Stonegate Mortgage Corporation and Bank of Virginia Create a Residential Mortgage Loan Participation Program
06 2월 2013 - 12:10AM
Business Wire
Stonegate Mortgage, one of the nation’s largest and fastest
growing independently-owned mortgage lenders and servicers,
announced today that it has entered into a residential mortgage
loan participation agreement with the Bank of Virginia (Nasdaq:
BOVA). Under the terms of the agreement, Bank of Virginia will have
a $30 million participation in Stonegate Mortgage’s residential
mortgage loans. Bank of Virginia is tapping into Stonegate
Mortgage’s expertise in managing warehouse lending programs for
financial institutions by identifying low-risk, high-performing
mortgage loans and packaging and structuring the loans for
investment with GSE’s including Fannie Mae, Freddie Mac and Ginnie
Mae.
“We’ve been looking carefully for high quality investment
opportunities in residential mortgages that can provide attractive
returns within our risk parameters,” said Richard Dickinson,
President of Bank of Virginia. “Stonegate Mortgage has the
financial resources, expertise, technology and commitment to
quality that will enable our bank to deploy capital in to the
residential real estate market in an effective manner.”
“Our focus is on providing financial institutions with access to
a range of solutions in the residential real estate market whether
that is acquiring mortgage portfolios for servicing, providing
liquidity or managing investment portfolios in the residential
mortgage market,” said Jim Cutillo, CEO of Stonegate Mortgage. “We
believe that the housing market is in need of capital and solutions
and we are identifying opportunities to work with regional and
community banks and mortgage lenders and brokers to address their
needs.”
The announcement builds on Stonegate Mortgage’s strategy of
developing its financial institutions channel to provide
residential real estate finance solutions to regional and community
banks and mortgage lenders and brokers. The company is using its
capital, expertise, technology and financial acumen to identify and
acquire low-risk, high-performing residential real estate mortgage
assets and to package them for investment.
Stonegate Mortgage is building a team of executives with deep
experience working with financial institutions and developing
capital markets and investment expertise that establishes a
full-service mortgage offering which includes origination,
investment and servicing of both agency and non-agency mortgage
servicing rights and their associated securities. The firm recently
added Eric Scholtz as Executive Vice President of Structured
Finance. Mr. Scholtz is a capital markets executive with over 20
years experience in the structuring, pricing and trading of
mortgage and asset-backed securities including as Executive Vice
President of Capital Markets and Senior Vice President, Head of
Trading at GMAC RFC, where he was responsible for the acquisition
and ultimate sale/securitization of $150 billion annual volume in
agency and non-agency mortgage loans.
In September 2012, Stonegate Mortgage acquired NattyMac, a
leading warehouse lender, from Guggenheim Partners. By adding
the NattyMac warehouse platform and its processes, the company has
created an integrated warehouse and loan sale solution for its
clients and has expanded the platform by offering servicing flow
transactions for Fannie, Freddie and Ginnie Mae eligible loans.
Stonegate Mortgage followed that announcement in November with an
agreement with Community Bank Mortgage LLC, a subsidiary of the
American Bankers Association, to become its newest secondary market
investor enabling Community Bank Mortgage LLC owner banks to sell
loans on a “servicing-released” basis to Stonegate Mortgage with
competitive pricing as well as access to the company’s full line of
mortgage finance products.
Stonegate Mortgage announced its plans to expand its third party
originations and servicing portfolio and build its financial
institutions channel after completing a private equity transaction
with Long Ridge Equity Partners, a New York-based private
investment firm in March 2012.
About Stonegate Mortgage
Corporation
Stonegate Mortgage Corporation is one of the largest and fastest
growing independent, non-bank, mortgage lenders and servicers in
the U.S., according to Inc. Magazine. Backed by Long Ridge Equity
Partners, a New York based private investment firm, Stonegate
Mortgage originates, acquires and retains mortgage servicing rights
through a network of retail branches and approved third party
originators, which include depository institutions, mortgage
bankers and mortgage brokers.
For more information on Stonegate Mortgage Corporation, please
visit www.stonegatemtg.com.
Bank OF Virginia (NASDAQ:BOVA)
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Bank OF Virginia (NASDAQ:BOVA)
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