Walter Investment Management Corp. has recently had a voracious appetite for production and servicing assets, and now the growing firm has inked a deal to pick up another servicing platform.
The Tampa, Fla.-based company is acquiring an $82 billion mortgage servicing portfolio from bankrupt Residential Capital LLC. It also reached a deal to purchase reverse mortgage lender Security One on the heels of its acquisition of Reverse Mortgage Solutions.
In July 2011, Walter Investment closed on its $1.1 billion acquisition of GTCS Holdings LLC, a high-touch, third-party servicer that was also known as Green Tree.
Walter Investment’s latest deal is an agreement to acquire the residential mortgage servicing platform, including certain servicing related technology assets, of MetLife Bank, N.A.
Around 300 MetLife servicing employees in Irving, Texas, are expected to join Green Tree Credit Solutions as part of the transaction. Walter Investment, itself, employed around 2,600 people as of Sept. 30, 2012.
MetLife’s remaining $70 billion agency servicing portfolio is not part of the deal and is being sold to another party in March.
“Based on the significant acquisitions recently announced by the company and expected continued growth opportunities, Walter Investment is developing a robust dual-track residential mortgage servicing platform,” the announcement said. “This includes the expansion of capacity in the company’s existing high-touch collections platform, and the addition of an efficient, prime, agency-focused platform, with expanded product capabilities.”
Walter Mortgage Co. had an $81.8 billion mortgage servicing portfolio as of June 30, 2012. The ResCap deal will expand the portfolio by another $50 billion.
A portion of newly acquired Bank of America mortgage servicing rights are expected to be boarded on the MetLife platform.
