The company intends to use the funding to expand its portfolio of mortgage servicing rights from banks who face balance sheet and regulatory constraints, as well as to enlarge its retail branch network through acquisitions. It also plans to launch a non-agency jumbo program later this year.
Founded in 2005 by CEO Jim Cutillo, Stonegate is a non-bank mortgage lender and servicer. It acquires loans on retail, wholesale and correspondent basis through a network of retail branches and approved third party originators, which include depository institutions, mortgage bankers and mortgage brokers.
Under the terms of the agreement, the company has added Rich Mirro, former Chairman and CEO of North American Mortgage, to its Board of Directors along with Jim Brown and Kevin Bhatt of Long Ridge Equity Partners.