51.4 F
Laguna Hills
Saturday, Feb 8, 2025
-Advertisement-

Stearns to Sell B2B Mortgage Unit

Santa Ana-based Stearns Lending LLC is selling its Delegated Correspondent Lending business to Flagstar Bancorp Inc. of Troy, Mich., for an undisclosed price.

Stearns’ unit is a business-to-business, wholesale mortgage lending operation that purchases loans from 250 lenders such as credit unions, community banks and builder-owned mortgage companies. The lenders, which annually generate a combined $7 billion in agency and governmental residential mortgage loans, will sell many of their loans to Flagstar instead of Stearns.

The decision to exit the business is consistent with the company’s evolution, Chief Executive Brian Hale said in a statement. Stearns employees and subcontractors associated with the business will transition to Flagstar.

Stearns’ financial advisor and legal counsel, respectively, were Wells Fargo Securities and Sheppard, Mullin, Richter & Hampton LLP. BuckleySandler LLP was legal counsel to Flagstar.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Previous article
Next article
Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-