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.
About the Author
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s). At HousingWire, he began focusing his journalism on all aspects of the housing and mortgage markets.