Walter Investment Management Corp. (WAC) has signed a deal to acquire MetLife Bank’s (MET) residential mortgage servicing platform.
While the deal includes MetLife servicing technology assets located in Irving, Texas, Walter Investment said the sale does not include mortgage loans or mortgage servicing rights.
Financial terms of the transaction were not disclosed.
About 300 MetLife employees are anticipated to join WAC’s subsidiary Green Tree Credit Solutions, while continuing to work out of MetLife’s current Irving location.
“We believe the acquisition of the MetLife servicing platform, in conjunction with our existing high-touch servicing capabilities, positions us very well to continue to capitalize on the opportunities available in the mortgage servicing sector by providing additional capacity to assist with projected portfolio growth,” said Mark O’Brien, chairman and CEO of Walter Investment.
“We are very excited about adding the strong MetLife servicing management group and their associates to our team. In addition, the platform also accelerates our opportunities with respect to product diversity plans given its proven, efficient Ginnie Mae and Freddie Mac capabilities,” O’Brien added.
