SOURCE: Stonegate Mortgage

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.

Contact Information