Stonegate Mortgage Founder and CEO Jim Cuttilo recently announced his departure from the company. He will serve as a consultant over the next six months as he transitions.
"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," Cutillo said.
He added, "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."
Richard A. Kraemer has been named interim CEO of Stonegate and will retain his position as Chairman of the Board. In addition, the company has appointed James V. Smith as president and COO, reporting to Mr. Kraemer until a permanent CEO is named.
Kraemer has over 35 years of experience in financial services and mortgage banking. In his new role, he 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.
"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," Kraemer said on Mr. Cutillo’s departure.
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
Smith will be responsible for overseeing all of the company’s operations in his position.
"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," Smith said.