Lender Acquires Ohio Servicer

Posted by Orb Staff on June 02, 2009 No Comments
Categories : Mortgage Servicing

ate Mortgage Corp., headquartered near Indianapolis, has completed the acquisition of Swain Mortgage Co. of Mansfield, Ohio. Swain, a Fannie Mae- and Ginnie Mae-approved servicing company currently handling $175 million in outstanding loans, will operate as a wholly owned subsidiary of Stonegate. ‘The Swain acquisition allows Stonegate to enter the servicing business at an ideal time, and 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,’ says Stonegate President Jim Cutillo. Swain originates loans via third-party origination sources, while Stonegate currently originates roughly $400 million annually in Federal Housing Administration 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,’ adds John Swain, president of Swain Mortgage. ‘Our customers will benefit from improved pricing execution and the efficient wholesale delivery system that Stonegate offers.’ According to the purchase details, Swain will remain in Mansfield, Ohio, while Stonegate will continue to operate out of its Indianapolis and Kansas City, Kan., offices. SOURCE: Stonegate Mortgag

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