Caliber Funding LLC, Dallas, unveiled plans to enter the correspondent lending channel at the Mortgage Bankers Association’s National Secondary Market Conference in New York.
The origination-focused company is in the process of merging with mortgage servicer Vericrest Financial Inc. Both firms are owned by affiliates of Lone Star Funds.
As part of the ramp-up, Caliber is investing in two fulfillment centers, located in Florence, S.C., and Irving, Texas.
“The departure of several large correspondent investors left a significant void in supply, and therefore there is a tremendous opportunity for independent mortgage lenders like Caliber,” said Jim Ferriter, the originator’s president, who added the company wants to play a role in the revitalization of the secondary market.
The correspondent lending team will be led by Patricia Shumate, senior vice president. She has over 20 years of correspondent lending experience and most recently was managing director at PennyMac. Prior to that, she was an executive at Taylor Bean & Whitaker.
Joining Shumate is Tag Gallaher as vice president of correspondent operations. He has with over 12 years of correspondent operations experience and was previously with Lender Processing Services as the senior vice president of strategic consulting services. He also worked at Saxon, TBW and Washington Mutual.
Pat Gilmore has joined Caliber as vice president of correspondent sales. He has over 24 years of mortgage experience, including 12 years in sales and nine years in sales management.