Vericrest Financial, Inc. has announced that it has completed onboarding two new portfolios of mortgage servicing rights (MSRs). The transactions, which boarded on Dec. 12, 2012, and Feb. 13, 2013, are consistent with Vericrest's strategy to grow its loan servicing portfolio by continuing to acquire MSRs and rights from investors. The acquisition of these MSRs increases the aggregate outstanding principal balance of Vericrest's servicing portfolio to $10.1 billion.
As previously announced, on Jan. 17, Vericrest agreed to combine with Caliber Funding LLC to create a full-service, residential mortgage banking organization offering both loan origination and loan servicing solutions to its customers. In light of customary regulatory and legal conditions and approval, the transaction is expected to close within four to six months. As a full-service mortgage banking organization, the Company will continue to acquire MSRs.