Magazine article Mortgage Banking

Stonegate Mortgage Inks Deal for Private Equity

Magazine article Mortgage Banking

Stonegate Mortgage Inks Deal for Private Equity

Article excerpt

On March 13, Stonegate Mortgage Corporation; Indianapolis, announced it had completed a private equity transaction with Long Ridge Equity Partners, a New York based private investment firm.

The deal will infuse new capital into Stonegate, a rapidly growing independent mortgage banking firm, to allow the firm to expand its servicing portfolio and further grow its correspondent and wholesale channels, the company said. The company will also deploy some of the capital to pursue expansion of its retail branch network through select acquisitions.

In a press release, Stonegate said it is actively pursuing the purchase of existing servicing rights from banks with balance-sheet limitations as well as regulatory constraints. Stonegate also said it plans to launch a non agency jumbo loan program later this year.

"We are well positioned to act as an aggregator for depositories and correspondents who are selling loans on a servicing released basis into the secondary market; we intend to become an industry leader in this space," said Jim Cutillo, chief executive officer of Stonegate. …

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