Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.00%0.01
LegalMortgage

Walter Investment scoops up Ally’s mortgage operation

Ally Bank, the subsidiary of Ally Financial, announced that it has reached an agreement to sell its Business Lending mortgage operation to Walter Investment Management Corp.

The sale price was not disclosed, but the transaction is expected to close on Feb. 28.

()

()

The deal includes 300 mortgage employees, 1,770 client relationships and the intellectual property to operate the business. 

Ally Bank will honor all commitments taken through Feb. 28. Upon closing, the employees and client relationships will transfer to Walter Investment (WAC). The company expects to be fully operational in correspondent and wholesale originations on March 1. 

Ally Bank will continue to orignate jumbo and conventional conforming residential mortgages for its own portfolio through a select group of correspondent lenders, the company noted. 

On Feb. 14, Ally Financial satisfied a requirement to provide $200 million in home loan modifications and other consumer relief under the $25 billion national mortgage settlement.

cmlynski@housingwire.com

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please