Stonegate Reports a 2% Rise in Volume in 4Q13
Stonegate Mortgage Corp.’s loan production increased by 2% in 4Q13 over 3Q13 and by 70% over 4Q12, the company says. Purchase transactions made up 72% of the $2.4 billion produced in the fourth quarter.
During the quarter, Indianapolis-based Stonegate acquired Crossline Capital Corp., a call center origination platform which on its own did $119 million in 4Q13. The company also agreed to acquire Medallion Mortgage Co., which funded $73 million during the period.
In addition, the company added 600 third-party originators to its approved roster, 400 of which came from Nationstar Mortgage’s wholesale business, which it bought in November.
NattyMac LLC, Stonegate’s warehouse lending business, funded $73 million in the fourth quarter for its correspondents. The average outstanding balance, which includes Stonegate’s own inventory, was $555 million in 4Q13, down from $574 million in 3Q13.
The servicing portfolio as of Dec. 31, 2013 was $12 million, up 23% compared with Sept. 30, 2013 and 188% over Dec. 31, 2012.