Walter Investment Management in Tampa, Fla., said its second-quarter loss widened, as it recorded a goodwill impairment charge in its reverse mortgage division.
The company reported a
Revenue fell 0.3% to $412.4 million, on lower interest income on loans, and lower net fair value gains on reverse loans and related obligations.
Total expenses fell 8.4% to $428 million on lower salaries and employee benefits, interest expense and goodwill impairment.
Revenue at Walter's originations segment fell 14% to $128.7 million, on a decline in net gains on sales of loans.
The reverse mortgage segment's revenue fell 48% to $20.2 million, on lower net fair value gains on reverse mortgages.