The planned sale of the residential lending unit owned by Banc of California Inc. has been signed, sealed and delivered.
Earlier this month, the Irvine, California-based company disclosed in a Securities and Exchange filing a deal to sell the unit.
The agreement called for Banc of California
to receive $27.7 million in cash plus $5 million based on loan officer retention.
On Friday, the buyer in the transaction, Caliber Home Loans Inc., announced that it completed its acquisition of the assets of Banc Home Loans.
Irving, Texas-based
Caliber said that Banc Home Loans originated more than $5.1 billion last year in California, Idaho, Oregon and Washington.
The deal had Caliber acquiring mortgage servicing rights on
approximately $3.8 billion in conventional agency loans for $36 million. Its servicing portfolio now exceeds $110 billion.
“With the addition of Banc Home Loans, Caliber will have a sales force of more than 1,800 across more than 340 retail locations throughout the United States,” the announcement stated.
Caliber previously reported a staff of 5,970 as of Dec. 31, 2016.
Caliber Home Loans Chief Executive Officer Sanjiv Das said in today’s news release, “Banc Home Loans shares the Caliber vision of customer-focused values.”
