Stonegate Unloads a Large Chunk of Its Retail Network, Vows to Go Heavy on ‘TPO’ Lending
November 25, 2015
Stonegate Mortgage – which holds the distinction of being the last nonbank mortgage firm to go public – is in the process of disposing of a large swath of its retail branch network in favor of a third-party originator strategy that relies heavily on brokers and correspondents. In total, it expects to close 47 branches outright by yearend or allow the offices to be taken over by a competitor. Although the company declined to discuss its strategy, recent press statements indicate it will maintain
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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