Ditech Holding Corporation has completed the sale of its reverse mortgage business to Mortgage Assets Management.
After receiving approval from the federal bankruptcy court last week, Mortgage Assets proceeded with the acquisition of the stocks and assets of Ditech’s Reverse Mortgage Solutions (RMS).
In the following days, Ditech said it expects to follow the closing of the RMS deal with the sale of its mortgage servicing and origination business, New Residential Investment, to New Residential.
"We are pleased to complete this sale, which we believe maximizes the value of the RMS business and ensures that customers will continue to receive the comprehensive suite of services they expect from RMS," said Thomas Marano, chairman of the board and chief executive officer of Ditech Holding. "We have worked closely with the team at Mortgage Assets to ensure a smooth transition for customers. I would like to thank the employees of RMS for their contributions and we wish them well as part of Mortgage Assets."