Vericrest Announces Acquisition Of $2.7 Billion In Mortgage Servicing Rights

IRVING, Texas, Nov. 27, 2012 /PRNewswire/ -- Vericrest Financial, Inc., a premier financial services company specializing in the servicing of residential mortgage loans, today announced that it has signed two definitive agreements to acquire a total of approximately $2.7 billion in mortgage servicing rights ("MSRs"), as measured by the unpaid principal balance of the loans.

"The acquisition of these MSRs will help to enhance Vericrest's position as a premier mortgage servicer with extensive national reach," said David Schneider, Chief Executive Officer of Vericrest. "Combined with our innovative service offerings and state-of-the-art platforms, the increased scale we will achieve through these transactions will support our growth strategy and allow us to deliver best-in-class solutions to a broader client base."

One transaction closed on November 16, 2012 and the other is expected to close on December 1, 2012.

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. To learn more about Vericrest, visit www.vericrestfinancial.com or call 1-800-401-6587. 

SOURCE Vericrest Financial, Inc.