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Hirings Generate Millions in Incentives

Stonegate Mortgage in deal with Indiana

Dec. 15, 2010

By MortgageDaily.com staff


Economic incentives in Indiana have an expanding lender adding 300 new jobs in the state.

The hirings were announced Tuesday by Indiana Lt. Governor Becky Skillman.

The 300 job openings are expected to be filled by 2015.

The company doing the hiring is Fishers, Ind.-based Stonegate Mortgage Corp.

On its Web site, open positions currently include loan officers, senior loan officers and branch managers.

According to the statement, the Indiana Economic Development Corp. offered Stonegate up to $3.7 million in performance-based tax credits and $50,000 in training grants based on the company's job creation plans.

"Stonegate Mortgage has experienced tremendous growth since 2008," Stonegate President and Chief Executive Officer Jim Cutillo said in the statement. "We attribute the growth to our relentless focus on responsible lending and our decision not to participate in subprime lending."

The lender reports that current headcount is 162, including 88 Indiana employees. It operates from six retail centers in three Midwest markets.

Earlier this month, Stonegate announced that it intends to sponsor approved wholesale and correspondent clients under its FHA sponsorship program. In June it disclosed an expansion into the Texas wholesale market.

A report in June indicated that Second Curve Partners LLC invested in the company.

The five-year-old firm said it has originated $1.6 billion since 2008.

Its mortgage servicing portfolio stands at 4,800 loans for $750 million.

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