Walter Investment Management Corp. (NYSE MKT: WAC) announced Monday an agreement to acquire the residential mortgage servicing platform of MetLife Bank, N.A.
The terms of the transaction were not disclosed and the assets to be acquired do not include any mortgage loans or mortgage servicing rights.
MetLife Bank’s servicing platform is currently serving Fannie Mae, Freddie Mac and Ginnie Mae mortgage loans with a principal balance of $70 billion.
Under the agreement, Walter’s wholly owned subsidiary, Green Tree Credit Solutions, will employ 300 of MetLife Bank’s servicing employees and the company will continue to occupy MetLife’s premises in Irving, Texas.
Walter currently services an $82 billion loan portfolio through its Green Tree subsidiary.
The deal arrives on the heels of Walter’s big entry into the revere mortgage space through the acquisitions of California-based Security One Lending for $31 million in cash and Reverse Mortgage Solutions in a deal that eclipsed $120 million to include RMS’s reverse mortgage servicing portfolio.
Given Walter Investment’s recent activities, the company is developing a robust residential mortgage servicing platform with expectations of continued growth ahead.
Written by Jason Oliva
