Stonegate Mortgage has entered into a participation agreement with the Bank of Virginia and has others in the works.
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“We’ve got several more teed up,” Stonegate CEO Jim Cutillo told this publication.
Under the terms of the agreement, Bank of Virginia will have as $30 million participation in Stonegate’s residential mortgages.
The bank will tap into Stonegate’s expertise in managing warehouse lending programs for financial institutions by identifying low-risk, high-performing mortgages as well as packaging and structuring these loans for investment with government-sponsored enterprises.
“We’ve been leveraging
