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Stonegate Mortgage has been gearing up to offer its correspondents and others warehouse financing after acquiring NattyMac from Guggenheim Partners.
When asked about the catalysts for the acquisition, Stonegate's CEO/founder Jim Cutillo said that the company wanted to be involved in the front end of the loan financing process in order to ensure loans are "serviceable and saleable" from that point on.
"Once it is funded, you own it," he said, noting that being involved in this part of the process helps the company identify problems in loans before closing.
Cutillo said this is becoming increasingly important because, "We feel like the GSEs are going to be asking more and more of the originators," given the new representation and warranty policy the government-sponsored enterprises' regulator outlined recently. (See related story.) Among other things, this...