Stonegate Mortgage has announced that it is creating a Financial Institutions channel which will be a new strategic business unit within the company that will be solely focused on providing depository institutions with access to the secondary mortgage market on a correspondent and wholesale basis. The strategic business unit will be led by Doug Miller, formerly of GMAC/Ally Bank. Stonegate recently completed a private equity transaction with Long Ridge Equity Partners, a New York-based private investment firm, and indicated that it planned to use the capital to expand its portfolio of mortgage servicing rights and continue its growth in the correspondent and wholesale loan origination channels.
“We want to provide our financial institution clients liquidity for their mortgage assets,” said Jim Cutillo, chief executive officer of Stonegate Mortgage. “As a private conduit, we can provide access to the secondary market on a servicing released basis and we can help them manage their existing servicing portfolio in a less capital intensive way. We will bring our expertise and our dedication to service that we use on a day-to-day basis with our homeowners to financial institutions, providing capital and liquidity that fills a critical void in the marketplace.”
Highlights of the Financial Institutions offering Include:
►Non-bank lender/servicer with servicing retained by Stonegate
►Prior approved and delegated delivery options
►Flow and mandatory (account specific) pricing available
►Agency- and government-insured products to include FHA, VA, USDA, 203(k) and FNMA (Fannie Mae) Home Style
►Dedicated and experienced sales team
►Web-based portal for submission, tracking/managing and delivery of loans
►Experienced loan servicing team located in the central U.S.
►Purchase of existing mortgage servicing rights (both agency and non-agency)
Miller will bring his extensive knowledge of the industry, as well as nearly 40 years worth of mortgage lending experience to lead the Financial Institutions Business Unit. Miller has served a senior executive role with well respected mortgages lenders such as Washington Mutual and Citicorp. He has worked the last two years at GMAC Bank/Ally Bank in Memphis, Tenn. where he was responsible for all sales in the Community Financial Institution’s Channel. Miller will bring his attuned skill set and dedication to upholding Stonegate’s dedication to excellence in customer experience and service. Miller will report to Steve Landes, EVP of loan origination for Stonegate.
“Bringing Doug on board will provide Stonegate with a leading executive who has experience, understanding of the marketplace and relationships,” said Landes. “He will be an integral part of our Financial Institutions Division’s growth and success and we look forward to his leadership and contributions to our firm.”