""Stonegate Mortgage Corporation"":https://www.stonegatemtg.com/default.aspx, a non-bank mortgage firm focused on origination, financing, and servicing, announced the acquisition of the wholesale lending channel and certain distributed retail assets of Nationstar Mortgage Holdings.[IMAGE]
In addition to expanding Stonegate's wholesale and retail client base, the acquisition adds more than 200 employees to the company's ranks.
""It continues to be an exciting time at Stonegate Mortgage,"" said CEO Jim Cutillo, commenting on the acquisition. ""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 [COLUMN_BREAK]
enhance our commitment and allow us to remain leaders in the mortgage marketplace,"" he added.
As part of the transaction, Stonegate made some changes to its management structure, adding several new senior managers.
Leading the company's Third Party Origination (TPO) channels as EVP is Kevin McCafferty. McCafferty developed extensive wholesale experience with Nationstar Mortgage and LandSafe Closing Services, a Bank of America subsidiary. He also spent 20 years working with BofA in various capacities, last serving as wholesale mortgage executive.
The TPO channel at Stonegate will be expanded into three sales divisions led by SVPs Michael Cullen (for the East Division), Paul Wyner (Central), and Greg Armstrong (West). All three will report to McCafferty.
On the retail side, Fred Bolstad was named EVP and national sales manager. Before coming to Stonegate, Bolstad held several national sales positions at Nationstar; previously, he served as managing director of wholesale lending and managing director of national production for Citibank.
The retail channel will also expand into three divisions, with SVPs Todd Fliss, Mark Etchison, and Vic Polich leading the Eastern, Central, and Western divisions, respectively.