Green Tree Servicing, a subsidiary of Walter Investment Management Corp., has agreed to a $1.2 billion serviced advance financing facility with Barclays Bank.
Upon completion of the agreement Green Tree withdrew $1.1 billion of the facility to pay off debts, including a $765 million liability to Fannie Mae. The repayment was part of an early advance reimbursement agreement.
"We are pleased to have entered into this amended financing facility for our servicing advances," Mark J. O'Brien, chairman and chief executive officer of Walter Investment, said in a release.
"Walter Investment will benefit from the increased capacity available under the facility, and also from the facility's lower interest rates and higher advance rates, which will enable the company to finance a larger portion of its advances."
