Walter Investment Management Corp. said that it has completed the consolidation of its loan origination and mortgage servicing businesses.
Walter acquired the Ditech brand in 2013. Ditech was among 28 businesses associated with Residential Capital LLC to file bankruptcy in 2012.
The residential
loan originator, which previously operated simply as ditech.com, was subsequently renamed Ditech Mortgage Corp.
Green Tree was acquired by Tampa, Florida-based Walter in 2011 in a deal valued at $1.1 billion.
Under Walter, the mortgage servicer operated as Green Tree Servicing LLC.
Late Wednesday, Walter announced that it has completed the consolidation of the two units.
The combined firm has been named Ditech Financial LLC.
The combined entity will have two co-presidents.
Patti Cook will serve as president of the origination business, while David Schneider will
be the president of the servicing unit.
“We believe the completion of our customer-focused originations and servicing integration under the Ditech brand will simplify many processes, improving the quality of our customers’ experience as they do business with us, as well as drive operational efficiencies.” Walter Investment Chairman and Chief Executive Officer Mark J. O’Brien said in the statement.
Walter claims to be among the 10 largest servicers in the country and a top-20 originator.
It previously reported $13 billion in first-half 2015 loan originations and a mortgage servicing portfolio of $229 billion as of June 30.
