Ditech wraps up acquisition deal with New Residential

by Candyd Mendoza03 Oct 2019

Ditech Holding Corporation has sold off all the assets of its mortgage servicing and origination subsidiary, Ditech Financial, to New Residential Investment Corp.

The company filed for bankruptcy in February. A few months later, Ditech announced that New Residential and Mortgage Assets Management had agreed to acquire its subsidiaries, Ditech Financial and Reverse Mortgage Solutions (RMS).

Ditech completed the sale of “certain stock and assets” of RMS to Mortgage Assets and its affiliates on Sept. 30.

"We are pleased to complete this value-maximizing sale that enables Ditech Financial to continue serving customers and homeowners as we transition to the new servicers," said Thomas Marano, chairman of the board and CEO of Ditech Holding. "We know the team at New Residential well and have worked closely with them to ensure a smooth transition for customers. I would like to thank our employees for their hard work and dedication to serving our customers throughout this process."