Walter Investment Management Corp. is acquiring the correspondent lending and wholesale broker businesses of Ally Bank, the direct banking subsidiary of Ally Financial Inc. The deal encompasses Ally's Business Lending mortgage operations.
‘This transaction brings to Walter Investment a team of knowledgeable, experienced employees with which to pursue correspondent lending opportunities, using the outstanding capabilities resident in the recently acquired ResCap originations platform,’ says Mark J. O'Brien, chairman and CEO of Walter Investment.
Ally Bank notes that it will continue to originate a ‘modest level’ of jumbo and conventional conforming residential mortgages for its own portfolio through a select group of correspondent lenders.
The deal is expected to close next week.