Caliber Home Loans in Irving, Texas, has agreed to acquire Fairfield, Calif.-based First Priority Financial.
Financial terms of the transaction were not disclosed. Following the deal, Caliber would operate in all 50 states, with a servicing portfolio of $90 billion and a salesforce of more than 1,000 loan officers across 250 retail locations.
Caliber chief executive Sanjiv Das said in a news release Wednesday that First Priority’s presence in Northern California made the deal attractive. The target also has a presence in Oregon, Washington, Idaho and Iowa.
"With the addition of First Priority Financial, Caliber continues its strategy of expanding into high-growth, regional markets with attractive long-term opportunities," Das said in the release.
The deal is expected to close by early July.
