Vericrest Financial, a fast-growing residential servicer headed by industry veteran David Schneider, has agreed to buy $2.7 billion of mortgage servicing rights for an undisclosed price.
The purchase comes through two different transactions. A spokesman for the Irving, Texas-based servicer declined to identify the sellers or talk about price.
One transaction officially closed on November 16. The other will be finalized by early December.
"The acquisition of these MSRs will help to enhance Vericrest's position as a premier mortgage servicer with extensive national reach," CEO Schneider said in a press statement.
Schneider, who has worked for such servicing giants as JPMorgan Chase, Citigroup, and Washington Mutual, said the deal will help the firm’s growth strategy “and allow us to deliver best-in-class solutions to a broader client base."
A few months back Vericrest created a new advisory board, naming four to the panel, including Stephen Rotella, a former top mortgage executive at JPMorgan Chase, and Washington Mutual.