Items Tagged with 'Walter Investment'

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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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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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