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Correspondent Business Soars at Stonegate

Mortgage News

Quarterly mortgage originations increased at Stonegate Mortgage Corp., with correspondent lending activity surging even as new retail business floundered. The mortgage servicing portfolio jumped by nearly half over the past three months.

During the first three months of 2013, home loan production amounted to 9,971 loans originated for $1.900 billion.

The Indianapolis-based company reported the operational data for Mortgage Daily’s first-quarter 2013 mortgage origination survey.

New business jumped from the prior quarter, when production was 7,201 loans for $1.399 billion.

First-quarter 2013 activity more than quadrupled from the first-quarter 2012, when mortgage production was $0.404 billion.

During all of 2012, Stonegate originated $3.449 billion.

Retail loan originators generated $0.150 billion of the latest volume, off from $0.164 billion the prior period. But wholesale production rose to $0.397 billion from $0.357 billion, and correspondent lending production soared to $1.353 billion from just $0.878 billion in the prior period.

The mortgage servicing portfolio expanded by nearly half from the fourth quarter of last year, climbing to 34,642 loans serviced for $6.115 billion from the prior quarter’s 25,372 loans for $4.381 billion.

Stonegate finished March with 519 employees, growing its staff from just 311 people as of the end of last year and 225 employees as of March 31, 2012.

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