Bank of Virginia (BOVA) in Midlothian, Va., will invest in Stonegate Mortgage's residential mortgage-loan participation program.

The $180 million-asset bank said Tuesday that it had agreed to a $30 million, short-term mortgage-loan purchase-and-sale agreement with Stonegate. Bank of Virginia will purchase packages of Stonegate loans in an arrangement similar to a reverse-repo agreement 

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.