Caliber Home Loans to Buy Cobalt Mortgage

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Caliber Home Loans in Irving, Texas, has agreed to buy Cobalt Mortgage in Kirkland, Wash.

The financial terms of the deal were not announced. The acquisition would strengthen Caliber's presence in the Pacific Northwest, the company said in a press release Wednesday.

The deal is expected to close in early November.

Cobalt's two founders will remain with the company following the acquisition. Keith Tibbles will join the combined company's executive leadership committee, while Ernie Gehre will continue to lead Cobalt's sales team.

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