IRVING, Texas, Sept. 17, 2014 /PRNewswire/ -- Caliber Home Loans, Inc. ("Caliber"), a leading residential mortgage origination and servicing company, today announced it is acquiring Cobalt Mortgage ("Cobalt"), one of the largest privately-owned distributed retail mortgage lenders in the U.S. The combined entity will create one of the largest independent mortgage companies in the country. The terms of the transaction were not disclosed.
Through this combination, Caliber is significantly expanding its sales force and nearly doubling the size of its branch retail lending business. The transaction also enhances Caliber's geographic footprint and provides entrance points into new markets, including the highly-attractive Pacific Northwest region.
"Caliber and Cobalt share a common vision that real estate is local and that Realtors and Builders continue to play pivotal roles in helping consumers achieve homeownership," said Joe Anderson, Chief Executive Officer of Caliber. "We are excited to partner with one of the strongest and most well-respected retail branch networks in the country. Throughout its long history of solid-performance, Cobalt has established an outstanding reputation for growing purchase volume and is well-respected for its disciplined approach to governance. We look forward to welcoming the talented Cobalt team to the Caliber family and to working together to better meet the unique financing needs of homeowners, builders and realtors across the country."
"We are pleased to have reached this agreement with Caliber to combine two great companies," said Cobalt co-founders Keith Tibbles and Ernie Gehre. "Caliber's strong balance sheet and direct access to capital markets will not only provide Cobalt with the ability to retain the servicing rights on the loans it originates, but also offer our customers a broader suite of mortgage lending solutions better tailored to fit individual needs. Through this combination, we will also gain significant scale, granting us better access to the secondary markets. We are extremely confident in the benefits of this partnership and look forward to participating in the future success of the combined company."
As part of the transaction, Keith Tibbles and Ernie Gehre will continue to lead the Cobalt Division of Caliber. Mr. Tibbles will also be appointed Executive Vice President of Caliber and assigned to the Company's Executive Leadership Committee where he will play an active role in the operations, financing, governance and strategic direction of Caliber. Mr. Gehre will continue to oversee the sales organization of the Cobalt Division of Caliber.
The transaction is expected to close in early November of 2014.
About Caliber Home Loans
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 Cobalt Mortgage
Cobalt Mortgage has provided financing to thousands of home buyers. Founded in 2001, the firm has a decade-long reputation of responsible lending. One of the largest privately-held mortgage banking firms in the US, Cobalt has offices throughout the United States, including Arizona, California, Colorado, Idaho, Louisiana, Nevada, Oregon, Texas, Utah, Washington and Wyoming and is licensed in 14 states. With strong leadership provided by co-founders Keith Tibbles and Ernie Gehre, the company is dedicated to responsible lending practices, community involvement, and education. As corporate supporters of the Boys & Girls Club, and the Cobalt Cares Foundation, the company makes a positive impact in the communities where it operates. Cobalt Mortgage is licensed in Arizona, California, Colorado, Idaho, Louisiana, Michigan, Montana, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming.
To learn more about Cobalt, visit www.cobaltmortgage.com.
SOURCE Caliber Home Loans, Inc.