Stonegate Mortgage Corporation has announced that it has completed the acquisition of the wholesale lending channel and certain distributed retail assets from Nationstar Mortgage Holdings Inc. Stonegate’s acquisition adds more than 200 employees associated with these businesses. This transaction enables Stonegate to expand its wholesale and retail client base by expanding the geographies, third-party originators and customers it can serve. As a part of this transaction and to execute its aggressive growth strategies, Stonegate is realigning its management structure and adding several new senior managers. These changes include:
Kevin McCafferty will now lead Stonegate's Third Party Origination (TPO) channels as Executive Vice President - Third Party Origination. Prior to Stonegate, Kevin developed extensive wholesale experience with Nationstar Mortgage and LandSafe Closing Services, a Bank of America subsidiary, as national sales executive. For 20 years, he was with Bank of America in varying capacities, last serving as wholesale mortgage executive, responsible for sales across their Western Division, where he built annual production to over $14 billion. He will report directly to Dan Bettenburg, president, Stonegate Mortgage.
The TPO channel will be expanded into three Sales Divisions led by senior vice presidents Michael Cullen (East Division), Paul Wyner (Central Division) and Greg Armstrong (West Division). John Dennison will remain SVP - Inside TPO Sales and Doug Miller will remain SVP - CFI. All of these individuals will report to McCafferty in his new role.
Fred Bolstad will become Stonegate’s executive vice president -- National Sales Manager with responsibility for retail. Prior to his hiring at Stonegate, Fred held several national sales positions at Nationstar Mortgage, Citibank, as managing director, Wholesale Lending and managing director of National Production. While at Citibank, Fred generated more than $80 billion in volume. Bolstad will report directly to Jeff Walton, president of Retail Lending.
“It continues to be an exciting time at Stonegate Mortgage," said Jim Cutillo, CEO of Stonegate Mortgage. "This acquisition reflects our ongoing growth strategies, as we continue to build our national presence. We remain committed to delivering a superior customer experience in all aspects of our business. These changes enhance our commitment and allow us to remain leaders in the mortgage marketplace.”
The Retail channel will be expanded into three divisions led by senior vice presidents Todd Fliss (Eastern Division), Mark Etchison (Central Division) and Vic Polich (Western Division). All three will report to Bolstad in his new role.