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Growing Firm Acquiring $90 Million Portfolio

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A portfolio of residential mortgages is trading hands for $90 million. The buyer is an investment firm positioned to become a top-10 subprime servicer and hungry for mortgage assets.

The news came Monday from Walter Investment Management Corp.

According to the Tampa, Fla.-based firm, a $90 million agreement was reached to acquire a portfolio performing first liens. The pool includes fixed- and adjustable-rate mortgages.

More than three-quarters of the loans are in the South.

Walter Investment, which says it invests, manages and services “less-than-prime, non-conforming and other credit-challenged mortgage assets,” said it expects to close on the purchase by the end of next month.

Newly executed letters of intent bring the total purchase price of pools under contract to around $97 million, the news release stated. Its pipeline for performing loans exceeds $300 million and “the company continues to see significant flows of loan pools being offered for sale.”

Walter Investment recently purchased two pools of residential first liens for $20 million. In October, it agreed to acquire default servicer Marix Servicing LLC from Marathon Asset Management L.P. , creating “one of the nation’s top 10 servicers of subprime mortgages.”

The investment-servicer currently manages $1.8 billion in assets.

Walter Investment Chairman and Chief Executive Officer Mark J. O’Brien added in the statement that it has developed an investment program and recently saw strong securitization pricing.

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