""Marix Servicing LLC"":http://marixservicing.com, a Phoenix, Arizona-based specialty mortgage servicer focused on default management, borrower outreach, loss mitigation, and liquidation[IMAGE] strategies, will be acquired by ""Walter Investment Management Corp."":http://www.walterinvestment.com/ through an agreement with Marix's parent company ""Marathon Asset Management, L.P."":http://www.marathonfund.com/.
Marix brings to the agreement relationships with each of the GSEs and a management team that averages more than 22 years of industry experience. The acquisition, which is expected to close in the next 30 to 60 days, will create one of the nation's top 10 servicers of subprime mortgages, according to statement released by Walter Investments.
""We believe Marix will serve to both accelerate and broaden our portfolio acquisition opportunities,"" said Mark J. O'Brien, Walter Investment's chairman and CEO. ""Marix not only provides us with a superb mortgage[COLUMN_BREAK]
servicing platform with a nationwide footprint; it also provides an independent revenue stream and a well-developed information technology infrastructure, including proprietary applications, which can be leveraged by both organizations.""
The transaction is expected to slightly dilute Walter Investment's 2010 earnings per share, but according to the company, it is expected to be accretive to earnings per share in 2011.
""We believe Walter Investment is the ideal company to partner with in this transaction,"" said Bruce Richards, CEO of Marathon. ""Over the past three-and-a-half years, we have built Marix into a premier residential mortgage special servicer. Now, by combining the company with Walter Investment's platform and substantial resources, Marix will have the ability to further this tradition of excellence and growth.""
Richards added, ""We look forward to remaining closely involved with Marix going forward through our strategic relationship with the company and through our role on the company's advisory council. In addition, we're pleased that our mortgage investment businesses will continue to benefit from the strong servicing capabilities and industry insight of the combined entity under Walter Investment's leadership.""
Walter Investment is a Tampa, Florida-based asset manager, mortgage servicer, and mortgage portfolio owner specializing in less-than-prime, non-conforming, and other credit-challenged mortgage assets.