Local mortgage company makes expansion movements
February 26, 2014 by Sarah
Crossline Capital Inc., a Lake Forest-based mortgage company, recently purchased Medallion Mortgage Co.
Crossline operates a call center in both Scottsdale and Lake Forest, as well as seven retail branches throughout Southern California. The Medallion addition is anticipated to add 10 offices and 30 loan officers across Utah, as well as Southern and Central California. No purchase price was disclosed.
Crossline itself is a subsidiary of Stonegate Mortgage Corp., based out of Indianapolis. Stonegate has grown considerably in the last few months. October brought an initial public offering, followed in November by an acquisition of Nationstar Mortgage Holding Inc., which is a wholesale and retail operation. The Nationstar purchase also bought that company’s earlier acquisition of Greenlight Financial Services Inc. for $75m.
In December, Crossline was acquired by Stonegate for $9.4 million. Now, with Crossline’s purchase of Medallion Mortgage, yet another company will become part of the Stonegate family. Recently, Stonegate had a reported market value of approximately $388m. The latest figures show that Stonegate, within the first three quarters of last year alone, experienced an increase in loans it originated by about 200% when compared to the same period in the prior year.
Many acquisitions require stationery printers to make changes to letterheads and invoices, either to change the company name or to add the purchasing company’s name.