[Update 1: revises loan minimum.]
Stonegate Mortgage Corporation will provide a nonagency jumbo loan product through its own network of retail offices.
The company’s nonagency jumbo loans will consist of 15- and 30-year fixed rate residential loans between $417,001 and up to $2 million.
With this new offering, homeowners will have the ability to purchase or refinance single family and 2-unit owner occupied properties, one-unit second homes, planned unit developments and rural properties of 10 acres or less.
Stonegate firmly believes that focusing on this market will provide a broader opportunity to help return private capital to the mortgage finance segment by shrinking the government’s footprint.
"Stonegate is committed to providing a superior customer experience with an unparalleled level of service to all of our partners whether that is direct to homeowners through our own retail branches or through approved third-party originators," said Eric Scholtz, executive vice president of structured finance for Stonegate.
He added, "It is clear that there is growing demand for jumbo fixed rate loans and that Stonegate has an opportunity, as a highly-focused, non-bank provider of capital and liquidity, to provide the right kind of housing finance products to this segment of the market."