As a result of its pending merger with Caliber Funding LLC, announced in January, mortgage servicer Vericrest Financial Inc. has changed its name to Caliber Home Loans Inc.
The combined full-service organization will operate in 50 states and continue to be owned by Lone Star Funds, according to a press release.
The merger, which will create a full-service residential mortgage banking organization, is expected to close in the coming months, pending the usual regulatory approvals.
Last month, Caliber Funding LLC debuted its new correspondent lending channel, which will expand its mortgage production capacity and allow it to provide more competitive product offerings to customers.
To support the new correspondent lending channel, Caliber is investing in two fulfillment centers in Florence, S.C., and Irving, Texas.