The demise of First Magnus Financial Corp. last August wasn’t even two months old when its former executives were developing plans to start StoneWater Mortgage Corp.
And now comes word StoneWater will start doing business in the third quarter this year in First Magnus’ former headquarters, 603 N. Wilmot Road.
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Much like First Magnus did, StoneWater will start out focusing on wholesale mortgages and then envisions expanding into retail.
The announcement came in a news release from Guardian Mortgage Documents in Denver saying it had been selected to provide StoneWater’s automated document preparation system and related professional services.
But there will be some differences.
"In this vastly different market of today, we have decided to take a different strategic approach, one where we integrate more best-of-breed solutions that are established and proven industry leaders into our technology platform," said Karl Young, president and CEO of StoneWater Mortgage in the release. Young was chief operating officer of First Magnus.
Young filed StoneWater’s incorporation documents with the Arizona Corporation Commission at the end of January. A list of directors and officers was filed a month later including: Secretary Matthew Thrasher, former in-house counsel for First Magnus; Treasurer Douglas Lemke, former general counsel; Director Dominick Marchetti, former chief technology officer; Director Gary Malis, former chief financial officer; and Director Amit Gurjal, formerly a vice president at First Magnus.
On the business social network website www.linkedin.com, Gurjal says he has been head of business operations since October.
First Magnus Financial, with some 5,500 employees, suddenly ceased operations Aug. 16, 2007, filing bankruptcy five days later. The company did $30 billion in home loans in 2006 and had $17.1 billion in the first half of 2007.
Comments
quitit all wrote on Aug 2, 2008 7:25 PM:
was cancelled, and they are left with pre-existing conditions, COBRA (??) People need to wake up and not be part of helping profit such a business but there were also greedy Mort. Brokers out to get a piece of the "quick buck". "