Sanjiv Das is leaving Caliber Home Loans less than a year after New Residential Investment acquired the Irving, Texas-based lender. This transaction followed a failed attempt by Caliber to conduct an IPO.
"We do not believe the departure will disrupt the integration efforts underway between the companies, which includes potentially unlocking an estimated $80 million to $100 million in operating cost synergies this year, some of which we include in our 13% guidance include. Net return on equity," said BTIG analyst Eric Hagen in a New Residential report. "We note separately that despite recent volatility in equities, liquidity remains relatively intact for structured credit issuers, including New Residential, which was announced on Monday valued a $250 million non-qualifying mortgage securitization.”
Announced last April, the nearly $1.7 billion deal was touted as shifting New Residential's product mix from a highly correspondent one to one more balanced between that channel and retail. In the third-quarter earnings conference call, New Residential CEO Michael Kidney said the company aims to fully integrate Caliber by the end of 2022.
Das, who once ran Citi's mortgage business, joined Caliber as CEO in February 2016, replacing Joe Anderson, who is stepping down from the positions of chairman and CEO.
Caliber sought to capitalize on the wave of non-bank mortgage lenders going public, with the potential $328 million deal set on Oct. 28, 2020. However, market volatility caused the company to delay the transaction, which then fell by the wayside with the purchase by New Residential.