Breaking News
  • Wells Fargo reaches $110 million class action settlement over fake accounts

    The fallout from Wells Fargo's fake account fiasco is far from over, as the bank announced late Tuesday that it reached a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. Click the headline to read more about the settlement.

Lending The Ticker

Stonegate Mortgage 3Q earnings drop

Mortgage origination volume soars by 123%

spiral stair

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."

Reprints

Services Guide

Comments powered by Disqus