Stonegate Mortgage Corporation has announced the hiring of Eric Scholtz as executive vice president of Structured Finance and report to Dan Bettenburg, president of Stonegate Mortgage. Scholtz is a capital markets executive with more than 20 years of experience in the structuring, pricing and trading of mortgage and asset-backed securities. Prior to joining Stonegate Mortgage, he served in a number of senior executive positions at GMAC RFC for more than 15 years, most recently as executive vice president of capital markets and senior vice president, head of trading where he was responsible for the acquisition and ultimate sale/securitization of $150 billion annual volume in agency and non-agency mortgage loans.
“Eric is a highly respected structured finance executive and brings tremendous experience and relationships that will be an important part of the growth and further success of Stonegate,” said Jim Cutillo, founder and CEO of Stonegate Mortgage. “The mortgage market needs a reliable and predictable source of liquidity for jumbo loans. Eric understands this market extremely well and will launch our jumbo loan conduit, which will enhance the development of loan solutions for consumers, third party originators and investors.”
“Eric is the first of several key industry leaders that will be joining Stonegate as we accelerate the growth of our mortgage business,” said Bettenburg. “We are investing in smart, experienced people, innovative technology and the development of high-quality mortgage products. All of which will enable us to fully capitalize on our ‘C3’ platform which is focused on automating credit, collateral and compliance decisions at the point of origination. We are excited to have Eric as a part of the Stonegate team.”
“I am thrilled to be joining Stonegate,” said Scholtz. “As one of the most thoughtful, well-conceived and innovative mortgage companies in the U.S., Stonegate has developed an incredible platform and already established a strong track record of providing high-quality service, execution and reliability which makes the company an industry leader. I am looking forward to be able to be a part of Stonegate and to help this company further execute its business plan.”
Stonegate Mortgage has intensified its focus on providing mortgage finance solutions to financial institutions adding strategic assets and people to further launch their offerings and enhance their relationships across the mortgage industry. In September 2012, Stonegate Mortgage acquired NattyMac, a leading warehouse lender, from Guggenheim Partners. By adding the NattyMac warehouse platform and its processes, the company has created an integrated warehouse and loan sale solution for its clients and has expanded the platform by offering servicing flow transactions for Fannie, Freddie and Ginnie Mae eligible loans.
Stonegate Mortgage followed that announcement in November with an agreement with Community Bank Mortgage LLC, a subsidiary of the American Bankers Association, to become its newest secondary market investor enabling Community Bank Mortgage LLC owner banks to sell loans on a “servicing-released” basis to Stonegate Mortgage with competitive pricing as well as access to the company’s full line of mortgage finance products.
Stonegate Mortgage recently announced its plans to expand its third party originations and servicing portfolio and build its financial institutions channel after completing a private equity transaction with Long Ridge Equity Partners, a New York-based private investment firm in March 2012.