Vericrest Financial Completes Onboarding of Two New Mortgage Servicing Rights Portfolios
IRVING, Texas, March 5, 2013 /PRNewswire/ -- Vericrest Financial, Inc., a premier financial services company specializing in the servicing of residential mortgage loans, today announced that it has completed onboarding two new portfolios of mortgage servicing rights ("MSRs").
The transactions, which boarded on December 12, 2012, and February 13, 2013, are consistent with Vericrest's strategy to grow its loan servicing portfolio by continuing to acquire MSRs and rights from investors. The acquisition of these MSRs increases the aggregate outstanding principal balance of Vericrest's servicing portfolio to $10.1 billion.
As previously announced, on January 17, 2013, Vericrest agreed to combine with Caliber Funding, LLC to create a full-service, residential mortgage banking organization offering both loan origination and loan servicing solutions to its customers. In light of customary regulatory and legal conditions and approval, the transaction is expected to close within four to six months. As a full-service mortgage banking organization, the Company will continue to acquire MSRs.
About Vericrest
Vericrest Financial, Inc. is a premier financial services company specializing in the servicing of residential mortgage loans in all 50 states. Through three Centers of Excellence in Texas, Oklahoma and California, Vericrest provides superior service and innovative solutions to meet the needs of our customers and investors while maintaining the highest levels of integrity and compliance. Vericrest's servicing portfolio currently includes approximately 55,600 mortgage loans with an aggregate outstanding principal balance of $10.1 billion. To learn more about Vericrest, visit www.vericrestfinancial.com or call 1-800-401-6587.
SOURCE Vericrest Financial, Inc.
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