Stonegate Mortgage Corp. (SGM) reported a third-quarter net income of $1.7 million, or 10 cents a share, a decline from $9.1 million, or 63 cents a share, in the second quarter of 2013 and down from $9.5 million, or $1.00 a share, for the same time period last year.
Meanwhile, mortgage origination volume increased 12% to $2.3 billion during the third quarter of 2013, compared to $2.1 billion in originations in the second quarter of 2013. It's also up 123% when compared to the $1.1 billion origination volume recorded in the third quarter of 2012.
"Our third quarter results reflect solid business execution during a period of rising interest rates and underscore the strength of our differentiated, vertically integrated and scalable mortgage banking platform," said Jim Cutillo, CEO of Stonegate Mortgage.
"Our three lines of business--mortgage originations, mortgage servicing and mortgage financing--complement each other and create a natural hedge against interest rate volatility and business cyclicality, an important factor in our performance."