TAMPA —Walter Investment Management Corp. has agreed to buy the rights to service a pool of mortgages valued at about $30 billion. The Tampa-based mortgage owner/servicer signed a definitive agreement with a large national depository institution to buy the servicing rights.
Backed by Fannie Mae, the portfolio consists of 270,000 accounts that are projected to be 99% current at the time of the sale and includes more than 100,000 accounts, which are eligible for the government-sponsored Home Affordable Refinance Program.
The deal is scheduled to occur in stages during the first three quarters of 2014.
The purchase is part of the company's previously announced plan to acquire $62 billion worth of mortgage-servicing rights. With the current agreement, the company has entered into deals to buy the rights to mortgages with a combined total unpaid principal balance of $54 billion.