Tuesday, 23 September 2014
Last updated 9 min ago
Mar 13 2012 | 10:39am ET
New York-based private equity firm Long Ridge Equity Partners will invest in Stonegate Mortgage, one of the largest independently owned mortgage lenders in the U.S.
Stonegate plans to use the capital to expand its portfolio of mortgage-servicing rights and continue its growth in the correspondent and wholesale loan origination channels. The additional capital will also allow Stonegate to expand its retail branch network through select acquisitions.
Long Ridge spokesman Whit Clay told IndyStar.com the firm would invest $25 million in Stonegate.
“We are well-positioned to act as an aggregator for depositories and correspondents who are selling loans on a servicing released basis into the secondary market; we intend to become an industry leader in this space.” said Jim Cutillo, CEO of Stonegate, in a statement. “In addition, we have the resources to acquire small to mid-size mortgage bankers who need CapitaLand warehouse lines to grow their businesses. We are confident that we can execute our plan, while maintaining our commitment to providing an outstanding experience for all of our clients – both institutional and retail.”
The company is also actively pursuing the purchase of existing mortgage servicing rights from banks who face balance sheet and regulatory constraints and later this year plans to launch a non-agency jumbo program.
Under terms of the agreement, Stonegate has added Rich Mirro to its board of directors. Mirro is the former chairman and CEO of North American Mortgage. He previously served as chairman and CEO of Fleet Mortgage and COO of Chase Manhattan Mortgage.
Jim Brown and Kevin Bhatt of Long Ridge Equity Partners will also join Stonegate’s board in connection with the transaction.
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