IRVING, Texas, May 25, 2016 /PRNewswire/ -- Caliber Home Loans, Inc. ("Caliber"), a leading residential mortgage origination and servicing company, today announced it has entered into a definitive agreement to acquire substantially all of the assets of First Priority Financial, a regional residential mortgage lender with branches and originators serving California, Oregon, Washington, Idaho and Iowa. The terms of the transaction were not disclosed.
Headquartered in Fairfield, California and founded nearly 40 years ago, First Priority Financial has more than 370 employees focused on providing clients with competitive home financing and a broad range of loan products. The acquisition will expand Caliber's geographic footprint in the Western United States. Following the acquisition, Caliber will have a servicing portfolio of approximately $90 billion, licenses in 50 states, and a salesforce of more than 1,000 across more than 250 retail locations throughout the United States.
"With the addition of First Priority Financial, Caliber continues its strategy of expanding into high-growth, regional markets with attractive long-term opportunities," said Sanjiv Das, Chief Executive Officer of Caliber. "This combination will help build on Caliber's retail production channel, particularly in the attractive Northern California market. 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. We look forward to working together to better meet the unique financing needs of homeowners across the country."
"Since our founding in 1977, we have made it our mission to grow with our industry and adapt to an evolving market," said Michael Soldati, Chief Executive Officer and President of First Priority Financial. "With this transaction, we are excited to achieve another important milestone in our history and join forces with Caliber, one of the country's leading mortgage providers, to offer our customers a broader suite of lending services. Caliber's national scale, as well as its direct access to capital markets, exceptional customer service and advanced technology, make it the ideal partner for First Priority Financial. As part of a more dynamic organization, we are confident we will be better positioned to serve our clients and enable them to obtain the very best loan for their unique situation."
The transaction is expected to close by early July 2016.
About Caliber Home Loans, Inc.
Caliber Home Loans, Inc. is a privately-held financial services company. Caliber's headquarters are based in Irving, TX. The company is an approved Seller/Servicer for both Fannie Mae and Freddie Mac, an approved issuer for Ginnie Mae and is an approved servicer for FHA, VA and the USDA. The company carries multiple servicer ratings from Standard & Poor's, Moody's, Fitch and DBRS. To learn more about Caliber, visit www.caliberhomeloans.com.
About First Priority Financial
Based in Fairfield, California, First Priority Financial, with more than 370 employees, is committed to providing competitive home financing and a broad range of loan products. Since its founding in 1977, the company has strategically expanded to better serve the needs of its clients and now includes operations in five states with $1.5 billion in mortgages originated in 2015. For additional information, visit www.firstpriorityfinancial.com.
Joele Frank, Wilkinson Brimmer Katcher
First Priority Financial Contacts
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SOURCE Caliber Home Loans, Inc.