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Walter Investment Management (WAC)

Q4 2014 Earnings Call

February 26, 2015 10:00 am ET


Whitney K. Finch - Vice President of Investor Relations

Mark J. O'Brien - Chairman and Chief Executive Officer

Gary L. Tillett - Chief Financial Officer and Executive Vice President

Denmar John Dixon - Vice Chairman, Chief Investment Officer and Executive Vice President


Cheryl M. Pate - Morgan Stanley, Research Division

Douglas Harter - Crédit Suisse AG, Research Division

Bose T. George - Keefe, Bruyette, & Woods, Inc., Research Division

Paul J. Miller - FBR Capital Markets & Co., Research Division

Kevin Barker - Compass Point Research & Trading, LLC, Research Division



Welcome, and thank you, all, for standing by. [Operator Instructions] Now, I will turn the meeting over to your host, Ms. Whitney Finch. Ma'am, you may begin.

Whitney K. Finch

Thank you. Good morning, and thank you for joining us for Walter Investment Management Corp's Earnings Conference Call for the Quarter and Full year Ended December 31, 2014. This call is being webcast live on the Internet and will be archived on our website for at least 30 days. This morning, management will discuss earnings for the quarter and the year ended December 31, 2014, as well as our current business outlook.

Let me remind you that comments on the call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on the company's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those statements. Please refer to our SEC filings for a full discussion of the risk factors that may affect any forward-looking statements. Except for any obligation to disclose material information under federal securities laws, we undertake no obligation to release publicly any revisions to forward-looking statements to reflect events or circumstances after this conference call.

We will discuss non-GAAP financial measures during this call. These non-GAAP measures are reconciled to GAAP in the tables attached to the earnings press release we issued earlier today and the presentation accompanying this call. We believe that these measures provide investors useful information about our business trends. However, our non-GAAP measures do not replace and are not superior to GAAP measures.

Participating in today's call are Walter Investment's Chairman and CEO, Mark O'Brien; CFO, Gary Tillett; Vice Chairman and Chief Investment Officer, Denmar Dixon; and CAO, Kim Perez. Once we have completed our prepared remarks, we will open the call to questions for our dial-in participants.

At this time, I will turn the call over to Mark.

Mark J. O'Brien

Thank you, Whitney, and good morning, everyone. During 2014, Walter Investment continued it's evolution as a diversified mortgage banking firm, refining our operating model to ensure that our interests are solidly aligned with those of our constituents.

Our consumers, our clients, our regulators, and our shareholders. Our focus on improving our interactions with our consumers has been driven by number of important initiatives for Walter, including the upcoming consolidation and rebranding of our Green Tree servicing operations, along with our Ditech mortgage operations under the name Ditech, a Walter company, which we believe will better position us to serve our consumers and enable us to support them as a partner and sustainable homeownership.

Additionally, we are making excellent progress on strategic initiatives we described to you on our last quarter's call, including the review of our balance sheet and capital structure along with planned operational enhancements. As a diversified mortgage banking firm with scale, a strong track record of performance and leading brands in the mortgage banking in reverse sectors, we are well positioned to take advantage of the opportunities in the market undergoing significant change and leverage our core capabilities to provide high-quality service to our consumers and clients, and to deliver value to our shareholders. A bit later, Gary and Denmar will provide you a additional detail on these efforts -- in these areas.

At Walter Investment, we strive to incorporate best practices in all facets of our organization. Notably, increased process automation, significant focus on, and attention to compliance, and an ongoing refinement of our operational structure. As we evolve into a best-in-class organization, we are committed to providing the highest level of assistance and service to our consumers as we support them during some of their most trying periods of homeownership.

Over the past 3 years, we have assisted more than 250,000 consumers with solutions to support affordable, sustainable homeownership through the use of modification and loan refinances under the HARP program.

Before I turn the call over to Gary to cover our financial performance, I'd like to speak to our matter with the FTC and CFPB, which has occupied a significant amount of our time.

I'm pleased to be able to share with you today that we have agreed to a proposed stipulated order to resolve the matter, which is still subject to the FTC, CFPB and court approvals before it becomes final. We believe the proposed settlement is in the best interest of our business and all stakeholders and have accrued to full amount of the proposed settlement. While there is not much in the way of detail we are able to share with you at this time, we believe we have made substantial progress towards the resolution of this matter and expect to discussed its final resolution in a month or 2, once the final approvals have been obtained.

On that note, I'd like to ask Gary and Denmark to cover our financial and operational highlights and our outlook for the business. Gary?

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