Stonegate Mortgage Corp., the closely held lender that originated almost twice as much debt last quarter as in all of 2011, sold $115 million of common shares in a private offering to continue its expansion.
The company will use the funds to fuel originations of loans not intended for government-backed programs, as well as to build its portfolio of servicing contracts, chief executive officer Jim Cutillo said in a telephone interview. After recently starting to grant such jumbo mortgages directly to consumers, the Indianapolis-based firm plans to offer the product to its brokers and correspondents this month, he said.
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