Presented by: The Dallas Morning News

Irving-based Caliber Home Loans said today that it is buying Cobalt Mortgage, a privately-held retail mortgage lender based in Washington state.

The deal would create one of the largest independent mortgage companies in the company, the two entities said. Financial terms were not disclosed.

Caliber said the acquisition of Cobalt would nearly double the size of its retail lending business and expand its footprint into new markets, including the Pacific Northwest region.

“We are excited to partner with one of the strongest and most well-respected retail branch networks in the country,” Caliber CEO Joe Anderson said in a statement.

Dallas-based private equity firm Lone Star Funds owns Caliber Home Loans.

Cobalt co-founders Keith Tibbles sand Ernie Gehre will continue to lead the Cobalt division of Caliber as part of the deal. Tibbles will be appointed executive vice president of Caliber as well as be a member of the company’s executive committee.

The deal is expected to close in early November.

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