Walter Investment Management Corp (WAC)

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Walter Investment Management Corp. Announces Acquisition Of Approximately $30 Billion Of Mortgage Servicing Rights

TAMPA, Fla., Dec. 11, 2013 /PRNewswire/ -- Walter Investment Management Corp. (NYSE: WAC) ("Walter Investment" or the "Company") today announced that it has entered into a definitive agreement with a large national depository to acquire a pool of mortgage servicing rights ("MSRs") backed by Fannie Mae with an aggregate unpaid principal balance of approximately $30 billion.

The portfolio of assets to be acquired consists of approximately 270,000 accounts that are projected to be approximately 99% current at transfer and includes over 100,000 accounts which are eligible for the government sponsored Home Affordable Refinance Program. Servicing transfers are expected to occur 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. 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 current acquisition, as well as certain of the other pending transactions are subject to customary closing conditions, including GSE approval.

Mark J. O'Brien, Chairman and CEO of Walter Investment said, "We are pleased to announce this transaction, which further extends our strategic client relationships with large national depository institutions and underscores the sector's focus on outsourcing non-core assets to specialty servicers. We look forward to working with the seller to ensure a seamless servicing transition for our new customers."

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http://ih.advfn.com/p.php?pid=nmona&article=60350637

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Walter Investment Ma (WAC)
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