#1& Mr. CooperGroup R 2Q'22 EARNINGS REVIEW July 27, 2022#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 target, servicing projected operating income, estimates for MSR CPR and amortization, and recapture targets and estimates. 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 | SECOND QUARTER HIGHLIGHTS $ FINANCIAL OPERATIONAL 3 OTHER Reported $151 million net income including other mark-to-market of $196 million Generated ROTCE (1) of 15.6% and operating ROTCE(1¹) of 1.3% TBV (1) grew to $54.51 per share, up 5% q/q and 46% y/y Ended the quarter with TBV/assets (1) at 30.6% and available liquidity of $1.9 billion Servicing UPB grew to $804 billion, up 1% q/q and 23% y/y Servicing generated pretax operating income (1) of $30 million Originations generated pretax operating income (1) of $63 million on funded volume of $7.8 billion Repurchased 2.3 million common shares for $100 million Certified as Great Place to Work for the 4th year in a row and recognized by Forbes as a Best Employer for Women (1) Please see appendix for reconciliations of non-GAAP items Great Place To Work® Certified USA Mr. CooperGroup#44 1 UNMATCHED SKILLS WITH TROUBLED LOANS DROVE OUR GROWTH 2008 60 Day+ Delinquency 19.9% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 5.8% 2020 2021 $804 bn Servicing Portfolio 2.7% 2Q'22 Mr. CooperGroup#55 | STRONGLY POSITIONED FOR NEXT PHASE OF THE CREDIT CYCLE $ = $ Strong risk/compliance culture and leadership Enhanced capacity through automation and digital self-serve tools Subservicing incentives sta $ RightPath ServicingSM new business opportunity Xome auction exchange monetization Robust capital and liquidity Mr. CooperGroup#66 | CONTINUED GROWTH IN SERVICING PORTFOLIO TOWARDS $1 TRILLION TARGET $654 $287 $367 2Q¹21 Servicing Portfolio +23% Y/Y (UPB in $ bn's) $668 $303 $365 3Q'21 $710 $339 $371 4Q'21 $796 $412 $384 1Q'22 $804 $398 $406 2Q'22 Owned MSR Subservicing Right Path added $20 billion in subservicing Sold $15 billion owned UPB to an existing client and retained the subservicing $16.5 2Q¹21 44% MSR Acquisitions (UPB in $ bn's) 2Q'21 $21.6 3Q'21 Expected long-term mix: 50% $42.8 45% 4Q'21 3Q'21 Owned MSR Portfolio Mix 48% $81.1 4Q'21 1Q'22 52% 1Q'22 Acquisitions closing after quarter-end $7.4 $8.1 2Q'22 49% 2Q'22 Mr. CooperGroup#77 | SERVICING INCOME PROJECTED TO BENEFIT FROM HIGHER INTEREST RATES $80 Servicing Pretax Operating Income (¹) ($ mm's) $44 $41 $7 2Q¹21 3Q¹21 4Q'21 1Q'22 $30 (1) Please see appendix for reconciliations of non-GAAP measures. (2) Forecast based on forward yield curve as of 07/15/22. $65+ 4Q'22 estimate reflects impact of projected higher interest rates on amortization and servicing interest income (2) $125+ 2Q¹22 3Q'22E 4Q'22E 23.7% 22.3% 2Q¹21 3Q'21 $203 $204 2Q¹21 3Q'21 MSR CPR (2) 19.5% 15.1% $187 4Q'21 1Q'22 2Q'22 3Q'22E Amortization (1) ($ mm's) 11.5% $201 4Q'21 1Q'22 10.0% $195 $186 2Q'22 8.1% J 4Q'22E $151 I 3Q'22E 4Q'22E Mr. CooperGroup#8TECHNOLOGY DRIVING OPERATING LEVERAGE Target Operating Expenses (¹) Down 39% from 2018 (bps of UPB) 9.4 11.9 2018 15% 10.4 2018 2019 15% 2020 2019 Mr. Cooper Cost Advantage vs. MBA Peers (2) 20% 7.8 2021 2020 7.3 2Q'22 30% 2021 $129 8.0 Bps of UPB 2Q¹21 694 2018 Operating Expenses (¹) Q/Q ($ mm's) $127 7.7 3Q'21 723 2019 $127 7.5 (1) Operating expenses exclude foreclosure related expenses. Reverse servicing included in 2018-2020. 8 (2) Industry based on Prime Servicers, which includes banks, IMBS, and large subservicers (excludes specialty servicers). Based on forward servicing expenses only. Source MBA survey. (3) Calculated based on average loans divided by servicing contractors and full-time employees. Reverse servicing included in 2018-2020. 4Q'21 Loans/Employee (3 727 $117 6.3 2020 1Q'22 812 2021 $145+ 7.3 2Q'22 851 +12% y/y vs +23% y/y UPB Growth 2Q'22 YTD Mr. CooperGroup#99 | RIGHTPATH SERVICING al ● ● ● ● Special Capabilities Focused on maximizing cure and mod conversion rates and minimizing recidivism Using big data/analytics to optimize customer engagement Deep knowledge base with teams organized around customer segments Culture of customer advocacy, compliance, and ESG ● ● Industry leading special servicer/subservicer 25-year track record managing high-touch portfolios $20 billion servicing UPB Strategic Vision Provide efficient solutions for Mr. Cooper customers Grow UPB with investors and third-party