- "Pillar 1" of company focus is capital efficiency, and alongside earnings, the company announced MSR sale and flow agreements with New Residential. Reductions in debt are planned, and strategic options are being evaluated for the reverse mortgage business.
- Q2 presentation slides hosted on Seeking Alpha.
- Pillar 2 is process efficiency, and Walter (WAC +25%) has closed its originations distributed retail channel, is cutting its workforce by 11%, and exiting its remaining five regional servicing locations. The actions are expected to yield at least $75M of incremental annual savings.
- Pillar 3 is an engaged workforce and new leadership, and Anthony Renzi has been hired as permanent CEO (expected to join in Q4). He most recently served as COO for Citi's North America Retail Bank, Commercial Bank, and CitiMortgage.