Stonegate Mortgage Completes Acquisition
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Stonegate Mortgage Corp. (NYSE: SGM) says a deal for a Texas-based company's wholesale lending channel is complete. As part of the acquisition, more than 200 Nationstar Mortgage Holdings Inc. employees join Stonegate. December 12, 2013
News Release
INDIANAPOLIS, Ind. – Stonegate Mortgage Corporation (NYSE: SGM), a leading non-bank mortgage company focused on originating, financing and servicing U.S. residential mortgage loans, announced today that it has completed the acquisition of the wholesale lending channel and certain distributed retail assets from Nationstar Mortgage Holdings Inc. Stonegate's acquisition adds more than 200 employees associated with these businesses.
This transaction enables Stonegate to expand its wholesale and retail client base by expanding the geographies, third party originators and customers it can serve. As a part of this transaction and to execute its aggressive growth strategies, Stonegate is realigning its management structure and adding several new senior managers. These changes include:
Kevin McCafferty will now lead Stonegate's Third Party Origination (TPO) channels as Executive Vice President – Third Party Origination. Prior to Stonegate, Kevin developed extensive wholesale experience with Nationstar Mortgage and LandSafe Closing Services, a Bank of America subsidiary, as National Sales Executive. For 20 years, he was with Bank of America in varying capacities, last serving as Wholesale Mortgage Executive, responsible for sales across their Western Division, where he built annual production to over $14 billion. He will report directly to Dan Bettenburg, President, Stonegate Mortgage.
The TPO channel will be expanded into three Sales Divisions led by Senior Vice Presidents Michael Cullen (East Division), Paul Wyner (Central Division) and Greg Armstrong (West Division). John Dennison will remain SVP – Inside TPO Sales and Doug Miller will remain SVP – CFI. All of these individuals will report to McCafferty in his new role.
Fred Bolstad will become Stonegate's Executive Vice President — National Sales Manager with responsibility for retail. Prior to his hiring at Stonegate, Fred held several national sales positions at Nationstar Mortgage, Citibank, as Managing Director, Wholesale Lending and Managing Director of National Production. While at Citibank, Fred generated more than $80 billion in volume. Mr. Bolstad will report directly to Jeff Walton, President Retail Lending.
The Retail channel will be expanded into three divisions led by Senior Vice Presidents Todd Fliss (Eastern Division), Mark Etchison (Central Division) and Vic Polich (Western Division). All three will report to Bolstad in his new role.
Commenting on the completion of the acquisition and these developments, Jim Cutillo, CEO of Stonegate Mortgage said, “It continues to be an exciting time at Stonegate Mortgage. This acquisition reflects our ongoing growth strategies, as we continue to build our national presence. We remain committed to delivering a superior customer experience in all aspects of our business. These changes enhance our commitment and allow us to remain leaders in the mortgage marketplace.”
About Stonegate Mortgage Corporation
Founded in 2005, Stonegate Mortgage Corporation (NYSE: SGM) is a leading, publicly traded integrated mortgage company that originates, finances and services agency and non-agency residential mortgages through its network of retail offices and approved third party originators. Stonegate Mortgage also provides financing through its fully integrated warehouse lending platform, NattyMac. Stonegate Mortgage's operational excellence, financial strength, dedication to customer service and commitment to technology have positioned the firm as a leading provider in the emerging housing finance market.
For more information on Stonegate Mortgage Corporation, please visit www.stonegatemtg.com.
Source: Stonegate Mortgage Corp.