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Walter Investment Management posts $124 million quarterly loss

By Times Staff
Walter Investment Management posted a $124.1 million loss for the third quarter. Pictured is Anthony Renzi, CEO of Walter. | [Courtesy of LinkedIn]

TAMPA — Things are still looking bleak for Walter Investment Management Corp., which recently moved its headquarters from Tampa to Pennsylvania. The mortgage lender posted a third-quarter loss of $124.1 million, or $3.38 per share, which was narrowed from a loss of $213.3 million, or $5.90 per share, in the same quarter for 2016.

"During the quarter, we remained focused on strengthening our core businesses of originating and servicing Fannie, Freddie and Ginnie Mae loans under the Ditech Financial brands" and servicing reverse mortgage loans, Walter CEO Anthony Renzi said in a release.

Revenue for the quarter was $176.6 million, down about 40 percent from $297.3 million in the year-ago period. Earnings came out after the close of market Thursday. Walter’s stock — which had been trading above $5 a year ago — closed Friday at 44 cents a share, down 4 cents or about 9 percent.