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SOURCE Walter Investment Management Corp.
TAMPA, Fla., Oct. 31, 2013 /PRNewswire/ -- Walter Investment Management Corp. (NYSE: WAC) ("Walter Investment" or the "Company") today announced that it has entered into a series of definitive agreements through its Green Tree subsidiary with EverBank Financial Corp ("EverBank"). The definitive agreements cover the following key items:
Additionally, the Company expects to finalize in the near term the establishment of a delinquency flow outsourcing arrangement wherein the Company will provide outsourced default servicing on a flow basis to EverBank from its mortgage portfolio. The transactions are subject to standard approvals and the purchase price will be subject to customary adjustments, including an adjustment to actual UPB as of October 30, 2013.
The portfolio of assets acquired and subserviced consists of over 179,000 loans that are projected to be approximately 75% current at transfer. The transaction will have an economic closing as of October 30, and the bulk of the servicing transfers will take place during the first quarter of 2014.
Mark J. O'Brien, Chairman and CEO of Walter Investment said, "We are pleased to announce this transaction with EverBank, which will add over $20 billion of UPB and 179,000 accounts to our serviced portfolio, and extends our complement of serviced product to Ginnie Mae forwards. We believe the addition of the EverBank best-in-class default platform and employees to our existing platform will augment both our product capabilities and capacity as well as extend our geographic diversity as we continue to execute on the significant opportunities for growth available in the specialty mortgage sector. Most importantly we look forward to building our strategic partnership with the highly regarded EverBank team."
Approvals and Timing
The closing of title is subject to receipt or waiver of governmental approvals and third-party consents and the satisfaction of other customary closing conditions. The Company expects to complete the transaction during the first quarter of 2014.
About Walter Investment Management Corp.
Walter Investment Management Corp. is an asset manager, mortgage servicer and originator focused on finding solutions for consumers and credit owners. Based in Tampa, Fla., the Company has over 6,200 employees and services a diverse loan portfolio. For more information about Walter Investment Management Corp., please visit the Company's website at www.walterinvestment.com.
About EverBank Financial Corp
EverBank Financial Corp, through its wholly-owned subsidiary EverBank, provides a diverse range of financial products and services directly to clients nationwide through multiple business channels. Headquartered in Jacksonville, Florida, EverBank has $17.6 billion in assets and $13.6 billion in deposits as of September 30, 2013. With an emphasis on value, innovation and service, EverBank offers a broad selection of banking, lending and investing products to consumers and businesses nationwide. EverBank provides services to clients through the internet, over the phone, through the mail, at its Florida-based financial centers and at other business offices throughout the country. More information on EverBank can be found at www.abouteverbank.com/ir.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Walter Investment's plans, beliefs, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on Walter Investment's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Walter Investment's results to differ materially from current expectations include, but are not limited to: our receipt of necessary government approvals and third-party consents, and the satisfaction of all conditions to closing of the transactions and the negotiation of materially agreeable terms and conditions of the delinquency flow outsourcing arrangement.
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