Walter Investment Management Corp. Announces Acquisition Of Reverse Mortgage Servicing Rights From Wells Fargo Home Mortgage
TAMPA, Fla., April 9, 2013 /PRNewswire/ -- Walter Investment Management Corp. (NYSE: WAC) ("Walter Investment" or the "Company") today announced that its wholly owned subsidiary Reverse Mortgage Solutions, Inc. ("RMS") has acquired a $12.2 billion UPB reverse mortgage servicing portfolio (MSR) from Wells Fargo Home Mortgage ("Wells Fargo"). The portfolio of over 76,000 loans is expected to transfer to RMS during the third quarter of 2013.
Mark J. O'Brien, Chairman and CEO of Walter Investment said, "We expect that the acquisition of this MSR will be an attractive addition to our reverse mortgage servicing portfolio and solidify our position as a leader in the reverse mortgage sector. This transaction, which doubles the size of our serviced book, will allow us to leverage our considerable capabilities in the reverse mortgage sector as we continue to see a significant growth opportunity in the sectors. We are especially pleased to have completed this transaction with Wells Fargo."
About Walter Investment Management Corp.
Walter Investment Management Corp. is an asset manager, mortgage servicer and originator focused on finding solutions for consumers and credit owners. Based in Tampa, Fla., the Company has over 4,800 employees and services a diverse loan portfolio. For more information about Walter Investment Management Corp., please visit the Company's website at www.walterinvestment.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Walter Investment's plans, beliefs, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on Walter Investment's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Walter Investment's results to differ materially from current expectations include, but are not limited to: our ability to efficiently and effectively transfer the loans to the RMS servicing platform, assumptions about the quality of the loan portfolio, our ability to mitigate certain of the assumed liabilities, continued support of the reverse mortgage sector from GSEs, changes, of which we are not aware, that FHA and the other GSEs may make to the reverse mortgage product; and other factors relating to our business in general as detailed in Walter Investment's 2012 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by Walter Investment that the projections will prove to be correct. This press release speaks only as of this date. Walter Investment disclaims any duty to update the information herein.
SOURCE Walter Investment Management Corp.