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March 26, 2015 6:54 PM ET

Thrifts and Mortgage Finance

Company Overview of Green Tree Servicing LLC

Company Overview

Green Tree Servicing LLC provides mortgage servicing and home loan modification solutions. The company services a range of assets types, such as residential mortgages, second liens, HELOC, consumer installment, and a portfolio of manufactured housing loans. It also provides manufactured home insurance, auto insurance, home warranty insurance, motorcycle insurance and ATV insurance, RV insurance and travel trailer insurance, boat insurance and PWC insurance coverage, and homeowners' insurance for manufactured home owners. The company was founded in 1975 and is based in St. Paul, Minnesota. Green Tree Servicing LLC operates as a subsidiary of Walter Investment Management Corp.

345 Saint Peter Street

St. Paul, MN 55102

United States

Founded in 1975

Phone:

651-293-3400

Fax:

651-293-3622

Key Executives for Green Tree Servicing LLC

Chief Financial Officer
President of Green Tree
Executive Vice President
Executive Vice President
Executive Vice President and Director
Age: 65
Compensation as of Fiscal Year 2014.

Green Tree Servicing LLC Key Developments

Green Tree Servicing LLC Amends Servicer Advance Financing Facility

Walter Investment Management Corp. announced that on December 19, 2014, its wholly owned subsidiary, Green Tree Servicing LLC entered into a newly amended $1.2 billion servicer advance facility with Barclays Bank PLC as sole noteholder under the Facility. In connection therewith, approximately $1.1 billion of the Facility capacity was drawn and used by Green Tree to, among other things, repay approximately $765.0 million of Green Tree's liability under its early advance reimbursement agreement with Fannie Mae.

Green Tree Settles Faulty Collection Charges

Green Tree Servicing LLC announced that it will pay $232,000 to Vermont consumers and the state for the firm's faulty debt collection practices and the late payment of property taxes. State regulators found evidence that Green Tree, since 2011, violated collection prohibitions at least 26 times in servicing mortgage loans in Vermont. The company reportedly routinely paid "borrowers' local property taxes out of escrow funds provided by the borrowers." Collection calls sometimes violated state law - including calls made after 9 p.m., calls made to debtors at their place of work and calls to third parties that reveal a debt is owed. Sorrell's office considers the late payment of escrowed property taxes to be an unfair trade practice but Green Tree paid property taxes more than 30 days after the tax due date on the accounts of 48 Vermont consumers, including a number of payments made more than 100 days late. Green Tree argued that it ultimately corrected those errors and that none of the homeowners had to pay late fees or penalties. The settlement is the first in Vermont focusing on mortgage-related issues since a series of multistate and federal settlements with national banks and servicers.

Similar Private Companies By Industry

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Easton Mortgage Corp United States

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
March 18, 2015
Ocwen Loan Servicing, LLC, Portfolio of Mortgage Servicing Rights
 

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