Walter Investment Management Corp. partnered joined New York-based Marathon Asset Management L.P. to buy Marix Servicing LLC, a mortgage servicing company based in Phoenix.
All three players are heavily involved in the acquisition of sub-prime mortgage assets, and this latest collaboration yields one of the nation's largest mortgage service partnerships.
"We believe Marix will serve to both accelerate and broaden our portfolio acquisition opportunities," said Walter Investment CEO Mark J. O'Brien. "Marix not only provides us with a superb mortgage servicing platform with a nationwide footprint, it also provides an independent revenue stream and a well developed information technology infrastructure."
Based in Tampa, Walter Investment manages nearly $2 billion in residential loan assets, and generates approximately $180 million in annual revenues.