Walter Investment Management (WAC) received the necessary approval to close on two previously announced acquisitions of mortgage-servicing rights totaling, in aggregate, approximately $40 billion of unpaid principal balance.
"We are pleased to have closed on these transactions as we continue to build out our best in class servicing operations," said Mark O'Brien, chairman and CEO of Walter Investment.
“We take our obligations as a servicer very seriously and will endeavor to continue to provide the highest level of service and solutions to support continued home ownership on behalf of the consumer and our clients,” he continued.
In December, Walter announced plans to buy $30 billion in MSRs backed by Fannie Mae.
The portfolio, which is being sold by a large national depository, is made up of 270,000 accounts. About 99% of the loans are current and more than 100,000 are eligible for the government’s Home Affordable Refinance Program.