Stonegate Mortgage Corporation Buys Ohio Servicing Firm

Midwestern mortgage lender adds $175 million in loans, 2,000 customers

INDIANAPOLIS,June 1 /PRNewswire/ -- At a time when many banks and other
lending institutions struggle to stay afloat, Stonegate Mortgage Corporation
is adding quality customers to its expanding Midwest portfolio.

Stonegate, headquartered near Indianapolis, has completed the acquisition of
Swain Mortgage Company of Mansfield, Ohio. Swain will operate as a wholly
owned subsidiary of Stonegate. Swain is a Fannie Mae (FNMA)/Ginnie Mae (GNMA)
servicing company, currently handling $175 million in outstanding loans for
more than 2,000 households in Ohio.

"The Swain acquisition allows Stonegate to enter the servicing business at an
ideal time, lets us expand on our mortgage banking platform and provide a high
level of service to our customers after closing by maintaining the servicing
of their loans," said Stonegate president Jim Cutillo.

Swain originates loans via third-party origination sources, while Stonegate
originates roughly $400 million annually currently in Federal Housing
Administration (FHA) and agency loan production via retail offices in
Indianapolis and Overland Park, Kan., and third-party loan production in the
Midwest.

"Swain welcomes the opportunity to grow the size of our portfolio very quickly
in this interest-rate environment through Stonegate's monthly retail wholesale
production," said John Swain, president of Swain Mortgage Company. "Our
customers will benefit from improved pricing execution and the efficient
wholesale delivery system that Stonegate offers."

"This acquisition will greatly improve our positioning from an origination
standpoint at both the retail and wholesale level with our current customers
as we will provide financing opportunities, as well as a long term
relationship with our end customers through our servicing platform," said
Steve Landes, Stonegate's executive vice president.

According to the purchase details, Swain will remain in Mansfield, Ohio, while
Stonegate continues to operate out of its Indianapolis and Kansas City
offices.

For more information on Stonegate or Swain, visit www.stonegatemtg.com or
call 317.570.0450.

SOURCE Stonegate Mortgage Corporation

Steve Landes, EVP, +1-913-522-2997, slandes@stonegatemtg.com