StoneWater Mortgage, a new national wholesale lender, has selected Guardian Mortgage Documents (GMD) as its partner for providing an automated document preparation system and related professional services. StoneWater's proprietary mortgage banking platform, H2Online, will use Web services to leverage seamless data transfer into GMD's system for fully automated loan document generation.
StoneWater, which will focus on building its wholesale division before expanding into retail, is scheduled to begin its new national business operations during the third quarter of 2008. StoneWater adds that it has contracted GMD to generate all of its disclosures and documents for all agency programs, including Federal Housing Administration, and all document output will be in PDF format.
‘We have a great deal of perspective on what it takes to build a solid national company in the mortgage business,’ states Karl F.W. Young, president of StoneWater. ‘At First Magnus, we had a tremendous team of people who focused on building a very successful business technology platform using an in-house, build-your-own mentality. In this vastly different market of today, we have decided to take a different strategic approach, one where we integrate more best-of-breed solutions that are established and proven industry leaders, into our technology platform.’
Source: Guardian Mortgage Documents