Asset manager Walter Investment Management Corp. (WAC) said Tuesday that its unit Reverse Mortgage Solutions Inc. has acquired a $12.2 billion UPB reverse mortgage servicing portfolio from Wells Fargo Home Mortgage (WFC).
Walter Investment said that the portfolio of over 76,000 loans is expected to transfer to Reverse Mortgage Solutions during the third quarter of 2013.
Mark J. O'Brien, CEO of Walter Investment said, "We expect that the acquisition of this MSR will be an attractive addition to our reverse mortgage servicing portfolio and solidify our position as a leader in the reverse mortgage sector..."
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