#Calibre home loans full#
#Calibre home loans trial#

New Residential will host a conference call at 8:00 A.M. Credit Suisse Securities (USA) LLC and Barclays acted as financial advisors to Lone Star and Caliber and Mayer Brown LLP acted as legal advisor to Lone Star and Caliber. acted as financial advisors to New Residential and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to New Residential. 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.Д¬itigroup Global Markets Inc. Under the terms of the agreement, which were unanimously approved by New ResidentialвЂ™s board of directors, New Residential will pay a cash consideration of $1.675 billion, or approximately 1.0x expected tangible book value at closing1, to acquire Caliber. Attractive earnings performance and financial profile.2020 Pre-Tax Income of $891 million and return on equity of 53%.Proven track record of purchase origination volume and profitability across rate environments.Broad distributed retail platform with extensive local footprint across the United States.Recapture rate of 54% demonstrates strength of CaliberвЂ™s integrated mortgage platform.$153 billion UPB servicing portfolio with approximately 630,000 customers as of December 31, 2020.$80 billion UPB of funded origination volume in 2020.Leader in the large and growing United States mortgage market.

#Calibre home loans full#

Be accretive in the first full calendar year following the close of the acquisition2.Accelerate New ResidentialвЂ™s mortgage platform objectives.Improve technologies to support customer experience and employee efficiency.Provide talent, scale and capacity to support growth.Increase New Residential's asset generation capabilities and opportunities.Add to New ResidentialвЂ™s asset base with attractive portfolio of MSRs.Enhance purchase origination capabilities with extensive distributed retail platform.Broaden customer retention efforts with industry leading recapture platform.Grow and strengthen earnings profile across rate environments.The combination of platforms is intended to bring together two complementary leading mortgage strategies with deep commitments to the borrowers they serve. вЂњCombining with CaliberвЂ™s platform emphasizes our commitment to positioning our business for long-term success while continuing to deliver significant value for our customers, our partners and our employees.вЂќ вЂњThis transaction is yet another important milestone for NewRez as we continue to expand our business, grow our customer reach and provide more options to support our homeowners and clients,вЂќ said Baron Silverstein, President of NewRez.

We are thrilled to have the opportunity to deepen our customer relationships, expand our customer reach and provide more industry-leading products and options to our customers.вЂќ As we leverage our digitization investments, we will make the entire mortgage process faster, easier and more efficient. 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. вЂњBy combining platforms with NewRez, we will join another industry pioneer that has complementary strengths and is committed to delivering the dream of homeownership. вЂњWe are excited to be joining the New Residential family,вЂќ said Sanjiv Das, Chief Executive Officer of Caliber. With this acquisition, we have significantly strengthened our capabilities to perform across interest rate environments.вЂќ The combination of NewRez and CaliberвЂ™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. вЂњOver the years, CaliberвЂ™s experienced team has built a differentiated purchase-focused originator with an impressive retail franchise and solid track record in customer retention. вЂњWe believe this is a terrific acquisition for our Company,вЂќ said Michael Nierenberg, Chairman, Chief Executive Officer and President of New Residential. The transaction is intended to close as quickly as possible, subject to various approvals and customary closing conditions, and is targeted for the third quarter of 2021. With this acquisition, New Residential intends to bring together the platforms of Caliber and NewRez LLC, New ResidentialвЂ™s wholly owned mortgage originator and servicer. (NYSE: NRZ) announced today that it has entered into a definitive agreement with an affiliate of Lone Star Funds to acquire Caliber Home Loans, Inc.

#Calibre home loans trial#

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