Caliber Home Loans CEO Sanjiv Das steps down
Sanjiv Das leaves Caliber Home Loans less than a year after the Irving, Texas-based lender was acquired by New residential investment. This transaction followed an unsuccessful attempt by Caliber to conduct an initial public offering.
“We do not believe the departure disrupts the integration efforts that have been underway between the companies, which includes the potential unlocking of approximately $80 million to $100 million in operating cost synergies this year, some of which which we factor into our projection for a 13% net return on equity,” BTIG analyst Eric Hagen said in a New Residential report. “We separately note that despite recent equity volatility, liquidity remains relatively intact for structured credit issuers, including New Residential, which priced a $250 million unqualified mortgage securitization on Monday.”
The nearly $1.7 billion deal was announced last April and it was touted as shifting New Residential’s product line from a strongly matched one to a more balanced line-up between that channel and retail. During the third quarter earnings call, Michael Nierenberg, CEO of New Residential, said the company was looking to fully integrate Caliber by the end of 2022.
Das, who at one time led Citi’s mortgage business, joined Caliber as CEO in February 2016, replacing Joe Anderson, who retired from the positions of President and CEO.
Caliber tried to take advantage of the wave of non-bank mortgage lenders that went public, with a potential deal of $328 million set at price on October 28, 2020. But market volatility caused the company to postpone the transaction, which was later abandoned with the purchase by New Residential.