Magazine article Mortgage Banking

Stonegate Posts Impressive Gains in 2013

Magazine article Mortgage Banking

Stonegate Posts Impressive Gains in 2013

Article excerpt

Indianapolis-based Stonegate Mortgage Corporation, a non-bank integrated mortgage company, posted significant gains last year in its servicing portfolio and in origination volume. The company reported its 2013 financial results on Feb. 24.

The lender's full-year origination volume last year increased by 152 percent over the prior year's volume. Stonegate originated $8.7 billion in 2013 compared with $3.4 billion in 2012. The fourth quarter's origination volume reached $2.4 billion, which was up by 70 percent from the $1.4 billion done in the fourth quarter of 2012.

The company's servicing portfolio ended the fourth quarter of 2013 at $11.9 billion measured in unpaid principal balance (UPB). That was up by 23 percent from the third quarter of 2013. The servicing portfolio increased by 188 percent over the fourth quarter of 2012.

The company reported that net income for full-year 2013 was $22.6 million compared with $17.1 million for full-year 2012. Revenues increased 38 percent in the fourth quarter from the third quarter, and were up 35 percent from the fourth quarter of 2012. Full-year 2013 revenue increased 69 percent to reach $157.9 million.

Stonegate Chief Executive Officer Jim Cutillo said in a press release on the earnings, "Despite challenging market conditions during the second half of the year, we are pleased with the financial and operational successes we achieved in 2013."

The company made some significant acquisitions during the year that made a difference in the full-year financial results. …

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