After less than four years as an independent, publicly traded company, Stonegate Mortgage Corp. has, itself, been acquired.
The Indianapolis-based company was founded in
2005 by Jim Cutillo, who led Stonegate through an initial public offering in late 2013.
After that it acquired Crossline Capital Inc., a wholesale lending unit of Nationstar Mortgage Holdings Inc. and Medallion Mortgage Co.
But in September 2015, Cutillo agreed to resign as the company’s chief executive officer. James V. Smith was promoted from within the firm as a permanent replacement the following year.
In January
2017, Home Point Financial Corp. announced that it reached an agreement to acquire Stonegate for around $211 million in cash.
Ann Arbor, Michigan-based Home Point has, itself, during the past three years acquired
Maverick Funding Corp. and the operations of Emery Financial. It also made an investment in Longbridge Financial LLC.
In April, Stonegate’s stockholders approved the sale of the company.
On Wednesday, Home Point disclosed that it completed the acquisition of Stonegate.
“Home Point will now have full coverage in all channels of origination, as well as warehouse lending offerings,” Home Point President and Chief Executive Officer Willie Newman said in the news release. “In addition, the acquisition brings an in-house servicing platform to Home Point, giving us the ability to directly manage relationships with our customers.”
