Mon, Aug. 10, 7:04 AM
Sun, Aug. 9, 5:30 PM
Thu, May 7, 8:27 AM
- Q1 adjusted earnings of $38.3M or $1.02 per share down 34% Y/Y. Adjusted EBITDA of $162.7M down 3%.
- Revenue of $310.9M fell $59.1M from a year ago thanks to a $81.6M charge against the fair value of MSRs as rates fell and prepays jumped. Nationstar reported a similar result earlier this week and Walter fells sharply in sympathy.
- Servicing revenue of $143.8M down 41% Y/Y thanks to that above charge. Expenses of $194.2M up 9%. Adjusted earnings of $40.1M down 64%.
- Originations revenue of $130.3M up 19% Y/Y. Expenses of $88.5M down 7%. Adjusted earnings of $44.3M up 113%.
- Reverse Mortgage revenue of $43.9M up 58%. Expenses of $57.4M up 55% as hiring ramped up. Adjusted loss of $1.3M. Funded origination volumes up 27%.
- Conference call at 10 ET
- Previously: Walter Investment EPS of -$0.82 (May 7)
- WAC -1% premarket
Thu, May 7, 7:16 AM
Thu, Feb. 26, 10:22 AM
- Q4 adjusted loss of $2.1M or $0.06 per share vs. a profit of $30.8M and $0.81 one year ago. Adjusted EBITDA of $85M vs. $128.8M a year ago.
- The quarter included $50.4M in legal and regulatory costs.
- Servicing segment revenue of $113.8M down 30% Y/Y, primarily thanks to a fall in the fair value of MSRs as interest rates fell. Expenses of $205.5M up 44% thanks to those higher legal and regulatory costs.
- Originations segment revenue of $89.5M down 34%.
- Reverse mortgage revenue of $53.2M up 36%.
- Outlook: Management is looking to cost savings and expects $35M to be realized in 2015, and another $5M after. Additional savings of at least $35M have been identified.
- Previously: Walter Investment misses by $0.69, misses on revenue (Feb. 26)
- WAC -16.1%
Thu, Feb. 26, 7:06 AM
Nov. 6, 2014, 12:31 PM
- Amid an earnings miss and lowered guidance, Walter Investment (WAC -20.2%) discloses inquiries from a number of state agencies into its Green Tree Servicing unit.
- Previously: Walter Investment reports sizable decline in earnings
- Earnings fell at Nationstar Mortgage (NSM -20.6%), but in a bit of good news, the company did say it entered into commitments for $43B in new MSR acquisitions.
- Finally, there's lesser-followed Stonegate Mortgage (SGM -15.9%), which went public just more than a year ago, missing estimates by a wide margin with CEO Jim Cutillo noting "industry headwinds and interest rate volatility." The company's servicing portfolio ended Q3 with $17.7B UPB, up 48% this year and up 82% Y/Y.
- New Residential (NYSE:NRZ) - a specialty servicer, but with a somewhat different business model than the other three - reported solid results today and is flat on the session.
Nov. 6, 2014, 8:09 AM
- Q3 adjusted after-tax earnings of $36.2M or $0.96 per share vs. $70.1M and $1.86 in Q2 and $58.4M and $1.55 a year ago.
- Total expenses of $389.5M up 4% Y/Y thanks to increased legal expenses of $37.3M, offset by a decline in other expenses of $22M.
- Servicing segment revenues of $152.5M falls 27% Y/Y. Ended quarter with about 2.2M accounts serviced with a UPB of $229.6B. Net disappearance rate of 14.1% about the same as that of Q2.
- Originations segment revenue of $132.8M off 21% Y/Y. Expenses of $84.4M falls 27% as the company cut staff to reflect the mortgage origination reality.
- Full-year adjusted EBITDA now expected at just $650M and $5 per share.
- Conference call at 10 ET
- Previously: Walter Investment misses by $0.07, misses on revenue
- WAC flat premarket
Nov. 6, 2014, 7:07 AM
Aug. 11, 2014, 7:26 AM
- Adjusted pre-tax earnings (previously called core income) of $70.1M after-tax, or $1.86 per share down 42% from a year ago.
- Servicing segment revenue of $127.8M down 48% Y/Y amid an $83.6M valuation charge. 2.2M total accounts serviced with a UPB of about $235.2B.
- Originations segment revenue of $150.3M, down big from a year ago, but bouncing from Q1.
- Reverse mortgage segment revenue of $38.7M (helped by a $26.9M gain) vs. $36M a year ago. Funded origination volumes fell 57% Y/Y. "The reverse mortgage sector and our business have experienced significant changes over the previous 12 months ... [that] ave significantly impacted the near-term profitability of the business."
- As for nonbank servicing in general: "Large depository institutions and other clients continue to focus on their core customer base and core competencies driving their interest in the sale or outsourcing of non-core assets and related activities such as servicing. Active regulatory oversight of the sector continues but progress is being made and we are seeing an increase in deal flow in the market."
- Previously: Walter Investment misses by $0.05, beats on revenue
- WAC flat premarket
Aug. 11, 2014, 7:03 AM
Aug. 10, 2014, 5:30 PM
May 8, 2014, 9:20 AM
- Core earnings of $58M or $1.53 per share are about flat with year-ago numbers.
- Revenue of $369.9M gained 17% Y/Y; expenses of $338.5M rose 27% (compliance?)
- Servicing segment revenue of $169.4M (up 35% Y/Y)
- Originations segment revenue of $109.2M (down 20%)
- Reverse mortgage segment revenue of $27.9M (down 29%)
- Previous FY14 guidance of Adjusted EBITDA of $650M-$725M and core EPS of $5.25-$6.25 is unchanged. "The level of regulatory oversight has increased over the past year, impacting the sector as transaction flow has slowed."
- CC at 10 ET
- Source: Press Release
- Previously: Walter Investment Management beats by $0.55, misses on revenue
- WAC -3.3% premarket
May 8, 2014, 7:08 AM
Feb. 27, 2014, 7:15 AM
Feb. 27, 2014, 12:05 AM| Feb. 27, 2014, 12:05 AM | Comment!
WAC vs. ETF Alternatives
Other News & PR