Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster.

Brokers, Here’s Everything You Need to Know About Rocket Pro TPO

Want to stay up to date with the latest on what Rocket Pro TPO is offering its broker partners? Check out our TPO hub for updates and more.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

Loan quality lessons learned from 2020

HousingWire recently spoke with Trevor Gauthier, CEO of ACES Quality Management, about the effects of 2020 on loan quality and what lenders should expect regarding loan quality and risk management this year.

InvestmentsMortgage

Home Point Financial completes Stonegate Mortgage acquisition

Stonegate also begins delisting procedures from NYSE

Home Point Financial Corp.’s $211 million acquisition of Stonegate Mortgage Corp. is now complete, as Stonegate disclosed in a filing with the Securities and Exchange Commission that the acquisition became final on Wednesday.

As a result of the deal, Stonegate is now wholly owned direct subsidiary of Home Point.

“The successful completion of this acquisition is an important milestone for us,” said Willie Newman, Home Point’s chief executive officer.

“Home Point will now have full coverage in all channels of origination, as well as warehouse lending offerings. In addition, the acquisition brings an in-house servicing platform to Home Point, giving us the ability to directly manage relationships with our customers,” Newman added.

“The most exciting part is combining the experience and talent of these two great companies in the service of our customers,” Newman concluded.

But that’s hardly the only change for Stonegate.

According to the company’s SEC filing, many of the company’s executives are stepping down in conjunction with the completion of the Home Point acquisition.

Specifically, Jim Smith is stepping down from his positions as chief executive officer and president of Stonegate; Carrie Preston is stepping down as chief financial officer; R. Douglas Gilmore is stepping down as chief information officer; and Kelly Henry is stepping down as chief risk officer.

Additionally, David Dill is stepping down as executive vice president of loan servicing; David Kress is stepping down as general counsel and secretary; Steve Landes is stepping down as director of national sales and as president of NattyMac; and John Macke is stepping down as executive vice president of capital markets.

Smith will also be stepping down from Stonegate’s board of directors. All of the other members of the board will also be stepping down, including: Richard Kraemer, Kevin Bhatt, James Brown, Sam Levinson, Richard Mirro, and J. Scott Mumphrey.

According to Stonegate’s SEC filing, “none of these resignations were as a result of any disagreement with Stonegate, its management or its board of directors.”

All of the departures take effect on Wednesday.

According to details provided by Home Point, Smith will serve as the combined organization’s chief operating officer.

“Stonegate Mortgage always has been focused on delivering a superior customer experience,” Smith said. “We are delighted to join the Home Point team to help customers achieve the American dream of homeownership.”

In replacement of the departed Stonegate execs, Newman, Agha Khan, Stephen Levey, and Eric Rosenzweig became the directors of Stonegate.

Newman will also be taking on the roles of CEO and president of Stonegate, while Howard Nathan will take over as Stonegate’s chief financial officer and treasurer; Matthew Goodman will take over as secretary; and Sheryl Johnson will step in as chief legal officer.

Additionally, the deal, which was first announced in late January, will see Stonegate’s shareholders receive $8 for each share they own.

Stonegate’s SEC filing details what will now happen to Stonegate’s shares, which were previously traded on the New York Stock Exchange under symbol “SGM.”

Per the SEC filing, Stonegate’s shares will be suspended from trading on the NYSE prior to the opening of trading on June 1, 2017. Then, the NYSE will officially delist Stonegate’s shares.

Most Popular Articles

The housing market outsmarted the foreclosure crisis

This isn’t 2008. A bevy of loss mitigation waterfalls, forbearance safety nets and an abundance of equity gave Americans a fighting chance when the foreclosure crisis finally sunsets. HW+ Premium Content

Jun 18, 2021 By

Latest Articles

Existing home sales dip downwards for fourth month

Existing home sales fell for the fourth consecutive month in May, down .9% from April to 5.8 million, the National Association of Realtors reported on Tuesday.

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

Log In

Forgot Password?

Don't have an account? Please