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Credit Services & Lending M&A image Credit Services & Lending M&A » By The Online Investor Staff, updated Thu., May. 2, 1:33 AM Recent mergers and acquisitions in the Credit Services & Lending M&A category.

Slide #77. Walter Investment Management Corp. Unpaid principal balance of Fannie Mae backed residential servicing assets

Acquirer: Walter Investment Management Corp. (WAC)
Acquiree: Unpaid principal balance of Fannie Mae backed residential servicing assets
Details: Walter Investment Management Corp. announced that it has signed a definitive agreement to acquire approximately $93 billion of unpaid principal balance ("UPB") of Fannie Mae backed residential servicing assets, including related advance receivables of approximately $1 billion, from Bank of America. The purchase price for the mortgage servicing rights ("MSRs") of $519 million represents a multiple of approximately 2.05x the 27 basis point base contractual servicing fee of the portfolio. The related advance receivables will be purchased at par. The purchase price will be subject to customary adjustments, including an adjustment to actual UPB as of the January 31, 2013 closing date.

Ditech Holding is a servicer and originator of mortgage loans. Co. services a range of loans across the credit spectrum for its own portfolio and for government sponsored enterprises, government agencies, third-party securitization trusts and other credit owners. Co.'s segments are: Servicing, which performs servicing for its mortgage loan portfolio and on behalf of third-party credit owners, performs subservicing for third-party owners, and operates complementary businesses including collections of post charge-off deficiency balances; and Originations, which originates and purchases mortgage loans through consumer originations, correspondent lending, and wholesale lending.

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Company Name:  Ditech Holding Corp
Website:  www.walterinvestment.com
Sector:  Credit Services & Lending
 

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May 2, 2024    1:33 AM Eastern
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