Stonegate Mortgage in Indianapolis reported a large increase in second-quarter profit on higher originations and a larger servicing portfolio.
Net income rose to $11.1 million, or 43 cents per share, from a profit of $268,000 a year earlier.
"We saw growth in our origination and financing segments," Jim Cutillo, chief executive, said in a news release.
Mortgage loan origination volume increased 4% to $3.4 billion. The servicing portfolio was $17.24 billion, as of June 30.
Total revenue rose 52% to $87.4 million on higher gains on mortgage loans held for sale and an increase in the value of Stonegate's mortgage-servicing rights.
