Mortgage servicer and originator Stonegate Mortgage Corp. finalized its purchase of mortgage lender Crossline Capital on Friday, in a move that effectively expands its retail channel and grows its geographic area.
The deal is in line with the firm’s ongoing growth strategy.
Crossline is licensed to originate home loans in 20 U.S. states and operates two mortgage origination call centers in Lake Forest, Calif., and Scottsdale, Ariz., while also operating retail mortgage origination branches in seven other locations throughout Southern California.
Stonegate’s acquisition target originated $572 million in mortgage loans in 2012 and $374 million in home loans during the first nine months of 2013.
"Stonegate is committed to expanding our retail mortgage origination footprint through strategic acquisitions that will enable us to provide services directly to the consumer," said Jim Cutillo, Chief executive officer of Stonegate Mortgage.
Prior to the acquisition, Crossline was financing loans through Stonegate through its NattyMac subsidiary.
"Now with this acquisition, we will have access to Stonegate's additional capital and the ability to implement their technology, which is key for us to continue our long-term growth and success,” said Tim Elkins, CEO of Crossline Capital.