The transaction includes the acquisition of certain assets of the RCS servicing platform, the transition of a number of core operational employees to the Ditech servicing organization as well as entering into new residential mortgage loan subservicing agreements with RCS and the transfer of certain existing residential mortgage loan subservicing agreements. These subservicing agreements covered unpaid principal balance of approximately $9.8 billion at the date of closing. The servicing transfers are expected to take place in the first quarter of 2016.
Walter Investment CEO Denmar J. Dixon said: "We are pleased to announce the closing of the acquisition of certain assets from the RCS servicing platform and welcome the RCS employees to the Ditech team.
"We believe this acquisition provides Ditech the opportunity to expand its servicing operations by adding qualified and experienced staff and approximately $9.8 billion of subservicing contracts that we expect will generate attractive margins."
