SOURCE: Stonegate Mortgage
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March 17, 2008 10:19 ET
Stonegate Mortgage Corporation Announces Expansion
Affiliate Mortgage Banking Program Meeting Demand Outside of Indiana
INDIANAPOLIS, IN--(Marketwire - March 17, 2008) - Stonegate Mortgage Corporation announces
plans to expand its affiliate mortgage banking program outside of Indiana.
Stonegate's current Indianapolis branch offices have been growing despite
the current challenges in the mortgage industry. In addition to the
affiliate branch that recently opened in Louisville, Kentucky, Stonegate
has filed for licensing in Missouri, Kansas, Tennessee, and Minnesota and
expects to develop affiliate branch offices in those areas as well.
"Our multi-state expansion is part of Stonegate's strategy to offer its
mortgage banking platform to affiliates in key markets," stated Stonegate
President, Jim Cutillo. "Stonegate's affiliate business model is a hybrid
retail model that provides wholesale pricing to our affiliate branches and
creates multiple revenue opportunities for each branch operation."
Supporting Stonegate's affiliate branch program is one of the most seasoned
executive teams in the business. The team includes David G. Kittle,
chairman-elect of the national Mortgage Bankers Association; Jim Cutillo,
former GMAC Residential Funding Director; Steve Landes, former IndyMac Bank
Regional President; and Lauren Hunt, former Waterfield Financial (American
Home Mortgage) Vice President.
Landes, the newest executive member has a proven track record of building
branch systems on a national level. Prior to his success at IndyMac Bank,
he was Senior VP of retail loan operations for NovaStar. Under his
direction the company grew from 4 to 450 branches in three years and ranked
in the top 5 nationally in total loan origination. "I'd put Steve's resume
up against anyone in this business," continued Cutillo.
Landes added, "Our strategy includes full service branch offices in four
markets this year, each with 10 to 15 Loan Officers and support staff.
Stonegate's mortgage banking platform, compensation plan, and executive
team allow us to compete with anyone in the business."
Kansas City operations are scheduled to be up and running by April with St.
Louis, Nashville and Minneapolis following closely behind in June.
About Stonegate Mortgage's Affiliate Branch Program
Highlights of the affiliate branch (loan officer) program include 100%
commission, industry Best X pricing, in-house underwriting and centralized
closing and funding. Go to www.stonegatemtg.com for more information on the
company.