twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Growing Reverse Mortgage Firm to be Acquired

Walter Investment strikes deal to acquire RMS

Sept. 4, 2012

By staff

A company that started out five years ago as a technology provider for reverse mortgage servicers and has since expanded into an originator, servicer and issuer of reverse mortgages is being acquired by a servicer of traditional residential loans.

An agreement has been reached for Walter Investment Management Corp. to acquire Reverse Mortgage Solutions Inc., a news release said. Walter's board of directors has approved the transaction, which is subject to government approval, third-party consents and other closing conditions.

The $120 million deal, which is expected to close in the fourth quarter, includes $60 million in cash, $25 million in stock and a $35 million seller mortgage servicing rights note.

RMS was launched in April 2007 with $7 million from JAM Equity Partners LLC. It initially provided private-label sub-servicing technology and reverse consulting services. Later that same year, RMS said it had started servicing reverse mortgages in 29 states and had acquired servicing rights on 2,500 loans.

In September 2007, JAM Equity Partners pumped another $4 million into the company. By April 2008, the servicing portfolio would grow to 4,000 loans, and in today's announcement, the portfolio was reported at $12 billion -- making RMS "the fourth largest reverse mortgage servicer."

"The acquisition of RMS will position Walter Investment as a full-service leader in the $140.0 billion reverse mortgage servicing sector with significant growth opportunities in each of the RMS businesses, all of which generate strong earnings and cash flow," the statement said.

RMS rolled out a loan origination system in June 2008. As was the case with the evolution of its servicing technology business, the company made the transition to originator in March of last year. RMS said at the time that it had "moved aggressively into the reverse origination sector" and was closing business through retail and correspondent channels.

In an October 2011 telephone interview, RMS Chief Executive Officer Bob Yeary explained that as few four loans a month per originator could be lucrative for both the company and the originator. Origination fees are 2 percent in addition to "some pretty over-par premiums that the loans are selling for."

A third-party origination channel for mortgage brokers was announced on Aug. 11, 2011.

Yeary said in the October 2011 interview that the company was issuing around $120 million a month in Ginnie Mae MBS and had issued more securities than any other firm. Today's announcement indicated that RMS has issued around $1.1 billion in HMBS during the first-half 2012, leaving the company as "the second largest issuer of HMBS in the sector this year."

Tampa, Fla.-based Walter Investment employs 2,600 people. Through subsidiary Walter Mortgage Co., it serviced $81.8 billion in mortgages as of June 30, according to financial data on file with the Securities and Exchange Commission.

Walter Investment acquired GTCS Holdings LLC, which is also known as Green Tree, in July 2011.

Walter Investment news | Reverse Mortgage Solutions news

next story

back to current headlines

Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Reverse Mortgage News
Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.

FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.

Mortgage Technology news
Technology news for originators, executives and servicers. Coverage of LOS systems, loan product and p r i c i n g engines and other technology offered to the mortgage industry.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders