Stonegate Mortgage, Indianapolis, a publicly traded nonbank that recently underwent a management change, is considering takeover offers, according to industry advisors familiar with the situation. Although the company declined to comment, it appears that at the very least it’s considering selling some of its branches. At the same time, sources contend that certain branch managers are trying to cut separate deals with competitors. Firms looking to take over those branches include...
When the news broke about Stonegate this past summer, FBR issued a note to its clients saying that, “We expect the company has two options: hire a replacement CEO quickly, or sell the business altogether.”
On the conventional product, the loans have an average age of 23 months and delinquencies in the 3.0 percent range. Almost 80 percent of the loans are in California.
Some have suggested that it’s no wonder that several mortgage company owners – including those who control specialty servicers – are contemplating selling their companies.