A mortgage servicer with a $38 billion portfolio has been acquired by an asset manager.
The acquisition of GTCS Holdings LLC was completed by Walter Investment Management Corp., a news release Tuesday said.
An earlier announcement indicated that the deal to acquire GTCS, also known as Green Tree, was for $1.1 billion.
The move is part of a focus by Tampa, Fla.-based Walter on “recurring, fee-based revenues generated from an ‘asset-light’ platform.”
Walter services and invests in nonprime, nonconforming and distressed mortgages and manages $1.8 billion in assets. Based on today’s announcement, its servicing portfolio now stands at more than 770,000 loans for $38 billion.
Green Tree, as GTCS is also known, provides high-touch, third-party servicing for credit-sensitive consumer loans. As of March 31, it serviced 37.5 billion including $10.0 billion in second liens, $12.5 billion in subprime mortgages and $13.1 billion in manufactured housing loans.
Walter privately securitized $102 million in mortgage-backed notes to help finance the deal.
Headcount at the company is 2,240 employees.
