Walter Investment Management Corporation’s total revenue for the fourth quarter of 2015 hit $331.6 million, beating expectations by $26.65 million.

The company said $56.9 million in higher net servicing revenue and fees primarily related to favorable fair value gains on mortgage servicing right drove the slight increase.

However, the report added that the growth was partially offset by $32.5 million in lower fair value gains on reverse loans and liabilities and $20.6 million in lower interest income on loans primarily due to the sale of the residual interests in the seven Residual Trusts in April 2015.

As a whole, Water Investment said total revenue for the year ended Dec. 31, 2015 was $1.3 billion, a decline of $212.9 million or 14% as compared to the year ended Dec. 31, 2014, primarily related to a $107.2 million decline in net servicing revenues and fees driven by a $128.5 million decrease in the fair value of mortgage servicing rights.

The company recorded a GAAP net loss for the fourth quarter of 2015 of $117.1 million, or $3.16 per diluted share, as compared to a GAAP net loss of $44 million, or $1.17 per diluted share, for the fourth quarter of 2014. 

Adjusted loss for the fourth quarter of 2015 was $5.0 million after tax, or $0.14 per share, which missed expectations by $0.49.

In recent company news, Walter Investment announced that Patricia Cook is leaving the company, effective immediately, and said that David Schneider will be taking over both the servicing and originations operations.

Walter Investment merged two of its well-known subsidiaries last year, forming Ditech Financial by combining Green Tree Servicing and Ditech Mortgage Corp, at the time, the company said that the mortgage servicing and originations businesses would be lead by Schneider and Cook, respectively.

Furthermore, Ditech announced that it would be exiting its distributed retail lending channel 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.

The latest fourth-quarter earnings give greater insight on the state of the company’s origination segment

According to the earnings report, total pull-through adjusted locked volume for the fourth quarter increased to $5.5 billion, as compared to $5.1 billion for the fourth quarter of 2014, driven by volume growth in the correspondent lending channel.

Funded loans in the current quarter totaled $5.6 billion, an increase of 10.8% from the prior year quarter, with approximately 31% of that volume in the consumer lending channel and approximately 69% generated by the correspondent lending channel, the release said.