Skip to main content

MetLife to Sell Its Servicing Platform to Walter Investment

NationalMortgageProfessional.com
Jan 07, 2013

Walter Investment Management Corporation has announced a definitive agreement to acquire the residential mortgage servicing platform, including certain servicing related technology assets, of MetLife Bank NA located in Irving, Texas. The assets to be acquired do not include any mortgage loans or mortgage servicing rights. Terms of the transaction were not disclosed. Walter Investment Management anticipates that its wholly-owned subsidiary, Green Tree Credit Solutions, will employ approximately 300 of MetLife Bank's servicing employees and anticipates it will continue to occupy the premises in Irving, Texas currently occupied by the MetLife Bank mortgage servicing business. MetLife Bank's servicing platform is currently servicing Fannie Mae, Freddie Mac and Ginnie Mae mortgage loans with an approximate principal balance of $70 billion and has significant additional, scalable capacity. The existing servicing portfolio was recently sold by MetLife and the loans will be transferred to the new owner prior to the closing of this transaction, which is projected for March of 2013. 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. 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. The company expects to board a portion of the newly acquired Bank of America MSR on the platform. "We believe the acquisition of the MetLife servicing platform, in conjunction with our existing high-touch servicing capabilities, positions us very well to continue to capitalize on the opportunities available in the mortgage servicing sector by providing additional capacity to assist with projected portfolio growth," said Mark J. O'Brien, chairman and CEO of Walter Investment. "We are very excited about adding the strong MetLife servicing management group and their associates to our team. In addition, the platform also accelerates our opportunities with respect to product diversity plans given its proven, efficient Ginnie Mae and Freddie Mac capabilities."
Published
Jan 07, 2013
PenFed CU Sees Record Annual Mortgage Lending Volume

PenFed Credit Union announced it's financial highlights from 2021 which includes record annual mortgage lending volume.

Industry News
Jan 21, 2022
Angel Oak Lending Platform Reveals Record-Setting 2021

Last year was a record-setting year for many companies in the mortgage lending space, especially for the Angel Oak lending platform that consists of Angel Oak Mortgage Solutions and Angel Oak Home Loans.

Non-QM
Jan 21, 2022
What Are The Biggest Deal-Breakers For Homebuyers?

The housing market is holding strong but that doesn't mean homebuyers don't have their fair share of deal-breakers when it comes to purchasing a home.

Analysis and Data
Jan 20, 2022
Popular Bank Names National Director Of Residential Lending

Popular Bank named Adam Dejak as its national director of residential lending for Popular Mortgage.

Industry News
Jan 20, 2022
Total Expert Appoints Gaydos As President

Former Talkdesk and SAP senior executive brings extensive cloud, go-to-market, sales, and operations experience.

Industry News
Jan 20, 2022
Sagent Appoints Thompson As Chief Product Officer

Founder of fintech managment consulting firm Consigliera will lead and expand product development.

Industry News
Jan 20, 2022