Walter Investment Management Corp. Confirms Exit of Green Tree Servicing LLC from Wholesale Mortgage Lending
TAMPA, Fla., Feb. 5, 2014 /PRNewswire/ -- Walter Investment Management Corp. (NYSE: WAC) ("Walter Investment" or the "Company") confirmed today that its wholly owned subsidiary Green Tree Servicing LLC has decided to exit the wholesale mortgage lending business. The wholesale channel has been a relatively small part of the Company's originations business with funded volumes of less than $1.0 billion in the nine months through September 30, 2013. As previously indicated, the wholesale originations channel was not expected to contribute to earnings for 2013.
The exit of the wholesale mortgage lending business, which is expected to be completed by April 2014, affected approximately 60 employees who have been informed of the action. The Company is providing assistance to affected employees during this period and will continue to assist clients during the transition period.
Walter Investment remains committed to growing its origination business through its core retention, retail and correspondent channels.
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 6,400 employees and services a diverse loan portfolio.
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.
SOURCE Walter Investment Management Corp.