ST. PAUL, Minn. and TAMPA, Fla., Aug. 27, 2015 /PRNewswire/ -- Walter Capital Opportunity Corp. ("WCO") and Walter Investment Management Corp. (NYSE: WAC) ("Walter Investment") announced various transaction updates today.
WCO's affiliate, Marix Servicing LLC ("Marix"), has received approval from Freddie Mac to hold mortgage servicing rights relating to a pool of approximately $3.3 billion in UPB of Freddie Mac residential mortgage loans. In connection with the transaction, Marix acquired all of the economic benefits associated with the mortgage servicing rights as of August 14, 2015, and retained Green Tree Servicing LLC ("GTS"), an indirect subsidiary of Walter Investment, to sub-service the related mortgage loans on Marix's behalf. The mortgage loans are scheduled to transfer on September 16, 2015.
Denmar J. Dixon, WCO's CEO, said, "We are pleased to have taken this significant next step in the evolution of WCO. With Marix now approved to own and acquire mortgage servicing rights, WCO is positioned to pursue its core strategic business objectives. In addition, we are pleased to be furthering WCO's strategic relationship with Walter Investment through the sub-servicing agreement. This transaction represents approximately half of the MSRs associated with $6.75 billion in UPB of Agency MSRs that Marix anticipates acquiring. We look forward to the expected closing of the remaining MSRs later this month and continuing to pursue our strategic objectives."
Mark J. O'Brien, Walter Investment's Chairman and CEO, said, "We continue to pursue opportunities to bolster our mortgage servicing portfolio and are pleased to have the opportunity to sub-service this portfolio for our strategic partner, WCO."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Walter Capital Opportunity Corp.
WCO is a private mortgage investment REIT whose primary asset strategy includes the purchase and sale of residential mortgage assets including mortgage servicing rights, excess spread associated with mortgage servicing rights, RMBS and whole loans. WCO began operations on July 1, 2014, and is externally managed by Green Tree Investment Management LLC, an indirect subsidiary of Walter Investment.
About Walter Investment Management Corp.
Walter Investment Management Corp. is a diversified mortgage banking firm focused primarily on the servicing and origination of residential loans, including reverse loans. Based in Tampa, Fla., the Company has approximately 6,000 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. The information on our website is not a part of this release.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements that are not historical fact are forward-looking statements, and include statements regarding potential future mortgage servicing right acquisitions by WCO and similar transactions. Certain of these forward-looking statements can be identified by the use of words such as "believes," "anticipates," "expects," "intends," "plans," "projects," "estimates," "assumes," "may," "should," "will," or other similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, and our actual results, performance or achievements could differ materially from future results, performance or achievements expressed in these forward-looking statements. These forward-looking statements are based on WCO's or Walter Investment's, as applicable, current beliefs, intentions and expectations. These statements are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause Walter Investment's actual results to differ materially from those forward-looking statements applicable to Walter Investment include, but are not limited to, those factors, risks and uncertainties described in more detail in Walter Investment's Annual Report on Form 10-K for the year ended December 31, 2014, Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2015 and June 30, 2015 and in Walter Investment's other filings with the SEC.
Although WCO or Walter Investment, as applicable, believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore any of these statements included herein may prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, including WCO's ability to obtain any necessary approvals with respect to potential future transactions, the inclusion of such information should not be regarded as a representation by WCO, Walter Investment or any other person that the results or conditions described in such statements or WCO's or Walter Investment's, as applicable, objectives and plans will be achieved. Each of WCO and Walter Investment, as applicable, make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made, except as otherwise required under the federal securities laws.
SOURCE Walter Investment Management Corp.; Walter Capital Opportunity Corp.