Caliber Home Loans’ acquisition of Banc Home Loans, the mortgage banking division of Banc of California, is now complete.
Caliber, an Irving, Texas-based residential mortgage origination and servicing company, announced Friday that it finalized the purchase of Banc Home Loans.
Details of the deal were first announced earlier this month.
Banc Home Loans originates primarily agency, government and conforming residential mortgages and operates more than 60 locations in California, Oregon, Arizona, Nevada and Idaho.
And now, those locations are part of Caliber Home Loans.
In a statement, Sanjiv Das, chief executive officer of Caliber, said that the deal bolsters the company’s lending base on the West coast.
“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,” Das said.
“As part of this strategy, we will focus on strategic opportunities that present significant long-term value,” Das continued/
“This transaction will enhance Caliber's presence in the attractive California and Northwest markets,” Das added. “Most importantly, Banc Home Loans shares the Caliber vision of customer-focused values. With this acquisition, we look forward to continuing to address the unique financing needs of homeowners around the country.”
Financial terms of the completed deal were not disclosed, but a Banc of California filing with the Securities and Exchange Commission from earlier this month provides some details on the deal’s particulars.
According to the SEC filing, Caliber was to the “leases relating to the Bank’s dedicated mortgage loan origination offices and the Bank’s ‘pipeline’ of residential mortgage loan applications for loans.”
Under the terms of the deal, Caliber was to pay at least $25 million for Banc Home Loans.
Additionally, the filing also stated that Caliber will pay $36 million to acquire the mortgage servicing rights for approximately $3.8 billion in unpaid principal balances of conventional agency mortgages from Banc of California.