Walter Investment Management Corp. (WAC) purchased Reverse Mortgage Solutions for ().
The deal closed with () of cash, () of Walter Investment stock and a () seller mortgage servicing rights.
RMS offers a full suite of services to the reverse mortgage sector with () in unpaid principal balance. The company issued () of reverse mortgage backed Ginnie Mae securities in the first half of 2012. It is the fourth largest reverse mortgage servicer.
“The acquisition of RMS will position Walter Investment as a full service leader in the () reverse mortgage servicing sector with significant growth opportunities in each of the RMS businesses, all of which generate strong earnings and cash flow,” according to the press release. “The acquisition represents an attractive extension to Walter Investment’s high-margin, fee-for-service business model.”
Walter Investment is an asset manager, mortgage servicer and mortgage portfolio owner specializing in less-than-prime, non-conforming and other credit-challenged mortgage assets.
