TAMPA — Walter Investment Management Corp. confirmed that its wholly owned subsidiary Green Tree Servicing LLC is leaving the wholesale mortgage lending business. The company says that Green Tree Servicing's wholesale channel has been a relatively small part of the Green Tree's originations business. It funded volumes of less than $1 billion in the nine months through Sept. 30.
The wholesale mortgage lending business was not expected to add to Walter Investment's earnings for 2013.
Green Tree Servicing expects to be out of the wholesale lending business by April and will layoff 60 employees as it winds down that portion of its operations. The loan servicer of consumer loans has more than 3,000 employees in 29 locations in the United States.
Tampa-based Walter Investment Management acquired Green Tree Servicing in mid-2011.