ATLANTA, Feb. 2, 2021 /PRNewswire/ — The StoneHill Group (TSG), a national third-party mortgage services firm, today announced their preliminary results for the year ending December 31, 2020.
2020 was an unprecedented year marked by a turbulent market and challenging industry conditions, yet StoneHill delivered many noteworthy achievements because of the steadfast determination of our team to deliver service excellence to our clients and experienced another record year. StoneHill achieved record year-over-year growth, with revenue increasing nearly 70% and our employee base growing over 60%. In 2020 the company provided quality control audits, origination underwriting and processing, due diligence loan reviews and additional fulfillment services for over 90,000 mortgage loans on behalf of 310 different lenders. More importantly, the company grew our client base over 22% and expanded our service penetration significantly. “Our company’s strategic evolution to a diversified and integrated operation was fully realized in 2020, delivering exceptional results”, said Patrick Gluesing, President and Chief Operating Officer. “The foundational framework that we laid in 2019 allowed our transformation to proceed rapidly, and this enabled our company to react nimbly to the challenges of the pandemic and the unprecedented industry demand. I am extremely proud of our team for their commitment to customer service and innovation, and grateful for the loyalty of our customers, who value our partnership.”
Among the notable highlights in 2020, the company built out the Fulfillment Services and Due Diligence lines of business. Fulfillment, which grew over 200% in unit volume, saw the addition of a new Director, functional leadership, and the deployment of enhanced technology thus driving over two dozen capabilities to build scale, drive efficiency, and improved client transparency. Similarly, the Due Diligence team added a dedicated Director and an experienced core team of underwriters, while migrating to an enhanced technology platform to meet the needs of this growing division. Meanwhile, due to the worldwide pandemic, the company rapidly converted most of its associates to work-from-home without any disruption to productivity and service delivery. The application development team added significant capacity and released a record number of critical capabilities, with emphasis on client enablement. Finally, the company also strengthened its technology security posture with enhanced dual-factor authentication and upgraded our virtual private network.
“We reflect proudly on the accomplishments in 2020, and we’re eager to build upon that momentum in 2021”, said StoneHill Chairman David Green.
About the StoneHill Group, Inc.
Founded in 1996, The StoneHill Group is a trusted provider of exceptional loan quality control, mortgage process outsourcing and technology solutions to the mortgage industry. Our proven processes, deep experience, technology-enabled, and client-focused solutions deliver capacity, operational efficiencies, mitigate risk and empower confident compliant decisions. Serving a client base of over 300 independent mortgage bankers, banks, credit unions, mortgage servicers and sub- servicers, and Housing Finance Authorities across the United States. For more information on the StoneHill Group, please visit https://www.stonehillgroup.com/.
SOURCE The StoneHill Group, Inc.