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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.
