Caliber Home Loans CEO Sanjiv Das steps down

Sanjiv Das is leaving Caliber Home Loans less than one year after the Irving, Texas-based lender was acquired by New Residential Investment. That transaction followed a failed attempt by Caliber to conduct an initial public offering.

"We don't think the departure disrupts the integration efforts which have been 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 factor into our projection for a 13% net return on equity," said BTIG analyst Eric Hagen in a New Residential report. "We separately note that despite the recent volatility in equities, liquidity remains relatively intact for issuers of structured credit, including for New Residential, which priced a $250 million non-qualified mortgage securitization on Monday."

The nearly $1.7 billion deal was announced last April and it was touted as shifting New Residential's product mix from heavily correspondent to one that was more evenly balanced between that channel and retail. In the third quarter earnings call, New Residential CEO Michael Nierenberg said the company was looking to fully integrate Caliber by the end of 2022.

Das, who at one time headed up Citi's mortgage business, joined Caliber as CEO in February 2016, replacing Joe Anderson, who retired from the chairman and CEO positions.

Caliber attempted to cash in on the wave of nonbank mortgage lenders going public, with the potential $328 million deal set to price on Oct. 28, 2020. But market volatility caused the company to postpone the transaction, which then went by the wayside with the purchase by New Residential.