The planned acquisition of a California-based company will add $1.5 billion to Caliber Home Loans Inc.’s annual originations and hundreds of employees to its payroll.
Irving, Texas-based Caliber already had been on a high-growth path. Fourth-quarter 2015 originations totaled 12,474 mortgages, soaring 61 percent from a year earlier.
In February, Caliber, which funded more than $25.6 billion during all of last year, hired former CitiMortgage Inc. chief executive officer Sanjiv Das to be its own CEO.
On Wednesday, Caliber announced that it has reached an agreement to acquire
acquire substantially all of the assets of First Priority Financial.
Based in Fairfield, California, First Priority does business in
California, Idaho, Iowa, Oregon and Washington.
The 40-year-old firm employs more than 370 people.
It originated $1.5 billion during 2015.
Caliber noted that its mortgage servicing portfolio will expand to around $90 billion as a result of the acquisitions. In addition, it will have a sales force in excess of a thousand employees, while its retail locations will exceed 250.
“This combination will help build on Caliber’s retail production channel, particularly in the attractive Northern California market,” Das said in today’s announcement. “We believe First Priority Financial is the right fit for Caliber as they share our strong customer-centric culture and we welcome their talented team to the Caliber family.”
The deal is expected to close in July.
