Having mustered the usual regulatory approvals, Caliber Funding LLC and Caliber Home Loans Inc. (formerly Vericrest Financial Inc.) report that they have closed their merger. The combined organization, called Caliber Home Loans, will continue to be owned by Lone Star Funds.
Announced in January, the merger creates a full-service residential mortgage banking organization offering both loan origination and loan servicing solutions in 50 states. The combined organization has a larger platform to reach a broader consumer base through multiple borrower touch points. In addition, the expanded scale afforded by the merger provides Caliber with greater capacity and financial flexibility.
The merger will give Caliber the scale it needs to continue to deliver innovative and cost-effective mortgage solutions to the marketplace. In addition, it will be able to improve the customer experience, grow its loan servicing portfolio and deliver loans through a greater number of channels.
Since announcing the merger, Caliber Home Loans materially grew its servicing portfolio with several key acquisitions while Caliber Funding expanded its retail footprint and grew its wholesale division.
Caliber also added two new channels, correspondent lending and consumer direct.
Last month, mortgage servicer Vericrest Financial Inc. announced that it had changed its name to Caliber Home Loans Inc. ahead of the pending merger with Caliber Funding LLC.
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