Items Tagged with 'Walter Investment'

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Walter Investment's Ditech buys part of Residential Credit Solutions

RCS closing Ft. Worth facility, laying off 134 employees
In another signal that the default mortgage business is shrinking, Walter Investment Management Corp. announced Friday that it acquired "certain assets" of Residential Credit Solutions. While a "number of core operational employees" are being transferred from RCS to Ditech, more than 130 of RCS’ employees will not be making the transition, and the company is laying off 134 employees at the end of February.
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Ditech exits distributed retail lending

Concentrates efforts on growing its consumer direct channel
After a push to move back into the mortgage market two years ago, Ditech Financial announced it will exit distributed retail lending starting Jan. 8 due to changes in the market. The lender is choosing to focus its efforts on developing its consumer direct channel along with other opportunities.
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Walter Investment CEO stepping down

Mark O’Brien announces retirement; Denmar Dixon named CEO
Coming just one month after Walter Investment Management Corp. agreed to pay $29.63 million in fines to settle charges brought by the Department of Justice, the company announced Monday that Mark O’Brien, the company's chairman and CEO, is retiring this week.
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Walter Investment fined $29.6 million for False Claims Act violations

Subsidiaries allegedly submitted false reverse mortgage claims to HUD
Walter Investment Management Corp. will pay $29.63 million in fines for violations of the False Claims Act to settle charges brought by the Department of Justice, which accused several Walter Investment subsidiaries of submitting false reverse mortgage claims to the Department of Housing and Urban Development. Click here to read more.
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Green Tree gone; Ditech merger complete

Walter Investment combines origination and servicing businesses
Green Tree Servicing is gone. Last month, HousingWire reported that Green Tree’s days were numbered, after Green Tree’s parent company, Walter Investment, announced quietly that it planned to merge Green Tree with another of Walter Investment’s well-known subsidiaries, Ditech Mortgage Corp, to form a new company, ditech, a Walter company. Now the merger is complete.
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Say goodbye to Green Tree; company merging with Ditech

Walter Investment merges companies to form Ditech Financial
Unbeknownst to most of the industry, Green Tree Servicing is in the last few weeks of its existence, but the company is not closing. Green Tree’s parent company, Walter Investment Management Corp., is merging Green Tree with another of Walter Investment’s well-known subsidiaries, Ditech Mortgage Corp.
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Walter Investment posts 1Q net income of $38.3M

Declining revenue of $310M misses analyst expectations
Walter Investment Management Corp. reported GAAP net loss for the first quarter of 2015 of ($31.0) million, or ($0.82) per diluted share, compared to net income of $17.4 million, or $0.45 per share for the first quarter of 2014. Adjusted earnings for the quarter were $38.3 million. Here’s where things went sideways.
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What’s the impact of Green Tree’s $63 million fine?

Moody’s weighs in on company’s future
Unsurprisingly, Green Tree Servicing could be facing several negative outcomes, including a potential downgrade to its servicer ratings, in the wake of its $63 million fine from the Consumer Financial Protection Bureau and the Federal Trade Commission. A new report by Moody's details what could be in Green Tree's future.
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