MSR Purchase to Push Walter Portfolio Past $200 Bil

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MORTGAGE EXPERT
12 · 11 · 13

A deal that has Walter Investment Management Corp. acquiring mortgage servicing rights on agency loans will push its servicing portfolio past $200 billion.

In its third-quarter earnings report, Walter said that it serviced 1.8 million loans for $194 billion. The total excluded reverse mortgages and company-owned assets.

The Sept. 30 mortgage servicing portfolio had fallen from three months earlier, when it stood at 1.9 million loans for $197 billion.

But a deal announced Wednesday will push the portfolio above $200 billion.

The Tampa, Fla.-based company disclosed that it has reached an agreement “with a large depository” to acquire MSRs on Fannie Mae loans.

The transaction includes 270,000 loans for around $30 billion.

Roughly 100,000 of the mortgages are eligible for the Home Affordable Refinance Program, and 99 percent of the loans are expected to be current when transferred.

The servicing transfers are expected to take place in staged boardings during the first three quarters of 2014.

“The current acquisition is part of the company’s previously announced plan to acquire MSRs having an aggregate unpaid principal balance of approximately $62 billion,” the statement said. “Of that amount, the company has now entered into definitive agreements for the acquisition of MSRs having an aggregate unpaid principal balance of approximately $54 billion, while letters of intent have been executed in connection with the remaining transactions.”

The acquisition is subject to customary closing conditions and approval by Fannie.

Walter reported a total staff of more than 6,400 employees.

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