Irving, Texas-based Vericrest Financial Inc. has signed two definitive agreements to acquire a total of approximately $2.7 billion in mortgage servicing rights (MSRs), as measured by the unpaid principal balance of the loans.
The company declined to identify the sellers of the MSRs. One transaction closed on Nov. 16 and the other is expected to close on Dec. 1.
‘The acquisition of these MSRs will help to enhance Vericrest's position as a premier mortgage servicer with extensive national reach,’ says David Schneider, CEO of Vericrest. ‘Combined with our innovative service offerings and state-of-the-art platforms, the increased scale we will achieve through these transactions will support our growth strategy and allow us to deliver best-in-class solutions to a broader client base.’