Stonegate Mortgage Corp. has announced the completion of its acquisition of Southern California-based Medallion Mortgage Company through its subsidiary, Crossline Capital.
Stonegate said that Medallion originated more than $400 million in mortgage loans during the year ended December 31, 2013 through its California and Utah locations, serving customers with a portfolio of residential real estate loan programs. Crossline's acquisition will include 10 offices along the southern and central coast of California, Utah and a new operations center in Ventura, CA. These offices will employ more than 30 loan officers. Mack McConkey, Medallion's Executive Vice President, will join Crossline Capital in a senior role and manage portions of its southern and central California mortgage retail production.
"We are excited about joining forces with Crossline Capital," said McConkey, "The Crossline team has a proven track record of success and we are looking forward to being able to work with a company that has such dedication to responsible lending and the customer experience."
"This is a great opportunity for Crossline," said Crossline Capital Executive Vice President Scott Contreras. "Medallion has huge purchase presence in their current markets and a scalable platform in markets where we were actively seeking to be in. This will further enable Crossline to expand into the central and southern California markets while establishing and maintaining new relationships across the state."
Crossline Capital Inc. is a California-based mortgage lender that originates, funds, and services consumer direct mortgages.
Stonegate Mortgage Corp. is a publicly traded, mortgage company that originates, finances and services agency and non-agency residential mortgages through its network of retail offices and approved third party originators.
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