Green Tree exits wholesale lending
Walter Investment winds down 'small part of company'
Walter Investment Management [WAC] said subsidiary Green Tree Servicing is exiting 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 September 30, 2013," the company said in a statement.
"As previously indicated, the wholesale originations channel was not expected to contribute to earnings for 2013," the company added.
Around 60 employees, who have been informed of the action, will remain to help during the transition period, ending in April.
Walter Investment said it remains committed to growing its origination business through its core retention, retail and correspondent channels.