New Residential To Acquire Caliber Home Loans – NMP Skip to main content

New Residential To Acquire Caliber Home Loans

Navi Persaud
Apr 14, 2021
Caliber and New Residential Logos

New Residential Investment Corp. entered into a definitive agreement with its affiliate Lone Star Funds, to acquire Caliber Home Loans, Inc. With the acquisition, New Residential intends on fusing the platforms of NewRez LLC and Caliber.

“Over the years, Caliber’s experienced team has built a differentiated purchase-focused originator with an impressive retail franchise and solid track record in customer retention. The combination of NewRez and Caliber’s platforms will create a premier financial services company with scale, talent, technologies and products to accelerate our mortgage company objectives and generate strong earnings for our shareholders. With this acquisition, we have significantly strengthened our capabilities to perform across interest rate environments,” said Michael Nierenberg, chairman, CEO and president of New Residential.

Under the terms of the agreement, New Residential will pay a cash consideration of $1.675 billion, or approximately 1.0x expected tangible book value at closing, to acquire Caliber, according to a press release. New Residential intends to finance the acquisition through a mix of existing cash and available liquidity on the New Residential and Caliber combined balance sheet as well as a mix of equity and the sale of certain investment securities.

“By combining platforms with NewRez, we will join another industry pioneer that has complementary strengths and is committed to delivering the dream of homeownership. Our combination of strategies will allow us to accelerate our leading position in purchase lending, grow our digital direct-to-consumer and broker initiatives, and further propel our retail franchise,” said Sanjiv Das, CEO of Caliber.

Apr 14, 2021
Equifax Telling Lenders Of Potential Errors In Credit Scores

About 12% of customers may have been affected, according to a source.

Industry News
May 27, 2022
Lakeview Loan Servicing Faces Multiple Lawsuits Over Data Breach

At least a dozen civil lawsuits have been filed against the company, all seeking class-action status.

Industry News
May 26, 2022
Homepoint Rolls Out Jumbo ARM Loans

Homepoint's Jumbo ARM is a strategic addition to the company’s expanding jumbo portfolio.

Industry News
May 25, 2022
Planet Home Lending Expands in Oregon

New team in Portland focuses on construction lending in the Northwest.

May 24, 2022
PennyMac Cutting 207 Jobs

A wide variety of positions are affected.

Industry News
May 24, 2022
Loan Officer Charged With Bank Fraud, Identity Theft

If convicted, she faces up to 30 years in federal prison on each bank fraud count and a mandatory consecutive 2 years’ imprisonment.

Industry News
May 24, 2022