This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Walter Investment Management Corp. Announces Strategic Transaction With EverBank

TAMPA, Fla., Oct. 31, 2013 /PRNewswire/ -- Walter Investment Management Corp. (NYSE: WAC) ("Walter Investment" or the "Company") today announced that it has entered into a series of definitive agreements through its Green Tree subsidiary with EverBank Financial Corp ("EverBank").  The definitive agreements cover the following key items:

  • Purchase of approximately $10.2 billion unpaid principal balance ("UPB") of Fannie Mae and Freddie Mac backed residential servicing assets and related advance receivables
  • Purchase of approximately $3.3 billion UPB of private label residential servicing assets and related advance receivables
  • Rights to subservice an approximately $5.2 billion UPB Ginnie Mae forward portfolio and a $1.7 billion UPB whole loan portfolio
  • Assumption of their default servicing platform and offer of employment to a significant number of related employees

Additionally, the Company expects to finalize in the near term the establishment of a delinquency flow outsourcing arrangement wherein the Company will provide outsourced default servicing on a flow basis to EverBank from its mortgage portfolio.  The transactions are subject to standard approvals and the purchase price will be subject to customary adjustments, including an adjustment to actual UPB as of October 30, 2013.   

The portfolio of assets acquired and subserviced consists of over 179,000 loans that are projected to be approximately 75% current at transfer.  The transaction will have an economic closing as of October 30, and the bulk of the servicing transfers will take place during the first quarter of 2014. 

Mark J. O'Brien, Chairman and CEO of Walter Investment said, "We are pleased to announce this transaction with EverBank, which will add over $20 billion of UPB and 179,000 accounts to our serviced portfolio, and extends our complement of serviced product to Ginnie Mae forwards.  We believe the addition of the EverBank best-in-class default platform and employees to our existing platform will augment both our product capabilities and capacity as well as extend our geographic diversity as we continue to execute on the significant opportunities for growth available in the specialty mortgage sector.  Most importantly we look forward to building our strategic partnership with the highly regarded EverBank team."

Approvals and Timing

The closing of title is subject to receipt or waiver of governmental approvals and third-party consents and the satisfaction of other customary closing conditions.  The Company expects to complete the transaction during the first quarter of 2014.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs