The Texas-based mortgage company has said it would acquire Banc Home Loans, the bank’s mortgage division.
Banc Home Loans originates mostly agency, government and conforming residential mortgages, according to a HousingWire report. It operates in more than 60 locations in California, Oregon, Nevada, Arizona and Idaho. Last year, Banc Home Loans originated more than $5.1 billion in mortgages.
According to an SEC filing by Banc of California, Caliber will pay at least $25 million to acquire the bank’s mortgage business. Caliber will pay an additional $36 million to acquire mortgage servicing rights on about $3.8 billion in unpaid principal balance on mortgages from Banc of California, HousingWire reported.
“Caliber is delighted to announce the acquisition of Banc Home Loans, as we build on our significant growth trends and continue to expand our footprint nationally,” said Caliber CEO Sanjiv Das. “As part of this strategy, we will focus on strategic opportunities that present significant long-term value. This transaction will enhance Caliber’s presence in the attractive California and Northwest markets.”
The deal should close on March 30, according to Caliber.
This isn’t Caliber’s first recent move to expand its western footprint. Last summer, the company acquired First Priority Financial, a mortgage lender serving California, Oregon, Washington, Idaho and Iowa.
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Caliber Home Loans has announced plans to acquire the mortgage banking division of Banc of California.