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FDIC issues letter regarding policies and procedures for other real estate

National Mortgage Professional
Jul 06, 2008

StoneWater Mortgage enters the lending marketMortgagePress.comStoneWater Mortgage, wholesale loans, Mortgage Brokers, government loan programs, Karl Young, H2Online A new face will appear in the national mortgage arena when StoneWater Mortgage Corporation begins accepting wholesale loans from Mortgage Brokers across the country on July 1, 2008. The new mortgage bank will offer a variety of A-paper and government loan programs including conventional, conforming fixed and adjustable-rate mortgages. StoneWaters national headquarters and operations facility is located in Tucson, Ariz. It will support loan origination offices in select markets across the country, as well as a new mortgage banking platform designed to meet the needs of the current mortgage market. StoneWater is led by company President Karl F.W. Young, a 23-year veteran of the mortgage and real estate industries. Young is joined by associates of many years, Gary K. Malis, chief capital markets officer; Dominick E. Marchetti, chief production officer; Amit Gujral, chief operations officer and Douglas G. Lemke Esq., chief administrative officer. StoneWaters business development efforts will be spearheaded by industry veteran, R.J. Arnett, as managing director of mortgage lending for both the wholesale and retail production channels. Arnett's previous assignments have included, managing director of wholesale lending for MortgageIT, and division executive vice president at Countrywide Financial Corporation. StoneWater's wholesale channel will be under the supervision of another former associate of Young's, Ramaj Balley, as national director of wholesale lending. "There are not a lot of national lenders expanding and reaching out to serve the needs of the mortgage broker in todays environment," said Karl Young, president of StoneWater Mortgage. "StoneWater and its management team have the resume and characteristics of a veteran top 15 lender. Our initial focus will be to branch out nationally in the dramatically underserved wholesale market and grow retail a little more gradually." Production offices are planned to open in more than 30 major metropolitan markets over the next 12 months, with a sales force of over 250 wholesale account executives across the country. StoneWater will be serving the mortgage community with its new proprietary mortgage banking platform H2Online. The new web-based platform has been designed specifically for the new market environment with the intent of providing industry-leading turn times and service levels, as well as operational and cost efficiencies that will be passed on to their customers. For more information, visit www.stonewatermortgage.com.
Published
Jul 06, 2008
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