Ally Financial to Sell Lending Operations to Walter Investment Management Corp
Dow Jones Newswires and Fox News reported that Ally Financial Inc. said Monday it reached a deal to sell its bank’s business-lending operations to Walter Investment Management Corp. (WAC) as it continues to shed noncore assets.
The unit being sold purchases home loans originated through correspondents and brokers, a business Ally and other lenders’ have scaled back in over the last two years. The deal covers about 300 mortgage professionals, 1,770 “active client relationships” and intellectual property tied to the business, Ally said.
Neither Ally nor Walter disclosed a price for the deal, though a spokeswoman for Ally said the amount wasn’t material to the company. The deal is expected to close Feb. 28.
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