTED FROM EBO'S Servicing Pretax Operating Income (¹) ($ mm's) 3Q'20 ($62) 4Q'20 ($30) $37 1Q'21 (1) 12 (2) Includes fair value of excess spread accretion $80 Servicing pretax operating income (1) benefitted from $131 million in EBO revenues 2Q¹21 Amortization (2) remained elevated at $204 million, with high CPR speeds continuing Please see appendix for reconciliations of non-GAAP measures. As of October 17th, 2.4% of customers were on forbearance, down from peak of 7.2% 3Q'21 $44 $17 3Q'20 $141 3Q'20 $81 4Q'20 $159 EBO Revenue ($ mm's) $181 4Q'20 $109 1Q'21 Amortization (2) ($ mm's) $175 2Q¹21 1Q'21 $203 2Q¹21 $131 3Q'21 $204 3Q'21 Mr. CooperGroup#1313 | PROPERTY LISTINGS NOW RISING AT XOME AUCTION EXCHANGE Next Generation Technology Platform Investments Exchange Property Listings (thousands) 17.8 al Strengthen platform capabilities Improve user experience Redesign website / Search engine optimization Modernize workflow engine for faster speed Enhance branding / messaging 6.8 1Q'18 2013 Xome Exchange platform is launched xome 5.6 3Q'18 6.6 Building Phase . ● 1Q'19 3Q'19 6.7 2019 Last full-year of normalized performance pre-COVID 10K homes sold $79 million in revenues 25% 3rd party revenue 15.1 2020- 2021 14.2 1Q'20 3Q'20 1Q'21 3Q'21 Optimization & Growth COVID-related mortgage forbearance programs and foreclosure moratoriums reduced volume inflows to Xome by ~90% 14.9 Modernization initiative undertaken to upgrade Xome Exchange technology platform 2022 Resumption of foreclosure sales Mr. CooperGroup#1414 | LIQUIDITY REMAINS STRONG Servicing Advances (1) ($ mm's) $838 3Q'20 $1,047 4Q'20 GNMA GSE PLS Other (3) Total advances (1) Servicing advances before discounts $945 (2) Includes T&I and corporate advances 1Q'21 Advances by Investor as of September 30, 2021 $mm's P&I T&I (2) Total $273 127 367 156 $923 $2 14 $882 143 (1) $158 2Q¹21 $271 113 $923 224 157 $765 3Q'21 Senior Note Maturities ($ mm's) 6-year liquidity runway 2021 2022 2023 2024 2025 $ mm's PLS GSE GNMA (4) Other Advance facilities MSR Originations (5) Total warehouse facilities $850 $650 $600 ili Aug 22-Sep¹23 Oct¹21-Sep'23 2026 2027 Financing Capacity Maturity Oct¹22 Jan 22 Aug 23 Jan'22 Capacity Outstanding Utilization $350 350 940 100 $1,740 2028 2029 2030 1,110 14,680 $15,790 $168 136 170 65 $539 305 7,473 $7,778 48% 39% 18% 65% 31% 27% 51% 49% (3) Primarily includes advances related to interim servicing, special servicing agreements, and advances ineligible for financing (4) $1.2 bn in total GNMA capacity: $1.0 bn is fully fungible between advances and MSRs; $200 mm is available solely for advances. Mr. Cooper allocates surplus capacity to advances. Mr. CooperGroup (5) Includes $98 million in reverse line utilization#15ABOVE 15% CAPITAL TARGET PRO FORMA FOR REVERSE SALE 15%+ Target 13.4% 10.1% 3Q'20 ● ● 13.2% 9.8% 4Q'20 Tangible Net Worth/Assets (1) 14.7% 11.2% 1Q'21 Excluding loans subject to repurchase from GNMA 16.8% 15 (¹)Please see appendix for reconciliations of non-GAAP measures 13.8% 2Q'21 16.6% 14.5% 3Q'21 20.7% 17.5% 3Q'21 Pro Forma For Reverse Sale Loans subject to repurchase from GNMA decreased from $4.1 billion to $2.7 billion quarter-over-quarter 3Q'21 pro forma excludes $3.7 billion in assets from discontinued operations related to sale of the Reverse portfolio Tangible Net Worth/Assets (1) Rollforward 2Q¹21 Operating earnings Other mark-to-market Income tax / other Stock repurchase Reduction in assets 3Q'21 Assets of discontinued operations 3Q'21 pro forma excl. Reverse Loans subject to repurchase