Marix Servicing, an affiliate of Walter Capital Opportunity (WCO), has received approval from Freddie Mac to hold mortgage-servicing rights, marking the first of many more to come.
This approval relates to a pool of approximately $3.3 billion in UPB of Freddie Mac residential mortgage loans.
As a result, Marix acquired all of the economic benefits associated with the mortgage servicing rights as of Aug. 14, and retained Green Tree Servicing, an indirect subsidiary of Walter Investment Management Corp (WAC), to sub-service the related mortgage loans on Marix's behalf.
"We are pleased to have taken this significant next step in the evolution of WCO. With Marix now approved to own and acquire mortgage-servicing rights, WCO is positioned to pursue its core strategic business objectives,” Denmar Dixon, WCO's CEO, said.
Dixon noted that this transaction represents approximately half of the MSRs associated with $6.75 billion in UPB of Agency MSRs that Marix anticipates acquiring.
"We look forward to the expected closing of the remaining MSRs later this month and continuing to pursue our strategic objectives," he added.
Mark O'Brien, Walter Investment's chairman and CEO, said, "We continue to pursue opportunities to bolster our mortgage servicing portfolio and are pleased to have the opportunity to sub-service this portfolio for our strategic partner, WCO."
The mortgage loans are scheduled to transfer on Sept. 16.