EverBank Financial Corp. in Jacksonville, Fla., has agreed to sell its default mortgage servicing platform, along with more than $20 billion in rights, to a subsidiary of Walter Investment Management.
EverBank plans to sell private-investor mortgage-servicing rights with unpaid principal balance of $13.4 billion to Walter subsidiary Green Tree Servicing, it said Thursday. Green Tree also agreed to acquire subservicing rights on EverBank's Ginnie Mae and government loans with unpaid principal of about $6.9 billion. Finally, Green Tree agreed to buy EverBank's default loan-servicing platform and to take over the lease on space in EverBank's headquarters in Jacksonville.
EverBank expects to record a pre-tax gain on the transactions of $20 million to $25 million, and a one-time transaction charge of $10 million to $15 million. It expects to close all three transactions by the second quarter of 2014.
"These initiatives will help to simplify our business and provide better visibility into the earnings power of our franchise," said EverBank Chief Operating Officer W. Blake Wilson in the news release. "As a result of our strong capital and liquidity, we are well positioned for sustainable organic growth across our business channels."
EverBank has been working to focus on its core business and settle outstanding liabilities. In July, it announced that it would sell its wholesale mortgage business. In August, it agreed to pay $43 million to settle allegations that it improperly foreclosed on homeowners.