Walter Investment Management Corp. Announces Definitive Agreement To Acquire Servicing Platform From MetLife Bank, N.A.
TAMPA, Fla., Jan. 7, 2013 /PRNewswire/ -- Walter Investment Management Corp. (NYSE MKT: WAC) ("Walter Investment" or the "Company") today announced a definitive agreement to acquire the residential mortgage servicing platform, including certain servicing related technology assets, of MetLife Bank, N.A. located in Irving, Texas. The assets to be acquired do not include any mortgage loans or mortgage servicing rights. Terms of the transaction were not disclosed.
The Company anticipates that its wholly owned subsidiary, Green Tree Credit Solutions, will employ approximately 300 of MetLife Bank's servicing employees and anticipates it will continue to occupy the premises in Irving, Texas currently occupied by the MetLife Bank mortgage servicing business. MetLife Bank's servicing platform is currently servicing Fannie Mae, Freddie Mac and Ginnie Mae mortgage loans with an approximate principal balance of $70 billion and has significant additional, scalable capacity. The existing servicing portfolio was recently sold by MetLife and the loans will be transferred to the new owner prior to the closing of this transaction, which is projected for March of 2013.
Based on the significant acquisitions recently announced by the Company and expected continued growth opportunities, Walter Investment is developing a robust dual-track residential mortgage servicing platform. This includes the expansion of capacity in the Company's existing high-touch collections platform, and the addition of an efficient, prime, agency-focused platform, with expanded product capabilities. The Company expects to board a portion of the newly acquired Bank of America MSR on the platform.
Mark J. O'Brien, Chairman and CEO of Walter Investment said, "We believe the acquisition of the MetLife servicing platform, in conjunction with our existing high-touch servicing capabilities, positions us very well to continue to capitalize on the opportunities available in the mortgage servicing sector by providing additional capacity to assist with projected portfolio growth. We are very excited about adding the strong MetLife servicing management group and their associates to our team. In addition, the platform also accelerates our opportunities with respect to product diversity plans given its proven, efficient Ginnie Mae and Freddie Mac capabilities."
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 2,900 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: the timely satisfaction of all conditions to close; the efficient integration of the MetLife Bank residential servicing platform; and other factors relating to our business in general as detailed in Walter Investment's 2011 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.