Stonegate Mortgage Corp. in Indianapolis expanded its loss year-over-year following a decline in mortgage servicing rights assets.
The nonbank lender reported a $37.5 million net loss during the first quarter versus an $11.1 million loss a year ago. Losses per share were $1.45.
Stonegate's first-quarter revenue dropped 85% to $5 million. The company recorded a $35.7 million charge due to adverse changes to the value of mortgage servicing rights. Stonegate also posted lower net gains on mortgage loans held for sale and lower interest and other income.
Total origination volume slipped 25% from last year to $1.9 billion, on decreases across all channels: retail, wholesale and correspondent.
Expenses for the quarter were $44.3 million, 15% lower than a year ago, due to lower salaries and interest expenses.
