Wells Fargo Sells $12.2B Reverse Mortgage Servicing Portfolio

Posted by Orb Staff on April 11, 2013 No Comments
Categories : Mortgage Servicing

13632_wellsfargo Wells Fargo Sells $12.2B Reverse Mortgage Servicing Portfolio Tampa, Fla.-based Walter Investment Management Corp. has announced that its wholly owned subsidiary Reverse Mortgage Solutions Inc. (RMS) has acquired a $12.2 billion unpaid principal balance reverse mortgage servicing portfolio (MSR) from Wells Fargo Home Mortgage. The portfolio consists of over 76,000 loans and is expected to transfer to RMS during the third quarter.

‘We expect that the acquisition of this MSR will be an attractive addition to our reverse mortgage servicing portfolio and solidify our position as a leader in the reverse mortgage sector,’ says Mark J. O'Brien, chairman and CEO of Walter Investment. ‘This transaction, which doubles the size of our serviced book, will allow us to leverage our considerable capabilities in the reverse mortgage sector as we continue to see a significant growth opportunity in the sectors. We are especially pleased to have completed this transaction with Wells Fargo.’

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