Fishers, Ind.-based Stonegate Mortgage Corp. says it will sponsor approved wholesale/correspondent clients under its Federal Housing Administration (FHA) sponsorship program. The company began notifying wholesale and correspondent clients this week.
The sponsorship program will allow approved clients to deliver FHA loans to Stonegate after Jan. 1, 2011.
"This is obviously a big change for many of our clients who previously were approved directly by [the U.S. Department of Housing and Urban Development] to originate, underwrite, close and fund FHA loans in their names," says John Dennison, vice president of wholesale and correspondent lending for Stonegate Mortgage. "We are making enhancements to our technology and business processes to make the transition as seamless and as smooth as possible for our clients."
SOURCE: Stonegate Mortgage