Walter Investment Management Corp. (NYSE:WAC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
As previously disclosed, Walter Investment Management Corp. (the “Company”) entered into a commitment letter (the “Commitment Letter”) with Barclays Bank PLC (“Barclays”), to which, among other things, Barclays agreed to increase the financing available to the Company under that certain Amended and Restated Master Repurchase Agreement, dated as of May22, 2017 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “RMS Facility”), among Reverse Mortgage Solutions, Inc., a wholly owned indirect subsidiary of the Company (“RMS”), as a seller, RMS REO BRC, LLC, a wholly owned subsidiary of RMS (“REO”), as a seller, and Barclays, as purchaser and agent.
On September25, 2017, RMS and REO entered into Amendment No.2 (the “Amendment”) to the RMS Facility with Barclays, and a related side letter amendment, to which the financing available to the Company under the RMS Facility was increased by $150,000,000, raising the committed portion of the RMS Facility from $300,000,000 to $450,000,000, and the termination date of the RMS Facility was extended to August25, 2018, provided that, after May21, 2018, the Maximum Aggregate Purchase Price will equal $150,000,000. Capitalized terms used herein that are not otherwise defined have the meanings ascribed to them in the RMS Facility.
About Walter Investment Management Corp. (NYSE:WAC)
Walter Investment Management Corp. is a diversified mortgage banking firm focused primarily on the servicing and origination of residential loans, including reverse loans. The Company operates through three segments: Servicing, Originations and Reverse Mortgage. The Servicing segment consists of operations that perform servicing for third-party credit owners of mortgage loans, as well as its own mortgage loan portfolio. The Servicing segment also includes Insurance, and Loans and Residuals businesses. The Originations segment consists of operations that originate and purchase mortgage loans that are intended for sale to third parties. The Reverse Mortgage segment consists of operations which purchases and originates home equity conversion mortgage that are securitized, but remain on the consolidated balance sheet as collateral for secured borrowings.