Overall, ()Stonegate Mortgage sold a total of 6.4 million shares of its common stock for $18 per share, which accrued to a total net proceeds of approximately $106.8 million.
Additionally, the firm used $10 million of the proceeds to pay off existing debt that was borrowed to build its mortgage servicing portfolio, the company stated.
“We also recently launched a non-agency (jumbo) loan program and an integrated warehouse lending solution, which positions us to gain market share and compete with bank-owned originators and servicers who have controlled the market since the crisis,” he said.
