Major mortgage finance firm New Residential Investment Corp. has announced its acquisition of Caliber Home Loans, part of a broader consolidation the firm revealed earlier this year.
New Residential said in a press release this week that it had “completed the previously announced acquisition of Caliber Homes Loans, Inc,” which it had first announced in April.
“With this acquisition we have extended our ability to offer a broad spectrum of mortgage products to borrowers throughout their homeownership journey,” New Residential CEO Michael Nierenberg said in the release.
“On a combined basis, Newrez and Caliber funded approximately $45 billion UPB of volume during the second quarter of 2021 and serviced approximately $465 billion UPB of mortgage loans, ranking their combined performance amongst the Top 5 non-bank leaders in both categories,” the company reports.
The merger “expands New Residential’s capabilities, products and presence across mortgage origination and servicing,” the press release said, citing the addition of “approximately $150 billion UPB (unpaid principal balance) of MSRs, technological enhancements, exceptional talent, and an extensive local footprint particularly in purchase lending.”
The announcement came as New Residential’s Board of Directors “declared an increased third quarter 2021 common stock dividend of $0.25 per common share,” the company said.