Walter Investment Management Corporation has confirmed that its wholly-owned subsidiary Green Tree Servicing LLC has decided to exit the wholesale mortgage lending business. The wholesale channel has been a relatively small part of the company's originations business with funded volumes of less than $1 billion in the nine months through Sept. 30, 2013. As previously indicated, the wholesale originations channel was not expected to contribute to earnings for 2013.
The exit of the wholesale mortgage lending business, which is expected to be completed by April 2014, affected approximately 60 employees who have been informed of the action. The company is providing assistance to affected employees during this period and will continue to assist clients during the transition period.
Walter Investment remains committed to growing its origination business through its core retention, retail and correspondent channels.