Vericrest Acquires $2.7 Billion in Mortgage Servicing Rights

Vericrest Financial Inc., specializing in the servicing of residential mortgage loans, has announced that it 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 acquisition of these MSRs will help to enhance Vericrest's position as a premier mortgage servicer with extensive national reach," said 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." One transaction closed on Nov. 16 and the other is expected to close on Dec. 1.