Walter Investment Management has received approval from Freddie Mac to hold the mortgage servicing rights on $3.3 billion in residential mortgage loans.
Marix Servicing, a subsidiary of Tampa, Fla.-based Walter, acquired "all of the economic benefits associated with the mortgage servicing rights," on Aug. 14, according to a press release Thursday issued by Walter. Another Walter subsidiary, Green Tree Servicing, will act as the subservicer of the loans, which are scheduled to transfer on Sept. 16.
The loans are backed by Freddie. Walter did not disclose which servicer had previously owned the servicing rights. Freddie representatives did not return phone calls seeking comment.
Denmar Dixon, the CEO of Walter Capital Opportunity Corp., said in the release that the deal represents half of the $6.75 billion in agency servicing rights that Marix plans to acquire.