StoneWater Mortgage has quietly and swiftly left the building.

Scottsdale-based Caliber Funding apparently completed a lease last month for the 65,000 square foot building at 603 N. Wilmot Road, that had been the headquarters for StoneWater Mortgage. The company now refers to itself as Caliber Funding.

StoneWater had been called “Second Magnus” because the offices were the same as those used by First Magnus Financial Corp., which filed for bankruptcy in August 2007 putting most of its 800 employees in Tucson out of work. Many of the same executives were involved in both First Magnus and StoneWater. First Magnus is in the final stages of that bankruptcy liquidation.

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Caliber Funding, a subsidiary of Lone Star Funds in Dallas, announced in September that it had purchased “certain IT and operational assets” from StoneWater Mortgage but officials for both companies refused to talk about exactly what was involved in that transaction, except to focus on the StoneWater’s online platform for mortgages.

On its website, Caliber Funding said the transition from StoneWater was effective Oct. 6 and that it is adopting many of the former Tucson company’s operational policies and procedures.

As of May, StoneWater Mortgage had 150 people working in the Tucson office again and was issuing loans in 33 states, although the company was not issuing them in Arizona.

StoneWater was launched in June 2008. Nine months ago, StoneWater’s founders were named as defendants in a $1 billion lawsuit tied to the First Magnus failure. The suit claimed the group improperly acquired assets necessary to start StoneWater. In May, StoneWater’s leaders stepped down from their posts with the company and in June StoneWater settled its portion of the lawsuit.

Caliber Funding also has offices in Scottsdale and in Irving, Texas.

Contact reporter Joe Pangburn at jpangburn@azbiz.com or (520) 295-4259.