Items Tagged with 'Walter Investment'

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Walter Investment posts another big loss; names fourth CEO in last 10 months

Posts net loss of $232.4M in Q2; CitiMortgage COO Anthony Renzi to lead company
It’s probably safe to say that Walter Investment Management Group is in a state of upheaval right now. The company announced Tuesday that it posted its second massive quarterly loss of the year during the second quarter, and now the company is about to have its fourth different CEO since October 2015.
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Growing pains at Ditech? Company begins layoffs

Company "reevaluating" operating model; "redesigning" some roles
Ditech Financial relaunched in 2014 with big plans and big goals. Earlier this month, the company said that it is planning to launch a wholesale lending channel, calling the expansion a "natural progression." As it turns out, some of Ditech’s employees will no longer be taking part in the company's "natural progression," as sources tell HousingWire that the company is set to lay off a number of employees.
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Ditech plots new path, launches wholesale lending channel

Follows increase in correspondent lending operation
When Ditech Financial relaunched in 2014, it laid out a three-pronged plan to establish itself back into the mortgage market, stating that it planned to launch direct consumer lending, retail lending and correspondent lending operations. The company has since merged with Green Tree Servicing and shuttered its retail division. Now, it's plotting a new way forward and launching a wholesale lending channel.
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PHH sinks as low interest rates destroy mortgage servicing

Just like Ocwen, Nationstar and Walter
The first quarter's historically low interest rates already pulled down the performance of Nationstar Mortgage, Walter Investment and Ocwen Financial thanks to the impact of negative adjustments to the "fair value" of each company’s mortgage servicing rights portfolio, and now PHH Corporation is joining that unfortunate list as the company posted a loss in the first quarter.
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Walter Investment tanks thanks to low interest rates

Posts GAAP net loss of $172.7 million in first quarter, stock plummets
The first quarter's historically low interest rates did more than just negatively impact the earnings of Freddie Mac, which reported a $354 million net loss in the first quarter. The quarter's low rates also obliterated the bottom line of Walter Investment Management Corporation.
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Ditech to use HLP portal for foreclosure prevention efforts

Now 19 of top 20 mortgage servicers use HLP technology
Ditech Finacial, which formed last year when Walter Investment Management Corp. merged two of its subsidiaries, Green Tree Servicing and Ditech Mortgage Corp, to form a new company, is partnering with HLP to use HLP's web portal in its foreclosure prevention and loss mitigation efforts.
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Ditech Financial adds Steven Stein as head of consumer lending

Joins from CoreLogic
Ditech Financial, a subsidiary of Walter Investment Management Corp., announced the addition of Steve Stein as the head of consumer lending. Stein is tasked with leading the consumer lending division’s originations goals by developing plans for long-term profitable growth and increased levels of customer satisfaction.
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Walter Investment beats 4Q revenue expectations

The latest status of its originations segment
After coming up a lot in recent news, Walter Investment ended last year on the positive side of the ledger, beating expectations by $26.65 million. However, this new earnings release sheds some light on the state of the company's origination division, giving more background on the latest management shake up.
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Ditech shakes up management, combines leadership of originations and servicing

David Schneider will oversee both; Patricia Cook departs
When Walter Investment Management Corp. merged two of its well-known subsidiaries last year, Green Tree Servicing and Ditech Mortgage Corp, the company said that the mortgage servicing and originations businesses would be lead by David Schneider and Patricia Cook, respectively. But Monday, Walter Investment announced that Cook is leaving the company, effective immediately, and said that Schneider will be taking over both the servicing and originations operations.
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