While the price was not disclosed in the press release, a Securities and Exchange Commission filing in November said Indianapolis-based Stonegate is to pay 1.3 times Crossline’s book value as of the closing date in cash to Timothy Elkins, the sole shareholder and CEO.
Crossline will operate as a wholly owned subsidiary of Stonegate. The company is licensed to originate in 20 states and is an approved Fannie Mae seller/servicer.
It has two call centers, located in Lake Forest, Calif., and Scottsdale, Ariz. It also has seven retail branches in Southern California. Total production for the first nine months of this year was $374 million.
Crossline was a customer of Stonegate’s NattyMac warehouse lending business.
The closing of this deal comes just one week after Stonegate acquired the wholesale production operations of Nationstar Mortgage.