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Stonegate Mortgage Corporation Teams With Bank of Virginia

NationalMortgageProfessional.com
Feb 05, 2013

Stonegate Mortgage has entered into a residential mortgage loan participation agreement with the Bank of Virginia. Under the terms of the agreement, Bank of Virginia will have a $30 million participation in Stonegate Mortgage’s residential mortgage loans. Bank of Virginia is tapping into Stonegate Mortgage’s expertise in managing warehouse lending programs for financial institutions by identifying low-risk, high-performing mortgage loans and packaging and structuring the loans for investment with GSE’s including Fannie Mae, Freddie Mac and Ginnie Mae. “We’ve been looking carefully for high quality investment opportunities in residential mortgages that can provide attractive returns within our risk parameters,” said Richard Dickinson, President of Bank of Virginia. “Stonegate Mortgage has the financial resources, expertise, technology and commitment to quality that will enable our bank to deploy capital in to the residential real estate market in an effective manner.” “Our focus is on providing financial institutions with access to a range of solutions in the residential real estate market whether that is acquiring mortgage portfolios for servicing, providing liquidity or managing investment portfolios in the residential mortgage market,” said Jim Cutillo, CEO of Stonegate Mortgage. “We believe that the housing market is in need of capital and solutions and we are identifying opportunities to work with regional and community banks and mortgage lenders and brokers to address their needs.” The announcement builds on Stonegate Mortgage’s strategy of developing its financial institutions channel to provide residential real estate finance solutions to regional and community banks and mortgage lenders and brokers. The company is using its capital, expertise, technology and financial acumen to identify and acquire low-risk, high-performing residential real estate mortgage assets and to package them for investment.
Published
Feb 05, 2013