Another Caliber Deal; In M&A What Makes a Good Lender Makes a Good Seller

Posted To: Pipeline Press

Here’s a public service announcement for folks in Detroit: check to see if you should boil your water before you drink it . Apparently drinking water problems are not confined to other areas of Michigan. In merger & acquisition news, Caliber Home Loans Inc. will be buying the residential mortgage assets of Banc of California. After the deal goes through it will reduce operating locations by more than 60 percent and total employees by about half, leaving it with fewer than 950. The deal includes the leases related to Banc of California’s mortgage-origination offices. Bloomberg reported that, “Annual run-rate expenses will drop by more than $150 million, and the bank expects to book a one-time cost of about $4 million, per the filing. Banc of California has had its share of turmoil…(read more)

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Source: Mortgage News Daily

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