Walter Investment Management Corp. reached an agreement to acquire the residential mortgage servicing platform of MetLife Bank.
Financial terms of the transaction were not disclosed.
The assets to be attained as part of this agreement do not include any mortgage loans or mortgage servicing rights. However, certain servicing technology related assets will be accounted for in this transaction.
“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.
The Tampa, Fla.-based asset manager, mortgage servicer and originator said its subsidiary, Green Tree Credit Solutions, to employ approximately 300 of MetLife Bank’s servicing employees. Also, the company will continue to operate out of the mortgage servicer’s Irving, Texas facility.
Currently, MetLife’s servicing platform is servicing Fannie Mae, Freddie Mac and Ginnie Mae mortgage loans with an approximate principal balance of $70 billion.
“We are very excited about adding the strong MetLife servicing management group and their associates to our team,” O’Brien continued. “In addition, the platform also accelerates our opportunities with respect to product diversity plans given its proven, efficient Ginnie Mae and Freddie Mac capabilities.”
Also on Monday, Walter Investment Management obtained $93 billion of unpaid principal balance of Fannie Mae-backed residential servicing assets from Bank of America.