The founder and chief executive officer of one of the 20-largest home lenders in the country is resigning his post.
Jim Cutillo founded Stonegate Mortgage Corp. in 2005. He shepherded the company as it grew from a startup to a national lender.
Cutillo led the
Indianapolis-based firm through an initial public offering in late 2013 and oversaw the subsequent acquisition of several businesses.
Last year, Stonegate originated $12.6 billion, while business amounted to $6.3 billion during the first half of this year.
The lender reported a staff of 1,349 as of June 30, 2015.
Now, Cutillo’s tenure at Stonegate has come to an end.
On Monday, an announcement indicated that
Cutillo is resigning as of Sept. 10.
“We have a great team in place that has accomplished so much during a time of transformation in the mortgage industry,” Cutillo said in the statement. “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.”
He noted that he is pursuing a new endeavor.
Cutillo will stay on as a consultant for six months to help with the transition.
The news release indicated that Stonegate Chairman
Richard A. Kraemer has been named interim CEO. He will retain his leadership role on the board.
Kraemer, who has 35 years’ experience in financial services and mortgage banking, will oversee day-to-day management while a permanent replacement is found, the news release indicated.
Kraemer noted in the announcement that Cutillo “has led the company through a period of great change and growth, and his efforts are greatly appreciated.”
Stonegate additionally said that
James V. Smith has been named president and chief operating officer.
Smith reportedly has spent more than a quarter-century in lending. The statement said that he has “an extensive background in building and leading highly successful loan origination, operations and servicing platforms.”
Smith comes from Wipro Limited, where he has been director of U.S. mortgage operations since June 2013. Before that he was a senior vice president with Bank of America Corp. responsible for
directing all residential mortgage loan fulfillment activities within six centralized operation centers.
Smith earned a
Bachelor of Business Administration degree in Finance from Georgia State University, according to the announcement.
