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McClatchy-Tribune  08/13/2014 3:45 PM ET
Servicing Down, Earnings Worse at Walter [Mortgage Daily :: ]

Aug. 13--While Walter Investment Management Corp. was able to expand staffing and push production higher, its servicing portfolio was down and earnings deteriorated.

Residential loan originations during the three months ended June 30 totaled $4.651 billion, according to second-quarter earnings data.

Business rose from $3.760 billion in the first quarter. But mortgage production declined from $5.419 billion in the second-quarter 2013.

From Jan. 1 through June 30, volume amounted to $8.411 billion.

Second-quarter 2014 activity included $2.287 billion in direct originations, $2.053 billion in correspondent acquisitions and $0.012 billion in wholesale production. In addition, another $0.299 billion in reverse mortgages were originated.

Locked volume was $5.6 billion during the latest period, surging from $3.6 billion in the first quarter and pointing to even higher originations in the third quarter.

The total servicing portfolio finished June at 1,676,722 loans for $188.356 billion.

The portfolio was reduced from 1,714,590 loans for $190.978 billion as of March 31 but increased from 1,423,044 loans for $157.586 billion as of June 30, 2013.

The June 30, 2014, total included 1,561,604 loans classified as capitalized servicing rights for $176,305,631 and 115,118 loans for $12,050,445 on the balance sheet.

The Tampa, Fla.-based company additionally reported a subservicing portfolio of 659,843 loans for $63.725 billion.

Loans past due at least 30 days accounted for 9.92 percent of Walter's servicing portfolio. Delinquency declined from 10.08 percent as of March 31.

Earnings before taxes swung to a $52 million loss from a $29 million profit three months earlier and a $239 million profit a year earlier.

Walter said it had more than 6,600 employees, growing its staff by 300 people compared to the end of the first quarter. Mid-point last year, headcount was more than 6,200.


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