Move has finally been confirmed
It is now official – New Residential Investment Corp., the parent company of mortgage banking firm NewRez, has finally acquired Caliber Home Loans.
New Residential announced Monday the closing of its acquisition, which was financed through a mix of existing cash and available liquidity on the New Residential and Caliber balance sheets.
“The completion of the Caliber acquisition is another significant step in growing a leading mortgage company with tremendous earnings power within New Residential,” said Michael Nierenberg, CEO and president of New Residential.
Read more: New Residential reveals strong Q1 results
Under the deal, New Residential intends to merge Caliber and NewRez as part of its strategy to expand its capabilities, products, and presence across mortgage origination and servicing space. The combined company is expected to add roughly $150 billion UPB of MSRs, technological enhancements, talent, and an extensive local footprint, particularly in purchase lending.
“With this acquisition, we have extended our ability to offer a broad spectrum of mortgage products to borrowers throughout their homeownership journey,” Nierenberg said. “We expect the combination of Caliber and Newrez to contribute meaningfully to New Residential’s growth in 2021 and beyond.”
Executives Sanjiv Das and Baron Silverstein will lead the combined platform, with Das taking the role of CEO and Silverstein serving as president and chief operating officer.
“Sanjiv and Baron each bring robust experience in financial services and consumer lending and have demonstrated track records of success in growing organizations and achieving exceptional results. Their backgrounds, expertise, and styles will serve to create a dynamic and collaborative leadership team unmatched in the market. I look forward to what the combined organization will achieve under their collective leadership,” Nierenberg said.