Adios, Tampa. Hello, Fort Washington?
Walter Investment Management, a struggling mortgage service company that was born in Tampa and spun off from what was once the old Jim Walter home building company, says it's now headquartered in Pennsylvania.
The move was done with little public news other than a sentence tucked into a recent quarterly SEC filing. "We recently changed our principal executive offices from Tampa, Florida to Fort Washington, Pennsylvania, which change was due to, among other things, the chief executive officer and president and certain other senior executive officers of the parent company being based in Fort Washington." In addition, in the 22nd paragraph of its May 10 quarterly earnings release ($1.8 million in net income after a $42 million sales of its insurance business), Walter states: "Based in Fort Washington, Pennsylvania, the company has approximately 4,500 employees and services a diverse loan portfolio." One of Walter's principal mortgage subsidiaries, Ditech, is based in Fort Washington.
Walter lost $529 million in 2016. Its stock opened Wednesday at $1.30. A request to the company asking for clarification of Walter's official headquarters status is pending.