Walter Investment Management Corp., parent company of Reverse Mortgage Solutions and Security One Lending, has acquired $30 Billion of mortgage servicing rights from an unnamed “national depository,” according to a company press release.
The servicing rights are backed by Fannie Mae and consists of about 270,000 accounts projected to be approximately 99% current at transfer and more than 100,000 accounts that are eligible under the Home Affordable Refinance Program (HARP).
According to the release, servicing transfers will take place during the first three quarters of 2014.
The acquisition is part of a larger plan to acquire servicing rights with more than $62 billion in unpaid principal balance total; the company has acquired $54 billion in mortgage servicing rights to date under the plan, including the most recent transaction.
Letters of intent have been executed regarding the remaining acquisitions, the company said in the filing.
“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,” said Mark O’Brien, Walter chairman and CEO. “We look forward to working with the seller to ensure a seamless servicing transition for our new customers.”
Written by Elizabeth Ecker