Marshall will take over from Xome CEO Mike Rawls when he retires on June 30, with the two working together until then to ensure a smooth transition to the auction site, executives said.
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The mortgage 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 from Xome CEO Mike Rawls, who will retire on June 30, and the two will work together until then to ensure a smooth transition, the company said Thursday.
Jay Bray
“Since taking over as CEO in 2020, Mike has skillfully led Xome to become the hard-working real estate market it is today, with a great opportunity for growth as we move into 2025,” said Chairman and CEO Mr. Cooper Jay Bray in a statement. statement.
Xome has sold more than 115,000 homes since its launch in 2015, when Mr. Cooper is not known for Nationstar. In addition to providing a marketplace for foreclosure auctions and bank-owned properties, the site allows home buyers to browse 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 sales fell from Q4 2023 peak
Xome inventory and quarterly sales. Source: Mr Cooper’s salary reports.
Although Xome boasts an inventory that has grown to nearly 30,000 homes after the pandemic, sales reached 2,172 during Q3 2023 and fell to 1,476 during Q3 2024.
Bray said Marshall will bring decades of financial services, mortgage and technology experience to his new role, and will prioritize growing Xome’s market share and accelerating new revenue opportunities.
Revenue from Xome-related service fees will drop from $186 million in 2021 to $84 million in 2023, Mr. Cooper in his latest annual report to investors.
This is because Xome is a small company. In 2021, Mr. Cooper sold its title unit, Title365, to San Francisco-based software developer Blend, for $422 million, and used Xome Valuations in Voxtur Analytics Corp. for $15 million.
Xome generated $60 million in revenue in the first nine months of 2024, down from $62 million in the same period in 2023, the company said when it reported third-quarter results.
“Chris is an industry expert when it comes to driving revenue growth and building relationships,” Bray said. “During his time at Mr. Cooper, our team saw significant growth and financial strength, and I am confident that Xome will open new avenues for growth and strengthen its market position under Chris’ leadership.”
Marshall will continue to serve as chairman of the board at Sagent, a technology provider of loan assistance whose main client is Mr. Cooper.
Sagent acquired the rights to Mr. Cooper in 2022 in a $250 million deal that gave Mr. Cooper owns a small share of Sagent and two seats on its board of directors. Sagent appointed Mr Cooper’s former boss Jaime Gow as chief financial officer in July.
Chris Marshall
“The Xome team has built a world-class, real estate platform and developed strong relationships with leading players in the industry, and I look forward to helping the team continue this momentum as Xome continues to elevate the market,” Marshall said in a statement.
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