What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.


Stonegate Mortgage revenue up 432% in Q2

But still making up ground from last year's numbers

Stonegate Mortgage Corp., a nonbank mortgage company focused on originating, financing and servicing U.S. residential mortgage loans, reported a huge revenue increase Thursday for the second quarter.

Revenue is up 432% from last quarter to $26.5 million, an increase from the first quarter’s nearly $5 million.

On the other hand, revenue is still down 65% from the second quarter of last year when it was at $75.4 million.

The main reason for the dramatic difference? Changes in mortgage servicing rights valuation. Whereas this quarter it came in at a loss of $17.9 million, last quarter it came in at a loss of $35.7 million. Last year, on the other hand, it actually increased by $17.7 million.

Mortgage loans held for sale also factor in to the dramatic ups and downs. This quarter the net gains on mortgage loans held for sale came in at $28.3 million, up from last quarter’s $23.1 million, but significantly down from last year’s $41.2 million.

Another notable difference from last year is a cut of nearly $9 million in salaries, commissions and benefits.

Overall, the company had a net income loss of $17.2 million, and, while better than last quarter’s loss of $37.5 million, it is still down from last year’s gain of $11.1 million.

Adjusted net income for the second quarter 2016 came in at $1 million, or $0.04 per diluted share after excluding pre-tax mortgage servicing rights valuation adjustments of $17.9 million.

"During the second quarter, we saw continued volatility within the financial markets primarily driven by economic concerns abroad,” CEO Jim Smith said. “While this environment presented some challenges related to GAAP earnings, we were pleased with the overall performance of our business segments and the profitability of our core operations."

"The success of our restructuring efforts and execution of our cost management strategies have positioned us well for future earnings stability,” Smith said. “As a result, we generated $1 million dollars in adjusted net income for the quarter.”

“Production was up 21% and we posted a significant increase in total revenues while our overall expenses decreased by 2%,” he said.

Most Popular Articles

Josh Team out as Keller Williams president

Josh Team is out at Keller Williams, not long after he received what appeared to be a promotion. He announced his resignation on Facebook.

Feb 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please