Shares of the Indianapolis-based bank took a nosedive during trading Friday morning after it reported its third-quarter earnings.
Financial terms of the agreements, announced in a written statement, were not disclosed, but the mortgages involve tens of millions of dollars in debt on retail properties spread throughout the area.
Stonegate ranked No. 1 on IBJ’s May list of fastest-growing Indianapolis-area private companies. The eight-year-old company saw revenue rocket from $15.5 million in 2010 to $95.5 million in 2012.
A Marion Superior Court judge has appointed a receiver to manage the seven-story building in downtown Indianapolis that is facing foreclosure. A lender to the building’s owner claims it is owed $10.5 million.
Local mortgage industry executives say record-low interest rates aren’t leading to a big boom in business because broader economic issues are keeping large parts of the population from seeking or qualifying for loans.
Stonegate Mortgage Corp. will move its growing operation to Indianapolis in the next few months after a deal to expand in Fishers fell through.
Tree.com Inc., the Charlotte, N.C., parent of LendingTree.com, said its Carmel office will shut down by Aug. 16, costing 64 employees their jobs.
The complaint, filed in Marion Superior Court, follows a similar suit that was dismissed in federal court. Bank of America and its Countrywide unit are accused of using perjured affidavits to foreclose on homes.