Caliber Funding, Vericrest Financial Announce Plan to Combine Operations

""Caliber Funding"":http://www.caliberfunding.com/ and ""Vericrest Financial"":https://www.vericrestfinancial.com/NoAuth/Default.aspx have agreed to combine their operations to create one full-service, residential mortgage banking organization offering originations and loan servicing solutions, the companies announced.

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With their business models aligned as they are, officials for both companies anticipate a seamless integration, creating a stronger foundation for growth. More importantly, the combined organization will be able to offer more extensive services across a wider reach, better serving its customers.

""I am thrilled about combining the operations of Vericrest and Caliber to create a full-service mortgage banking organization,"" said Caliber president Jim Ferriter. ""Loan originations and servicing are a natural fit, and we expect the combined company will generate significant revenue opportunities to support continued growth. We are looking forward to working with Vericrest's talented team of professionals and to building a larger, more diverse organization that offers greater opportunities to our customers, employees and investors.""

Vericrest CEO David Schneider agreed, saying, ""Caliber's innovative lending platform is a perfect complement to our servicing business and will enable us to refinance and retain loans in our loan servicing portfolio, as well as retain servicing rights on the loans Caliber originates.""

According to a release from the companies, the combined organization will continue to be owned by and having the capital backing of ""Lone Star Funds"":http://www.lonestarfunds.com/, a Texas-based private equity firm.

The combination is expected to close within four to six months, the release says. While planning is already underway, the two companies will continue to operate independently until the final closing.