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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowStonegate Mortgage Corp. on Thursday reported a third-quarter profit of $15.6 million in the third quarter after revenue surged 159 percent from a year ago.
The Indianapolis-based firm brought in $66.3 million in revenue in the latest period, up from $25.6 million in the same quarter of 2015.
The profit of $15.6 million, or 60 cents per share, snapped a two-quarter streak of losses for the company. Stonegate posted a loss of $29.3 million, or 88 cents per share, in the third quarter of 2015.
“The increase in revenues during the third quarter of 2016 as compared to both the second quarter of 2016 and the third quarter of 2015 was predominantly the result of favorable changes in the fair value of our [mortgage servicing rights] and increases in gains on mortgage loans held for sale, partially offset by lower servicing fee income from a decline in our average servicing portfolio,” the company said.
Stonegate shares closed at $4.13 each Thursday, up 2 percent.
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