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|3rd Acquisition in 2 Months at Stonegate
Merger activity follows IPO
Feb. 6, 2014
By Mortgage Daily staff
|Stonegate Mortgage Corp. already had two acquisitions under its belt during the past 60 days. Now, No. 3 has closed.
In December, the Indianapolis-based residential lender disclosed that it closed on the acquisition of Crossline Capital Inc.
Earlier that same month, Stonegate reported that it completed its purchase of the wholesale lending division of Nationstar Mortgage Holdings Inc.
On Wednesday, Stonegate announced that it has completed its acquisition of Medallion Mortgage Co.
The flurry of acquisitions follows an initial public offering in October.
The latest purchase was made through Crossline Capital.
Medallion Mortgage is based in Agoura Hills, Calif.
The company reportedly originated $400 million last year through 10 offices in California and Utah.
More than 30 loan originators are expected to be employed at Medallion Mortgage's offices.
Medallion Mortgage Executive Vice President Mack McConkey will join Crossline Capital and manage portions of its California mortgage retail production.
"Medallion has huge purchase presence in their current markets and a scalable platform in markets where we were actively seeking to be in," Crossline Capital Executive Vice President Scott Contreras said in the announcement. "This will further enable Crossline to expand into the central and southern California markets while establishing and maintaining new relationships across the state."
Stonegate Emerges from Acquisitions as Billion Dollar Player (Dec. 20, 2013)
Stonegate Mortgage Corp. has completed its second acquisition since executing an initial public offering. Based on year-to-date originations from the combined units, monthly production exceeded $1 billion.
Stonegate Making Another Acquisition (Nov. 21, 2013)
Stonegate Mortgage Corp. is putting its newly acquired capital to work with another agreement reached to buy a mortgage production business.
Stonegate Mortgage profile
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