servicers ● ● RightPath SERVICING SM Mr. CooperGroup#1010 | ORIGINATIONS CAPACITY ALIGNED WITH CURRENT MARKET Originations Pretax Operating Income (¹) ($ mm's) $213 2Q¹21 $20 Adverse fee removal $253 3Q'21 $182 4Q'21 $157 1Q'22 $63 2Q'22 Following capacity reductions in prior quarter, originations delivered volumes and pretax earnings in-line with expectations. $22.2 $10.5 $11.7 2Q¹21 1.36% 2Q'21 (1) Please see appendix for reconciliations of non-GAAP items (2) Margin is normalized for the 3Q'21 adverse fee removal of $20 million and $15 million in pipeline MSR carrying value gains in both 10'22 and 2Q'22. $19.9 $9.8 $10.1 3Q'21 Originations Margin (1) (2) 1.27% 3Q'21 $17.2 $9.0 $8.2 1.41% Funded Volume ($ bn's) 4Q'21 4Q'21 $11.6 $7.8 1.53% $3.8 1Q'22 1Q'22 $7.8 $4.5 $3.3 2Q'22 Higher Mix of Correspondent 1.03% 2Q'22 Direct-to- Consumer Correspondent Mr. CooperGroup#11PROJECT FLASH DRIVING SIGNIFICANT ORIGINATION COST EFFICIENCY 70% Target 11 | 57% of DTC Loans Now Funded Through Flash, with 18% Lower Cost-to-Originate/Loan ● 14% In Jan-21 I Jul-21 Jan-22 57% Jun-22 Other investments focused on faster customer response time, including enhanced text, chat and online app capabilities - helping drive higher recapture pull-through and retention 60% Target 42% 2Q'21 15% Target 3.9% DTC Surpasses Refi Recapture Target 2Q¹21 40% 3Q'21 5.3% 43% 3Q'21 4Q'21 6.4% 50% Significant Improvement in DTC Purchase Recapture 4Q¹21 1Q'22 6.5% 60% 1Q'22 92% recapture rate for DTC relationships in June 2Q'22 68% 7.2% Jul'22E 2Q¹22 7.2% $498 million in 2Q'22 purchase fundings Jul'22E Mr. CooperGroup#12XOME AUCTION EXCHANGE POSITIONED TO BENEFIT FROM FHA FORECLOSURE BACKLOG 14,239 2Q'21 Ending Inventory at New Record for Xome Auction Exchange 15,651 3Q'21 17,177 4Q'21 18,254 1Q'22 19,503 2Q'22 90+ DQ:, 309,212 12 | (1) Based on seasonally adjusted FHA delinquencies as of May'22. Source: FHA Single Family Loan Performance Trends (2) Based on average FHA foreclosure percent from 2014 through 2019. Large Backlog Headed for Foreclosure (1) 91,157 Other DLQ 218,055 In Forbearance 45,621 Foreclosure (0.6%) May'22 240% Increase 110,000 Foreclosure (1.5%) (2) Normalized Mr. CooperGroup#13SUMMARY 2Q'22 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 Sagent transaction Title365 sale Discontinued operations Adjustments Intangible amortization Pretax income Income tax expense Net income Weighted average diluted sharecount Diluted EPS (2) ROTCE(1) Operating ROTCE (1) (3) 13 | (2) Per share data calculated based on net income (loss) attributable to common shareholders (1) Please see appendix for reconciliations of non-GAAP items 2Q¹22 $30 63 (39) (37) $17 196 (7) (1) $205 (54) $151 74.3 $2.03 15.6% 1.3% 1Q'22 $7 157 (39) (29) $96 552 223 (3) (2) $866 (208) $658 76.6 $8.59 74.4% 8.2% 2Q¹21 $80 213 (30) (36) $227 (135) 485 16 (7) (3) $583 (144) $439 89.6 $4.85 58.9% 23.1% ● ● Income included positive pretax operating income of $17 million and $196 million other mark-to-market from higher interest rates Adjustments consisted of $3 million in severance charges, $3 million in transaction costs related to RightPath Servicing, and $1 million in facilities consolidation (3) Assumes GAAP tax-rate of 24.2% and does not give credit to cash flow benefits of the DTA Mr. CooperGroup#1414 | STRONG TRACK RECORD OF INVESTOR VALUE CREATION $37.24 35% 2Q¹21 TBV/Share(¹) +46% y/y $41.56 32% 3Q'21 $43.82 31% 4Q'21 $52.01 (1) Please see appendix for reconciliations of non-GAAP items. 21% 1Q'22 $54.51 19% 2Q¹22 DTA declined from $794 to $750 million q/q due to strong net income DTA % of TBV TBV Rollforward 2Q'21 Pretax operating income from continuing operations (1) Other mark-to-market Sagent transaction Xome business sales Income taxes / other Stock repurchase 2Q¹22 $ mm's $3,208 532 947 223 41 (458) (587) $3,906 Shares oustanding (mm's) 86.1 0.9 (15.4) 71.7 Per share $37.24 6.11 10.88 2.56 0.47 (5.65) 2.90 $54.51 Mr. CooperGroup#1515 | MSR VALUE INCREASED TO 155 BPS 115 ● 2Q¹21 121 3Q'21 MSR Value (bps) 124 4Q'21 146 1Q'22 155 2Q'22 The Company reported a positive other mark-to-market of $196 million due to higher interest rates • Valuation of MSR was 5.0x the underlying servicing strip at June 30, 2022 4.67% 2.56% 3/31/2022 Interest Rates (%) 30-year fixed mortgage rate 2-year swap rate 4/30/2022 5/30/2022 5.70% +103 bps q/q 3.28% +72 bps q/q 6/30/2022 Mr. CooperGroup