Items Tagged with 'Walter Investment'

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Walter Capital Opportunity Corp. selling $10 billion MSR portfolio to New Residential

Sale expected to generate $90 million for Walter Investment Management Corp.
Last week, after Walter Investment Management Corp. reported its third straight quartely loss, CEO Anthony Renzi said he believes the company is on the right track in an effort to return to profitability. On Wednesday, the company announced a move that will indeed generate cash for the company, enough to nearly wipe out its entire third quarterly loss.
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More changes at Walter Investment: Company adds new chief compliance officer, other execs

Part of effort to make company "leaner and more effective"
Late last week, Walter Investment Management Corp. announced that David Schneider, who served as executive vice president and chief operating officer of Walter Investment and as president of Ditech Financial, abruptly left the company. The company said that Schneider’s departure was part of the company’s plan to “realign the company’s management structure” and “flatten the organization.” Just a few days later, the company provided a look at how its realignment will take shape.
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Another big shake-up at Walter Investment: Head of Ditech Financial departs unexpectedly

David Schneider leaves company amid effort to "flatten the organization"
Just two months ago, when Walter Investment Management Corp. named its fourth different CEO in less than a year, some questioned whether the company was in a state of upheaval. Now, those questions seem prescient, as just two months into the tenure of Anthony Renzi, who took over for George Awad, who took over for Denmar Dixon, who took over for Mark O’Brien, Walter Investment and one of its most prominent subsidiaries are going through another executive shake-up.
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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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