Walter Investment Expands Servicing Portfolio

""Walter Investment Management Corp."":http://www.walterinvestment.com/ announced two definitive agreements Monday--one with ""Bank of America"":https://www.bankofamerica.com/ and another with ""MetLife Bank"":http://www.metlifebank.com/.

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The Tampa, Florida-based company revealed plans to acquire about $93 billion of Fannie Mae backed residential servicing assets, including related advance receivables of about $1 billion from Bank of America. The acquisition is priced at $519 million for the mortgage servicing rights (MSRs), and the portfolio includes 650,000 loans. The closing date is set for January 31.

Walter Investment also announced a deal with MetLife to acquire its residential mortgage servicing platform. The company did not disclose the price of the transaction. The assets to be acquired do not include any loans or mortgage servicing rights.

Green Tree Credit Solutions, a wholly-owned subsidiary of Walter Investment, will employ about 300 of MetLife's servicing employees. The company also announced it expects to continue operations in the Irving, Texas location.