Walter Investment’s Originations Outperform Peers

In its first-quarter 2017 earnings report, Walter revealed
net income before income taxes of $4 million, swinging from a $279 million loss a year earlier.

Income at the
Fort Washington, Pennsylvania based organization was $27 million during the quarter that ended three months earlier.

Walter changed its location from Tampa, Florida, in the last announcement, though it left the Tampa location on its first-quarter 2017 10-Q filing with the Securities and Exchange Commission.

During the three months ended March 31, 2017, loans originated totaled $5.155 billion.

Unlike production at its mortgage peers, where volume has been off roughly a third from the fourth-quarter 2016, home lending activity at Walter slipped 7 percent from $5.567 billion.

The most-recent volume was slightly more than $5.152 billion in the same period last year.

First-quarter 2017 originations were comprised of $5.024 billion in forward originations and $0.132 billion in reverse mortgage originations.

On the forward portion of the business, consumer lending generated $1.677 billion, wholesale was responsible for $0.099 billion and correspondent acquisitions made up $3.248 billion.

Refinance share was cut to
56 percent from 59 percent in the final quarter of last year.

The primary mortgage servicing portfolio as of the close of the first-quarter 2017 was 1,214,942 loans for $144.121 billion.

The total declined from 1,249,099 loans for $146.788 billion three months earlier and has been slashed from 1,856,553 loans for $230.962 billion one year earlier.

Most recently, there was $111.045 billion in third-party mortgage servicing, $10.272 billion in third-party reverse mortgage servicing and $22.804 billion in balance sheet loans.

Another 908,315 loans for $117.109 billion were subserviced by Walter.