In the third quarter of 2013 Stonegate Mortgage Corp. reported earnings per share of $0.10 on net income of $1.7 million, down from $9.1 million in the second quarter and $9.5 million in the third quarter of 2012.
The company’s adjusted net income, however, was $6.1 million.
After making noncash valuation adjustments and including “certain other noncash expense items” and nonroutine expenses calculated in accordance with GAAP, net income was $8.4 million.
Mortgage loan origination volume increased to $2.3 billion, up from $2.1 billion in originations in the second quarter of 2013 and 123% higher than the $1.1 billion reported in the third quarter of 2012.
The unpaid principal balance of its mortgage servicing portfolio was at $9.7 billion, up 28% from the second quarter of 2013 when UPB was $7.6 billion, and up 229% from roughly $3 billion in the third quarter of 2012.
Quarter results despite rising interest rates “underscore the strength of our differentiated, vertically integrated and scalable mortgage banking platform," says Jim Cutillo, chief executive officer of
Recent developments after Sept. 30 include binding to acquire the wholesale lending channel “and certain distributed retail assets” of
The firm’s growth strategy going forward includes acquisitions that are expected to accelerate its geographic expansion, add talented senior executives and enhance its “ability to serve a broader range of mortgage brokers and regional banks,” he says.
