Ally Financial to Sell Lending Operations to Walter Investment Management Corp

Posted by on February 24, 2013 in News

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.

Read the complete story about Ally Financial here.