Stonegate Mortgage Signs Preferred Lender Deal with Adams Homes

Stonegate Mortgage Corp. is now the preferred lender for Adams Homes, a builder which operates in the Southeast. Adams is selling homes in more than 250 communities.

The mortgage company, which did an initial public offering in October, originated $2.3 billion in the third quarter. It is in the process of buying Nationstars wholesale lending business.

Stonegate is looking to continue growing the purchase money and homebuilder origination channels as it expands its retail presence, says CEO Jim Cutillo.

Recently, Stonegate made an S-1 filing to register nearly 6.4 million shares of its common stock so they can be sold by their current owners. Those owners acquired the shares as part of a private offering from Stonegate in May 2013. That offering raised $107 million and among the buyers was FBR Capital Markets.

The mortgage company will not get any of the proceeds of the sale and it will pay the expenses involved in registering the shares.

A copy of the filing was acquired via DisclosureNet.com.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Stonegate-Mortgage-Signs-Preferred-Lender-Deal-Adams-Homes-1040240-1.html

Leave a Reply

WP2FB Auto Publish Powered By : XYZScripts.com
Bunk Beds