When Walter Investment Management Corp. merged two of its well-known subsidiaries last year, forming Ditech Financial by combining 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.
When Walter Investment merged Green Tree and Ditech last year, the company said that the newly combined Ditech Financial was going to be led by Cook, president of Ditech Originations, and Schneider, as president of Ditech Servicing.
Both Cook and Schneider also served as executive vice presidents of Walter Investment, in addition to their role as presidents of Ditech.
In a release Monday, Walter Investment said that Schneider will be named president of Ditech with responsibility for leading both the servicing and originations businesses, effective immediately, adding only that Cook is “leaving.”
Denmar Dixon, Walter Investment's vice chairman, chief executive officer and president, said that the company thinks it is important to unify Ditech’s leadership.
"As the mortgage industry and our business continue to evolve, we felt it was an important progression to unify Ditech's leadership,” Dixon said.
“David has deep experience in both the servicing and originations sectors and will lead our efforts as we strive to deliver excellent service to our customers, drive a strong culture of compliance and improve efficiency across the business," Dixon added. "We have consistently demonstrated our robust originations capabilities and expect to continue to concentrate our efforts on the growth and development of both our consumer and correspondent channels."
Recently, Ditech announced that it would be exiting its distributed retail lending channel earlier this year due to “changes in the market.”
At the time, the company said that it wanted to focus on consumer direct lending and correspondent lending, and that the decision is expected to "impact" less than 200 employees.
And now, Cook is leaving as well.
"I want to thank Patti for her meaningful contributions to Walter Investment during her tenure, including leading the organization's business development efforts and, most recently, managing our originations business, including growing the Ditech brand," Dixon concluded.