It brings together a suite of products under one channel and team
Caliber Home Loans has launched a new division, which the non-QM lender described as one of the first of its kind in the industry.
The company has created a new national condominium division dedicated to streamlining condo processes and approvals for buyers and developers. The separate lending unit specializes in loan products specific to condos, including conventional loans, jumbos, expanded condo guidelines, a constructed condo financing, and Caliber’s Smart Series non-QM product suite, which allows for non-warrantable condo opportunities.
“By putting all of our condo expertise, resources and tools under one channel and team, Caliber is able to provide a distinctively exceptional condo buying experience for all of our clients – customers and developers – in the most streamlined way possible,” said Caliber CEO Sanjiv Das. “As the population changes, opportunities in the condo space continue to grow, and the Caliber condo division is a step towards the future for us as a company.”
According to its release, the condo-centric lending division will work directly with condo associations for project approvals. In addition, it will provide consulting services for developers and their sales and marketing teams.
“Building on the success of Caliber’s builder division and home renovation lending division, there is a sharp focus on new condo development as condominiums continue to attract more buyers as single-family home inventory remains low and people return to urban areas,” said Christine Madrid, national condo director at Caliber.
Caliber has brought together a team of condo-focused loan consultants and branch managers for the new division, as well as new construction operations and fulfillment teams, a new construction-specific appraisal panel, and an in-house condo project approval team.
“Our team of condo specialists will help ensure efficiencies, offer loan product expertise, help secure condo project approvals and serve as a liaison between developers and condo buyers to simplify condo processes and approvals,” Madrid said.
In August, Caliber sealed its acquisition deal with New Residential Investment. Under the transaction, New Residential plans to merge Caliber with its mortgage banking subsidiary NewRez.
