Walter Investment Management Corp. (NYSE: WAC) announced this week it has signed a definitive agreement to acquire the lending and wholesale broker business of Ally Bank.
While the terms of the transaction have not been disclosed, the company anticipates it will employ approximately 300 of Ally’s employees.
The acquisition of Ally is the latest in a series of transactions from Walter.
Last fall, Walter and Ocwen Financial Corporation were awarded the winning bid for Residential Capital’s mortgage servicing and origination platform with a purchase price of $3 billion.
Just last month, Walter purchased all of the stock of Security One Lending in a cash deal valued up to $31 million.
“This transaction brings to Walter Investment a team of knowledgable, experienced employees with which to pursue correspondent lending opportunities, using the outstanding capabilities resident in the recently acquired ResCap originations platform,” said Mark J. O’Brien, chairman and CEO of Walter.
Written by Jason OlivaPrint Article