Stonegate Mortgage Corporation (SGM), has announced today the completion of its acquisition of Southern California-based Medallion Mortgage Company through its wholly owned subsidiary, Crossline Capital.
Medallion originated more than $400 million in mortgage loans during the year ended December 31, 2013 through its California and Utah locations, serving customers with an extensive portfolio of residential real estate loan programs. Crossline’s acquisition will include 10 offices along the southern and central coast of California, Utah and a new operations center in Ventura, CA. These offices will employ more than 30 loan officers. Mack McConkey, Medallion’s Executive Vice President, will join Crossline Capital in a senior role and manage portions of its southern and central California mortgage retail production.
“We are excited about joining forces with Crossline Capital,” said McConkey, “The Crossline team has a proven track record of success and we are looking forward to being able to work with a company that has such dedication to responsible lending and the customer experience.”
“This is a great opportunity for Crossline,” said Crossline Capital Executive Vice President Scott Contreras. “Medallion has huge purchase presence in their current markets and a scalable platform in markets where we were actively seeking to be in. This will further enable Crossline to expand into the central and southern California markets while establishing and maintaining new relationships across the state.”
About Crossline Capital
Crossline Capital Inc. is a California-based mortgage lender that originates, funds, and services consumer direct mortgages. Crossline Capital is creating better ways for consumers to save on their mortgages while enabling them to gain more control over the home purchase and refinancing process. Crossline Capital's management has more than 70 years of combined experience in front line mortgage origination. Crossline believes in the core principles of transparency, consumer empowerment, innovation, and responsible lending.
About Stonegate Mortgage Corporation
Founded in 2005, Stonegate Mortgage Corporation (SGM) is a leading, publicly traded, mortgage company that originates, finances and services agency and non-agency residential mortgages through its network of retail offices and approved third party originators. Stonegate Mortgage also provides financing through its fully integrated warehouse lending platform, NattyMac. Stonegate Mortgage's operational excellence, financial strength, dedication to customer service and commitment to technology has positioned the firm as a leading provider in the emerging housing finance market.
For more information on Stonegate Mortgage Corporation, please visit www.stonegatemtg.com.
Forward Looking Statements
Various statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. Our forward- looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "intend," "anticipate," "potential," "plan," "goal" or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this press release speak only as of the date of this press release; we disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These and other important factors, including those discussed in the "Risk Factors" section within our final prospectus dated October 9, 2013, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
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