Indianapolis-based Stonegate Mortgage has acquired NattyMac, a St. Petersburg, Fla.-based warehouse lender, from Guggenheim Partners. The financial terms of the deal were not disclosed.
‘NattyMac has been providing warehouse financing to independent mortgage bankers since 2004, and unlike many of the bank owned warehouse lenders, they continued to do so during the credit crisis,’ says Jim Cutillo, CEO of Stonegate Mortgage. ‘We intend to ensure that the independent mortgage banker has access not only to warehouse financing, but liquidity for their agency loans.’
As part of the agreement, John VanDolah, chief operating officer for NattyMac, and his team of 20 employees will join Stonegate to maintain and enhance the leadership and management of the NattyMac business. In addition, Stonegate will be opening a regional operations center in the NattyMac offices to handle the additional wholesale and correspondent volume.