The purchase, announced Wednesday, gives Crossline, a unit of Stonegate Mortgage Corp. of Indianapolis, 10 offices along the Southern and Central Coast of California and in Utah as well as a new operations center in Ventura, Calif. These offices employ more than 30 loan officers. Medallion originated more than $400 million in loans last year.
"Medallion has huge purchase presence in their current markets and a scalable platform in markets where we were actively seeking to be in," says Scott Contreras, executive vice president at Crossline Capital, which wrote $119 million of mortgages in the fourth quarter, a run rate comparable to Medallionís annual production.
According to its website, Crossline has 16 offices in California and one each in Arizona, Texas and Utah.
Mack McConkey, Medallion's executive vice president, will join Crossline Capital in a senior role and manage parts of its Southern and Central California mortgage retail production.
"We are excited about joining forces with Crossline Capital," McConkey said in a press release. "The Crossline team has a proven track record of success and we are looking forward to being able to work with a company that has such dedication to responsible lending and the customer experience."