Midwestern mortgage lender adds $175 million in loans, 2,000 customers

INDIANAPOLIS, June 1 /PRNewswire/ -- At a time when many banks and other lending institutions struggle to stay afloat, Stonegate Mortgage Corporation is adding quality customers to its expanding Midwest portfolio.

Stonegate, headquartered near Indianapolis, has completed the acquisition of Swain Mortgage Company of Mansfield, Ohio. Swain will operate as a wholly owned subsidiary of Stonegate. Swain is a Fannie Mae (FNMA)/Ginnie Mae (GNMA) servicing company, currently handling $175 million in outstanding loans for more than 2,000 households in Ohio.

"The Swain acquisition allows Stonegate to enter the servicing business at an ideal time, lets us expand on our mortgage banking platform and provide a high level of service to our customers after closing by maintaining the servicing of their loans," said Stonegate president Jim Cutillo.

Swain originates loans via third-party origination sources, while Stonegate originates roughly $400 million annually currently in Federal Housing Administration (FHA) and agency loan production via retail offices in Indianapolis and Overland Park, Kan., and third-party loan production in the Midwest.

"Swain welcomes the opportunity to grow the size of our portfolio very quickly in this interest-rate environment through Stonegate's monthly retail wholesale production," said John Swain, president of Swain Mortgage Company. "Our customers will benefit from improved pricing execution and the efficient wholesale delivery system that Stonegate offers."

"This acquisition will greatly improve our positioning from an origination standpoint at both the retail and wholesale level with our current customers as we will provide financing opportunities, as well as a long term relationship with our end customers through our servicing platform," said Steve Landes, Stonegate's executive vice president.

According to the purchase details, Swain will remain in Mansfield, Ohio, while Stonegate continues to operate out of its Indianapolis and Kansas City offices.

For more information on Stonegate or Swain, visit www.stonegatemtg.com or call 317.570.0450.

SOURCE Stonegate Mortgage Corporation

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