Walter Investment Management Corp. (NYSE:WAC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On October20, 2017, Reverse Mortgage Solutions, Inc., a wholly owned, indirect subsidiary of WIMC (“RMS”), RMS REO BRC, LLC, a wholly owned subsidiary of RMS (together with RMS, the “RMS Parties”), and WIMC entered into a limited waiver (the “Barclays-RMS Waiver”) with respect to that certain Amended and Restated Master Repurchase Agreement, dated May22, 2017 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Barclays-RMS Facility”) by and between the RMS Parties, as sellers, and Barclays Bank PLC, as purchaser and agent (“Barclays”).
Also on October20, 2017, Ditech Financial LLC (“Ditech”), a wholly owned, indirect subsidiary of WIMC, and WIMC entered into a limited waiver (together with the Barclays-RMS Waiver, the “Barclays Waivers”), with respect to that certain Amended and Restated Master Repurchase Agreement, dated as of April23, 2015 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Barclays-Ditech Facility”) by and between Ditech, as seller, and Barclays, as purchaser and agent.
to the applicable Barclays Waiver, Barclays has agreed that, subject to certain conditions, there will be no default, event of default, termination event, amortization event or similar event under the Barclays-RMS Facility and the Barclays-Ditech Facility, as applicable, and in each case certain other related documents, arising from certain actions that WIMC may take in connection with the Restructuring, including entering into the RSAs, any actions taken by WIMC which are expressly required under the RSAs, and other actions expressly specified in the Barclays Waivers.
to the applicable Barclays Waiver, the RMS Parties or Ditech, as applicable, and in each case WIMC and Barclays, have also agreed, subject to certain terms and conditions, that Barclays will be given the opportunity to participate as a co-lender of the contemplated financing in connection with the Restructuring, or will be entitled to receive an agreed upon fee from WIMC, the RMS Parties and/or Ditech, as applicable.
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.