Subprime specialist Walter Investment completes purchase of Marix mortgage servicing
Walter Investment Management (WAC) said Tuesday it completed the purchase of high-touch specialty mortgage servicer Marix Servicing. Phoenix-based Marix deals with mortgage default management, borrower outreach, loss mitigation and liquidation strategies. The current state of the nation's housing market is leading many well-capitalized firms to grow their presence in the high-touch space, where bespoke mortgage servicing is considered one of the better options for getting results. "With the close of the transaction, Marix becomes a significant component of the Walter Investment high-touch asset management and servicing platform, allowing the company to expand its portfolio acquisition and revenue growth opportunities," reads a statement from Walter Investment, a Tampa Bay-based real estate investment trust. The price remains undisclosed. Mortgage servicer Walter Investment Management specializes in subprime and otherwise distressed mortgage assets worth $1.8 billion. Annual revenues at the firm are approximately $180 million. Walter announced that it would purchase Marix in August 2010 from Marathon Asset Management, which was looking to exit the mortgage servicing business. Write to Jacob Gaffney. The author holds no relevant investment.