Walter Investment Management Corp., which has been busy negotiating and completing the acquisition of companies, operating platforms and servicing portfolios, is now acquiring a wholesale and correspondent mortgage lending business.
Last month, the Tampa, Fla.-based company said it would acquire the residential mortgage servicing platform of MetLife Bank, N.A. In addition, Walter announced an agreement to acquire Security One Lending.
In late 2012, Walter completed the purchase of Reverse Mortgage Solutions, while it picked up GTCS Holdings LLC in 2011 and acquired Marix Servicing LLC in 2010.
On top of all those acquisitions, Walter completed the acquisition of mortgage servicing rights on $132 billion in Fannie Mae loans in January.
The latest transaction is an agreement for Walter to acquire the business lending mortgage operation of Ally Bank, according to a news release Monday from Ally Financial Inc.
The deal includes a correspondent lending operation and a wholesale lending unit.
“We are pleased to be transferring business lending to a well-respected, strategic buyer like Walter, who values the high quality of our people, platform and relationships and is committed to building its origination capabilities,” said Ally Bank President and Chief Executive Officer Barbara Yastine in the announcement.
Around 300 people employed by the business will make the move to Walter, which already employs 3,700 people. Yastine noted that the sale is a positive outcome for employees .
Around 1,770 active client relationships are in place at the business.
Ally Bank said it will continue to originate a modest level of jumbo and conventional conforming residential loans for its own portfolio through a select group of correspondent lenders.
Ally noted it will honor all commitments taken through Feb. 28.
Terms of the transaction, which is expected to close at the end of this month, weren’t disclosed.
“This transaction brings to Walter Investment a team of knowledgeable, experienced employees with which to pursue correspondent lending opportunities, using the outstanding capabilities resident in the recently acquired ResCap originations platform,” Walter Investment Chairman and Chief Executive Officer Mark J. O’Brien said in a separate statement.
