Walter Investment Quits Wholesale Lending
Green Tree Servicing, a unit of Walter Investment Management, is leaving the wholesale mortgage lending business.
The wholesale channel makes up a small part of Walter Investment's originations, funding less than $1 billion in the nine months through September.
The company ranked No. 17 among wholesalers in the third quarter, with volume of $458 million, according to National Mortgage News' MortgageStats.com. The company’s total production topped $6 billion during the period.
The exit from the wholesale side of the mortgage lending business is expected to be completed in April. This move will affect 60 of Walter Investment’s 6,400 employees.
"Walter Investment remains committed to growing its origination business through its core retention, retail and correspondent channels," the Tampa, Fla.-based asset manager, mortgage servicer and originator said in a press release issued Wednesday.