from GNMA 3Q'21 pro forma excl. Reverse and EBO TNW ($ mm's) $3,208 263 153 (106) (396) TNW/Assets 13.8% 1.1% 0.7% (0.4%) (1.7%) 1.0% 14.5% 3.0% 17.5% 3.2% 20.7% Mr. CooperGroup#16Appendix#1717 | SEGMENT OPERATING INCOME AND NON-GAAP RECONCILIATION $ mm's Servicing related excluding MTM Net gain on mortgage loans held for sale Operating revenue excluding MTM Salaries, wages, and benefits General and administrative Total expenses Interest income / other Interest expense Corporate debt interest expense Total other (expenses) income, net Pretax income (loss) before MTM Fair value of excess spread accretion Other MTM MTM Pretax (loss) income from continuing operations Other MTM Adjustments Intangible amortization Pretax operating income (loss) from continuing operations Servicing $58 142 200 69 59 128 39 (65) (26) 46 (2) 153 151 197 (153) $44 Originations $44 430 474 147 61 208 27 (22) 5 271 271 2 $273 Corporate/ Other $35 35 35 31 66 8 (1) (30) (23) (54) (54) (3) 3 ($54) Consolidated $137 572 709 251 151 402 74 (88) (30) (44) 263 (2) 153 151 414 (153) (1) 3 263 Mr. CooperGroup#1818 | TANGIBLE BOOK VALUE (TBV) AND TNW/ASSETS $ mm's Stockholders' equity Goodwill Intangible assets Tangible book value (TBV) Ending outstanding sharecount (mm's) TBV/share Assets Loans subject to repurchase from GNMA Assets from discontinued operations Tangible assets (1) TNW/Assets (2) TNW/Assets (2) excluding loans subject to repurchase from GNMA TNW/Assets(2) excluding assets from discontinued operations TNW/Assets (2) excluding loans subject to repurchase from GNMA and assets from discontinued operations (1) Tangible assets excludes goodwill and intangible assets (2) Based on TBV divided by Tangible assets 3Q'20 $2,341 (120) (42) $2,179 90.9 $23.98 $21,755 $5,395 $5,549 $21,593 10.1% 13.5% 4Q'20 $2,504 (120) (31) $2,353 89.5 $26.30 $24,165 $6,159 $5,347 $24,014 9.8% 13.2% 1Q'21 $2,904 (120) (27) $2,757 86.1 $32.01 $24,713 $5,816 $5,186 $24,566 11.2% 14.7% 2Q'21 $3,350 (120) (22) $3,208 86.1 $37.24 $23,308 $4,057 $4,935 $23,166 13.8% 16.8% 3Q'21 $3,260 (120) (18) $3,122 75.1 $41.56 $21,661 $2,703 $3,722 $21,523 14.5% 16.6% 17.5% 20.7% Mr. CooperGroup#19ROTCE RECONCILIATION $ mm's Pretax income Income tax expense Net income ROCE (1 (1) ROTCE Pretax income Other mark-to-market Pretax loss from discontinued operations Accounting items Intangible amortization Pretax operating income Income tax expense (2 Fully-taxed operating income ROTCE Average book value Average tangible book value 3Q'21 19 | (1) ROCE is computed by dividing annualized earnings by average common equity (book value) (2) Assumes GAAP tax-rate of 24.2% and does not give credit to cash flow benefits of the DTA $399 (100) $299 36.2% 37.8% $399 (153) 15 (1) 3 $263 (64) $199 25.2% $3,305 $3,165 ROTCE is a non-GAAP financial measure that is computed by dividing annualized earnings by average tangible common equity (tangible book value). Tangible common equity equals total stockholders' equity less goodwill and intangible assets. The methodology of determining tangible common equity may differ among companies. Management believes that ROTCE is a useful financial measure because it measures the performance of a business consistently and enables investors and others to assess the Company's use of equity. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measure to its most directly comparable GAAP financial measure because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimate of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. Mr. CooperGroup