Stonegate Mortgage Corporation (NYSE:SGM), a leading,
publicly-traded non-bank mortgage company announced today Richard
A. Kraemer, has been named Interim CEO of the company. Mr. Kraemer
is replacing Jim Cutillo, who has resigned from the company
effective September 10, 2015. Mr. Cutillo will be assisting
Stonegate as a consultant to facilitate his transition from the
company over the next six months. Mr. Kraemer will retain his
position as Chairman of the Board.
With over 35 years of experience in financial services and
mortgage banking, Mr. Kraemer will be overseeing the day-to-day
management of the company until the search for a permanent CEO with
the requisite leadership and mortgage industry experience is
completed.
In addition, effective September 3, 2015, the company is
announcing the appointment of James V. Smith as President and COO,
reporting to Mr. Kraemer until a permanent CEO is named. In his new
role at Stonegate Mortgage, Mr. Smith will be responsible for
overseeing all of the company’s operations.
"I am excited about the opportunity to join Stonegate Mortgage
at this juncture and believe that my past experience will be an
asset to the company going forward," said Mr. Smith.
On Mr. Cutillo’s departure, Mr. Kraemer said, "Over the past 10
years, Jim Cutillo has grown Stonegate from its inception as a
local Indiana residential mortgage company into a fast-growing
public company operating in 48 states. Jim has led the company
through a period of great change and growth, and his efforts are
greatly appreciated."
"I am proud of the growth and development of Stonegate Mortgage
since the company was founded ten years ago. We have a great team
in place that has accomplished so much during a time of
transformation in the mortgage industry. The strategic investments
we have made in technology have positioned the company for growth
and success so now is the right time for me to leave Stonegate. I
am looking forward to working with Rich, Jim and others to
transition the day-to-day leadership of the company and will be
redirecting my entrepreneurial energy on a new endeavor going
forward," said Mr. Cutillo, founder of Stonegate Mortgage.
Mr. Smith brings with him an extensive and successful career in
the sector overseeing mortgage operations and improving efficiency
and profitability and has over 25 years of mortgage and consumer
finance experience with an extensive background in building and
leading highly successful loan origination, operations and
servicing platforms.
Since June 2013, Mr. Smith has served as Director
of US Mortgage Operations for Wipro Limited, a global information
technology, consulting and business process outsourcing company
with more than 158,000 associates located throughout sixty
countries. Prior to Wipro Limited, Mr. Smith served
as Senior Vice President with Bank of America Corporation where he
was responsible for directing all residential mortgage loan
fulfillment activities within six centralized operation centers
located throughout the eastern and central United States.
In addition, Mr. Smith served in a variety of executive
leadership roles at Saxon Capital, Inc., a NYSE-listed real
estate investment trust and a leading independent residential
mortgage lender and servicer, where Mr. Kraemer also served as
chairman. Mr. Smith’s roles included Senior Vice President of
Mortgage Operations, Executive Vice President of National
Production and President of Saxon Mortgage, Inc., where he directed
all US mortgage lending activities including Retail, Wholesale and
Correspondent business channels.
Mr. Smith’s additional experience includes serving as Executive
Vice President and Chief Operating Officer of Origen Financial
L.L.C., as well as Assistant Vice President of Mortgage Conduit
Funding for Household Financial Services. Mr. Smith received his
Bachelor of Business Administration degree in Finance from Georgia
State University in Atlanta, Georgia.
Mr. Kraemer has over 35 years of financial services and mortgage
banking experience. He has served as CEO and in other executive
positions for several financial institutions and public companies
as well as served on several boards of public and private
companies. Mr. Kraemer served as Chairman of the Board of Directors
of Saxon Capital Inc., a publicly-traded mortgage real estate
investment trust ("REIT"), from 2001 through 2006. Mr. Kraemer is a
member of the Board of Directors of FBR Capital Markets. He also
served as a trustee and member of the audit committee of American
Financial Realty Trust (NYSE:AFR), a publicly-traded REIT, from
2002 to 2008.
About Stonegate Mortgage
Corporation
Founded in 2005, Stonegate Mortgage Corporation (NYSE:SGM) is a
leading, publicly-traded 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.
Forward Looking
Statements
Various statements contained in this press release, including
those that express a belief, expectation or intention, as well as
those that are not statements of historical fact, are
forward-looking statements. These forward-looking statements may
include projections and estimates concerning the timing and success
of specific projects and our future production, revenues, income
and capital spending. Our forward- looking statements are generally
accompanied by words such as “estimate,” “project,” “predict,”
“believe,” “expect,” “intend,” “anticipate,” “potential,” “plan,”
“goal” or other words that convey the uncertainty of future events
or outcomes. The forward-looking statements in this release speak
only as of the date of this press release; we disclaim any
obligation to update these statements unless required by law, and
we caution you not to rely on them unduly. We have based these
forward-looking statements on our current expectations and
assumptions about future events. While our management considers
these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory and other risks, contingencies and uncertainties, most
of which are difficult to predict and many of which are beyond our
control. These and other important factors, including those
discussed in the “Risk Factors” section within our 2014 Annual
Report on Form 10-K filed on March 6, 2015 and any revisions to
those Risk Factors in subsequent filings, may cause our actual
results, performance or achievements to differ materially from any
future results, performance or achievements expressed or implied by
these forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20150831005344/en/
Media:Sloane & Company (on behalf of Stonegate Mortgage
Corporation)Whit Clay,
212-446-1864wclay@sloanepr.comorInvestor:Stonegate Mortgage
CorporationMichael McFadden,
317-663-5904michael.mcfadden@stonegatemtg.com
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