Stonegate Mortgage Corporation announced that Mike McElroy has been named general counsel. He will be responsible for overseeing all legal, regulatory and legislative issues for Stonegate and will report to Jim Cutillo, founder and CEO of the company.
Prior to joining Stonegate, McElroy served as the General Counsel of Home Loan Servicing Solutions, Ltd., a publicly-traded Cayman Islands company primarily engaged in the business of owning non-agency mortgage servicing assets. Before HLSS, McElroy was senior vice president and deputy general counsel of Ocwen Financial Corporation, the fifth-largest mortgage loan servicer in the U.S., where his duties included directing transactional legal matters.
"We are excited to have Mike join the Stonegate Team," said founder and CEO Jim Cutillo. "Mike has significant public company experience and is clearly well-versed in the mortgage industry. We are confident that his management of legal teams and relationships with outside law firms will be a real asset to our company as we execute our growth plans in the months and years ahead."
Stonegate Mortgage Corporation recently announced the pricing of its initial public offering of 7,100,000 shares of common stock at a price to the public of $16 per share. The company's common stock began trading on the New York Stock Exchange under the symbol "SGM" on October 10, 2013. The offering closed on October 16, 2013, subject to customary closing conditions.