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Staffing, Servicing Reduced at Walter Investment

Mortgage News

In addition to reducing the size of its residential loan servicing portfolio, Walter Investment Management Corp. cut the size of its staff.

Before income taxes, Walter had a $158 million loss during the three months ended Sept. 30, worsening from $132 million a year earlier.

Those were some of the details disclosed by the Tampa, Florida-based mortgage banking firm in its third-quarter 2016 earnings report.

But Walter cut its losses from $380 million in the second-quarter 2016.

Walter originated $5.547 billion during the three months that started on July 1, 2016, and concluded on Sept. 30.
Business improved from $4.591 billion in the second quarter but fell short of the $7.194 billion funded in the third-quarter 2015.

During the first-three quarters of this year, mortgage originations totaled $15.650 billion.

Third-quarter 2016 volume included $1.617 billion in consumer originations, $0.003 billion in wholesale lending, $3.672 billion in correspondent acquisitions and $0.256 billion in reverse mortgage production.

Business during the current quarter likely picked up based on locked volume, which rose to $5.8 billion in the third quarter from $5.3 billion three months earlier.

Walter serviced 1,744,895 loans for $214.069 billion as of the most-recent date. The servicing portfolio was reduced from 1,792,928 loans for $220.823 billion as of June 30, 2016, and 1,881,063 loans for $230.371 billion as of Sept. 30, 2015.

Another
375,219 loans for $54.712 billion were in the sub-servicing portfolio.

Reverse mortgages on the balance sheet were $10.945 billion as of Sept. 30, 2016.

Headcount closed out the third-quarter 2016 at 5,000 employees.
Staffing has been reduced from 5,600 people as of mid-2016 and 5,850 as of Sept. 30, 2015.

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