Last $28.24 USD
Change Today -0.42 / -1.47%
Volume 538.5K
WAC On Other Exchanges
Symbol
Exchange
New York
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As of 8:04 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

walter investment management (WAC) Snapshot

Open
$28.64
Previous Close
$28.66
Day High
$28.75
Day Low
$28.01
52 Week High
08/8/13 - $45.12
52 Week Low
02/27/14 - $24.11
Market Cap
1.1B
Average Volume 10 Days
589.9K
EPS TTM
$7.28
Shares Outstanding
37.6M
EX-Date
09/20/11
P/E TM
3.9x
Dividend
--
Dividend Yield
--
Current Stock Chart for WALTER INVESTMENT MANAGEMENT (WAC)

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walter investment management (WAC) Details

Walter Investment Management Corp., together with its subsidiaries, provides business services to the residential mortgage industry in the United States. The company operates through six segments: Servicing, Originations, Reverse Mortgage, Asset Receivables Management, Insurance, and Loans and Residuals. The Servicing segment performs services for third-party investors in forward loans, as well as for on-balance sheet residential loans and real estate owned associated with forward mortgages. This segment offers services to various types of loans, such as forward residential mortgages, manufactured housing, and consumer installment loans and contracts. The Originations segment originates and purchases forward mortgage loans to third parties while retaining the servicing rights. The Reverse Mortgage segment primarily focuses on the origination, securitization, and servicing of reverse mortgage loans and a mortgage portfolio of federally-insured HECMs. This segment also performs servicing for third-party investors in reverse loans; and provides other ancillary services for the reverse mortgage market. The Asset Receivables Management segment collects post charge-off deficiency balances on behalf of third-party securitization trusts and other asset owners. The Insurance segment offers voluntary and lender-placed hazard insurance for residential loan customers, as well as other ancillary products to third parties through its insurance agency. The Loans and Residuals segment is engaged in the provision of assets and mortgage-backed debt of the residual trusts; and the unencumbered residential loan portfolio and real estate owned, which are associated with forward loans. Walter Investment Management Corp. was founded in 1958 and is based in Tampa, Florida.

6,400 Employees
Last Reported Date: 02/27/14
Founded in 1958

walter investment management (WAC) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: $575.0K
Chief Operating Officer and Executive Vice Pr...
Total Annual Compensation: $430.0K
President of Green Tree Servicing, LLC
Total Annual Compensation: $333.0K
Vice Chairman and Chief Investment Officer
Total Annual Compensation: $428.0K
Compensation as of Fiscal Year 2013.

walter investment management (WAC) Key Developments

Walter Investment Management Corp. Countersues Walter Energy Inc. for Alleged Breach of Contract and Damages for Failing to Repurchase Certain Mortgage Lending Obligations

Walter Energy Inc. was countersued April 3, 2014 by Walter Investment Management Corp. for alleged breach of contract and damages for failing to repurchase certain mortgage lending obligations. Walter sued WIMC, a former affiliate, on March 12 in the U.S. District Court for the Northern District of Alabama. Tampa-based WIMC filed its suit against Walter in U.S. District Court for the Middle District of Florida. The parties signed a transition services agreement governing reimbursement for mutual services. Also in 2009, they signed a joint litigation agreement, or JLA, allocating responsibility for litigation involving their respective businesses. The JLA states that WIMC is responsible for litigation involving mortgage lending, Walter said. According to Walter, WIMC sent a notice of arbitration on Nov. 15, 2013, involving certain mortgage lending accounts acquired in the spinoff. On Dec. 9, 2013, Walter said the claims were outside the scope of the JLA and the 1983 agreement does not apply. Walter said the 1983 agreement did not include an arbitration clause, and neither the reverse merger agreement nor the transition services agreement refers to the 1983 agreement. Walter asked the court to find that the mortgage dispute is not subject to arbitration under either the 1983 agreement or the JLA. In its countersuit, WIMC said Walter is required under the 1983 agreement to help in collecting, and in some cases to repurchase, delinquent accounts. Both parties dutifully performed under the 1983 agreement for many years. Since the companies have no longer been affiliated, that spirit of cooperation has vanished, WIMC said. WIMC said the 1983 agreement is a valid and binding contract, the company has substantially performed or otherwise been excused of its obligations, and all conditions of the agreement have been satisfied. The total unpaid balance under the mortgage accounts is $4.1 million, plus contingent liabilities totaling $1.5 million, WIMC said.

Walter Investment Mulls Acquisitions

Walter Investment Management Corp. (NYSE:WAC) is seeking acquisition opportunities. Walter Investment stated on its fourth-quarter earnings call that it expects to purchase another $25 billion to $50 billion in mortgage servicing rights, on top of the $60 billion it had previously announced in 2013.

Walter Energy Sues to Fend Off Claims by Walter Investment Management Corp

Walter Energy Inc. recently sued a Fla.-based subprime mortgage lender that claims Walter owes it about $8 million under a 1983 mortgage purchase and sale agreement. The parties are Walter Energy and the defendant, Walter Investment Management Corp., or WIMC. The suit was filed in the U.S. District Court for the Northern District of Alabama. Along with the merger agreement, the parties signed a transition services agreement governing reimbursement for services to each other. Also in 2009, Walter Energy and WIMC signed a joint litigation agreement, or JLA, allocating responsibility for litigation involving their respective businesses. The JLA states that WIMC is responsible for litigation involving mortgage lending. On Nov. 15, 2013, WIMC sent Walter Energy a notice of arbitration involving certain mortgage accounts acquired in the spinoff totaling $2.7 million and $5.2 million. On Dec. 9, 2013, Walter Energy said the claims are outside the scope of the JLA and the 1983 agreement does not apply to the dispute. Walter denied that it owes WIMC anything. In a complaint filed March 12, Walter Energy asked the court to rule in its favor or, if not, at least find that the dispute is not subject to arbitration under either the 1983 agreement or the JLA. The company noted that the 1983 agreement did not include an arbitration clause, and neither the merger agreement nor the transition services agreement refers to the 1983 agreement.

 

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