TAMPA, Fla., June 1, 2012 /PRNewswire/ -- Walter Investment Management Corp. (NYSE MKT: WAC) ("Walter Investment" or the "Company") today announced that its Green Tree subsidiary has entered into a definitive agreement for its first delinquency flow program. The transaction, which is structured as a subservicing arrangement with Bank of America, is expected to provide an initial transfer of approximately 4,000 units on June 16, 2012. Green Tree has been approved to receive up to 30,000 units under the program and expects the units serviced to increase significantly as additional transfers are completed. The program covers 27 securitization trusts wherein Bank of America will transfer the servicing for certain types of loans to Green Tree in accordance with the Bank of America/Bank of New York Countrywide RMBS settlement agreement.
Mark O'Brien, Walter Investment's Chairman and CEO commented, "We are pleased to have completed our first delinquency flow program. As we discussed previously, these programs are strategic to Walter Investment, as we expect them to provide both a source of high margin replenishment of our portfolio and consistent, predictable boardings for our operating team to manage. We are in negotiations to add another program in the second half of the year, and have several additional flow programs in our pipeline. We believe that the program announced today, coupled with the additional program in the second half of 2012, will provide average monthly unit boardings approximately equal to our current average monthly runoff by the end of the year."
About Walter Investment Management Corp.
Walter Investment Management Corp. is an asset manager, mortgage servicer and mortgage portfolio owner specializing in less-than-prime, non-conforming and other credit-challenged mortgage assets. Based in Tampa, Fla., the Company has over 2,600 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: Green Tree's ability to meet customer requirements under the delinquency flow program, customer plans with respect to these programs which are unknown to us, including customer volume expectations, our ability to reach agreement with new customer(s) on the material terms of one or more new delinquency flow programs during 2012 and our satisfactory execution of those programs, and other factors which may adversely impact our business overall and therefore the willingness of customers to proceed with delinquency flow programs with us 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 statements herein should not be regarded as a representation by Walter Investment that the statements 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.