SA Transcripts • Sun, Nov. 9
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- Stonegate Mortgage has been a disappointment over the last year.
- I did not foresee the extreme regulatory pressure the mortgage servicing industry would face.
- Eventually the industry headwinds will subside, but it could be a choppy sea for the stock until then.
Stonegate Mortgage - A Value Trap With Dubious Adjusted Financials
- We believe Stonegate Mortgage investors will suffer significant losses as many issues we identify play out. We have well-researched reservations about the viability/sustainability of its business model.
- We believe management changed definitions for adjusted earnings without appropriate disclosures, and excluded recurring expenses (that don't reconcile). Both appear violations of SEC reporting guidelines (Reg G).
- Stonegate continues to raise capital on overstated projections and an MSR mark 32% higher than its peers. Sellside estimates have declined nearly 50% in eight months.
- We believe sell-side estimates are 67% too high, and at least 33% downside exists in the stock, and significantly more should its correspondent mortgage model fail to attract new capital.
Stonegate Mortgage: 3 Different Insiders Have Purchased Shares During The Last 30 DaysMarkus Aarnio • Fri, Jun. 6
- 3 insiders purchased Stonegate Mortgage stock within one month.
- The stock was sold by no insiders in the month of intensive purchasing.
- 2 of these 3 insiders increased their holdings by more than 10%.
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SGM vs. ETF Alternatives
Stonegate Mortgage Corporation originates, acquires, sells, finances and services residential mortgage loans. The Company predominantly sells mortgage loans to the Federal National Mortgage Association and Government National Mortgage Association pools.
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