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Stearns Lending and Citywide Home Loans Close Partnership Deal

November 14, 2018

DALLAS--(BUSINESS WIRE)--Nov 14, 2018--Stearns Lending, LLC, a leading independent mortgage bank, today announced the close of its shared equity partnership deal with Citywide Home Loans, an independent mortgage lender headquartered in Salt Lake City, Utah.

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“Citywide’s strong retail profile combined with our wholesale, retail and strategic alliance sectors provide both companies with the opportunity for continued growth in today’s mortgage marketplace,” said David Schneider, CEO of Stearns Lending. “Leveraging our shared values and complementary business models, this partnership allows us to provide our employees, customers and partners with industry-leading technology and resources that help the dream of homeownership become a reality.”

This partnership is part of Stearns’ new Preferred Partner Platform which leverages Stearns experience with its current Joint Venture business model which currently operates under ten different brands across the country. As a Preferred Partner, Citywide has access to Stearns’ industry-leading technology, direct access to capital markets expertise and operational excellence.

“This partnership provides Citywide with the cutting edge technology and capital markets execution to stay strong and to grow in today’s market while staying true to our company roots and commitment to putting customers first,” Teresa Whitehead, CEO of Citywide Home Loans.

Founded in 1998 by Steven J. Goorman, Citywide began as a small broker company with a team of 5 employees and a commitment to doing things the right way. Today, the company employs over 700 employees and operates 72 branches across 36 states. In 2017, Citywide originated $3.2 billion in residential loans.

For more than 29 years, Stearns has been helping employees, borrowers and business partners to reach their goals by successfully exceeding expectations and leading the industry with innovation and efficiency.

About Citywide Home Loans

Founded on December 7th, 1998 by Steven J. Goorman as Citywide Funding, his entrepreneurial, dynamic and determined style has grown the small broker company of just 5 employees to the large corporation it is today. Even though Citywide Home Loans now employs over 700 employees and covers 36 states, the company still maintains its small company roots. Steve Goorman lives by the motto, “leadership is taught by example.”

Citywide has the culture and platform that allows mortgage professionals to shine for their clients. They are a correspondent lender with a full range of loan products including: Conventional, FHA, FHA 203k, VA, USDA, CHFA and other bond programs in the states where they conduct business. CitywideHomeLoans.com

About Stearns Lending, LLC

Stearns Lending, LLC is a leading provider of mortgage lending services in Wholesale, Retail and Strategic Alliance sectors throughout the United States where licenses are held. The company was ranked as the #3 Wholesale Lender nationwide by Inside Mortgage Finance in June of 2018.

Stearns Lending is an equal housing lender and is licensed to conduct business in 49 states and the District of Columbia. Additionally, Stearns Lending is an approved HUD (United States Department of Housing and Urban Development) lender; a Single-Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for Fannie Mae (Federal National Mortgage Association); and an approved Seller/Servicer for Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns Lending is also approved as a VA (United States Department of Veterans Affairs) lender, a USDA (United States Department of Agriculture) lender and is an approved lending institution with FHA (Federal Housing Administration). Stearns Lending, LLC is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707. Company NMLS# 1854. Stearns.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20181114005696/en/

CONTACT: Jim Anderson, Chief Marketing Officer

janderson@stearns.com

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Stearns Lending, LLC

Copyright Business Wire 2018.

PUB: 11/14/2018 01:00 PM/DISC: 11/14/2018 01:01 PM

http://www.businesswire.com/news/home/20181114005696/en

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