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Ally Bank, the subsidiary of Ally Financial, announced that it has reached an agreement to sell its Business Lending mortgage operation to Walter Investment Management Corp.
The sale price was not disclosed, but the transaction is expected to close on Feb. 28.
"We are pleased to be transferring Business Lending to a well-respected, strategic buyer like Walter, who values the high quality of our people, platform and relationships and is committed to building its origination capabilities," said President and Chief Executive Officer Barbara Yastine at Ally Bank.
She added, "This is a positive outcome for our 300 Business Lending employees and enables Ally Bank to direct more resources toward our priorities of growing our leading direct banking franchise, as well as supporting Ally's ($25.44 -0.0094%) auto finance operation."
The deal includes 300 mortgage employees, 1,770 client relationships and the intellectual property to operate the business.
Ally Bank will honor all commitments taken through Feb. 28. Upon closing, the employees and client relationships will transfer to Walter Investment ($40.20 -0.54%). The company expects to be fully operational in correspondent and wholesale originations on March 1.
Ally Bank will continue to orignate jumbo and conventional conforming residential mortgages for its own portfolio through a select group of correspondent lenders, the company noted.
On Feb. 14, Ally Financial satisfied a requirement to provide $200 million in home loan modifications and other consumer relief under the $25 billion national mortgage settlement.
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