Mortgage brokers and mortgage banking correspondents now have another place to close their Federal Housing Administration loans.
That place is Stonegate Mortgage Corp.
The Fishers, Ind.-based firm said Thursday that it intends to sponsor approved wholesale and correspondent clients under its FHA sponsorship program.
The FHA expansion will be available to brokers and correspondents beginning Jan. 2, 2011.
“Approved wholesale/correspondent clients are being notified this week of our intent to sponsor them,” Stonegate Executive Vice President of Loan Origination Steve Landes said in the news release. “They will receive an e-mail with sponsorship requirements and a request for updated and/or additional information.”
Stonegate announced in June an expansion into the Texas wholesale and correspondent market.
In October, competing wholesaler Fairway Independent Mortgage Corp. announced a new program with a variety of options for third parties seeking to originate FHA-insured loans.
