A former wholesale lending executive at Homecomings Financial LLC has been named president of a growing Midwest lender.
More than 300 mortgage jobs are expected to be created in Indiana during the next four years at Stonegate Mortgage Corp. The company had around 162 employees as of the end of last year, including 88 in Indiana.
News about the planned hirings followed a December press release that the company intended to sponsor approved wholesale and correspondent clients under its FHA sponsorship program.
A Texas expansion was announced a year ago.
The firm said in December that it had originated $1.6 billion since 2008.
More recently, this year’s production is 40 percent higher than last year’s, according to Dan Bettenburg — who the company announced Friday as its new president.
Bettenburg previously worked at GMAC – Residential Funding Corp. as executive vice president and senior managing director, the news release indicated. During his 17 years with the organization he was responsible for Homecomings Financial.
Homecomings’ wholesale loan originations reportedly rose from $14 billion a year to $28 billion annually on Bettenburg’s watch. The company ended originations at the height of the financial crisis in September 2008.
The new president called Stonegate’s accomplishments during the past three years “exceptional,” adding that the company is well-positioned to continue growing its market share.
Bettenburg takes the title of president from Jim Cutillo, who will apparently remain chief executive officer. Cutillo, himself, was previously a director at GMAC-RFC.
The six-year-old firm said in March 2010 that it received an equity investment from Second Curve Partners LLC.
In 2007, Stonegate itself acquired mortgage broker 1st Signature Lending. That same year brought the purchase of mortgage servicer Swain Mortgage Co. — helping Stonegate to boast its standing as “one of the top 25 independently-owned mortgage servicers” in the country and helping its mortgage servicing portfolio reportedly reach 4,800 loans for $750 million as of December.
The company says it operates in 16 states in the Midwest and is headquartered in Fishers, Ind. But a report from the Indianapolis Business Journal indicated that Stonegate will relocate to Indianapolis.