Walter Investment Management WAC ("Walter Investment" or the "Company") today announced that it has entered into a series of definitive agreements through its Green Tree subsidiary with EverBank Financial Corp ("EverBank"). The definitive agreements cover the following key items:
Purchase of approximately $10.2 billion unpaid principal balance ("UPB") of Fannie Mae and Freddie Mac backed residential servicing assets and related advance receivables
Purchase of approximately $3.3 billion UPB of private label residential servicing assets and related advance receivables
Rights to subservice an approximately $5.2 billion UPB Ginnie Mae forward portfolio and a $1.7 billion UPB whole loan portfolio
Assumption of their default servicing platform and offer of employment to a significant number of related employees
Additionally, the Company expects to finalize in the near term the establishment of a delinquency flow outsourcing arrangement wherein the Company will provide outsourced default servicing on a flow basis to EverBank from its mortgage portfolio. The transactions are subject to standard approvals and the purchase price will be subject to customary adjustments, including an adjustment to actual UPB as of October 30, 2013.
The portfolio of assets acquired and subserviced consists of over 179,000 loans that are projected to
See full press release
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in