A mortgage servicer out of North Texas that recently disclosed more than a hundred planned layoffs is being acquired by a much larger player.
Last week,
Residential Credit Solutions Inc. notified the Texas Workforce Commission that it would be laying off 134 employees next month.
The notice, filed
as required by the Worker Adjustment and Retraining Notification Act, indicated a Fort Worth location was closing.
In addition to housing the impacted employees, the Fort Worth office is also the headquarters for Residential Credit.
But a spokeswoman was unable to confirm at the time whether the company was closing down entirely.
Turns out that the mortgage servicer is being acquired.
A news release Friday from
Walter Investment Management Corp. indicated that subsidiary Ditech Financial LLC has acquired some of Residential Credit’s assets from American Capital Mortgage Investment Corp.
Included in the sale is a servicing platform and some sub-servicing agreements on around $9.8 billion in mortgages.
The servicing transfers are expected to take place in the first quarter.
In addition, some Residential Credit employees will join Ditech.
Walter Investments reports a total staff of 5,850 employees.
