Caliber Home Loans Inc. has accused Sagent M&C LLC in Texas federal court of attempting to extort a “king’s ransom” and actively disrupting Caliber’s transition to a new loan-servicing platform provider.
Caliber has been using Sagent’s Loanserv platform for 12 years, for its 660,000 active loans and 500,000 inactive loans, according to Wednesday’s complaint filed in the U.S. District Court for the Northern District of Texas.
But the relationship between the companies has since deteriorated, with Sagent allegedly falling behind on data transfers and platform developments. Caliber said Sagent’s negligence has resulted in several “priority 1" incidents and forced it ...
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