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Stonegate Mortgage Corporation has announced that Richard A. Kraemer has been named interim CEO of the company, replacing Jim Cutillo, who has resigned from the company effective Sept. 10. Cutillo will be assisting Stonegate as a consultant to facilitate his transition from the company over the next six months. Kraemer will retain his position as chairman of the Board.
With more than 35 years of experience in financial services and mortgage banking, Kraemer will be overseeing the day-to-day management of the company until the search for a permanent CEO with the requisite leadership and mortgage industry experience is completed.
In addition, effective Sept.3, 2015, the company is announcing the appointment of James V. Smith as president and COO, reporting to Kraemer until a permanent CEO is named. In his new role at Stonegate Mortgage, Smith will be responsible for overseeing all of the company’s operations.
"I am excited about the opportunity to join Stonegate Mortgage at this juncture and believe that my past experience will be an asset to the company going forward," said Smith.
On Cutillo’s departure, Kraemer said, "Over the past 10 years, Jim Cutillo has grown Stonegate from its inception as a local Indiana residential mortgage company into a fast-growing public company operating in 48 states. Jim has led the company through a period of great change and growth, and his efforts are greatly appreciated."
"I am proud of the growth and development of Stonegate Mortgage since the company was founded ten years ago. We have a great team in place that has accomplished so much during a time of transformation in the mortgage industry. 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. I am looking forward to working with Rich, Jim and others to transition the day-to-day leadership of the company and will be redirecting my entrepreneurial energy on a new endeavor going forward," said Cutillo, founder of Stonegate Mortgage.more than over 25 years of mortgage and consumer finance experience with an extensive background in building and leading highly successful loan origination, operations and servicing platforms.
Since June 2013, Smith has served as director of US Mortgage Operations for Wipro Limited, a global information technology, consulting and business process outsourcing company with more than 158,000 associates located throughout sixty countries. Prior to Wipro Limited, Smith served as senior vice president with Bank of America Corporation where he was responsible for directing all residential mortgage loan fulfillment activities within six centralized operation centers located throughout the eastern and central United States.
In addition, Smith served in a variety of executive leadership roles at Saxon Capital Inc., a NYSE-listed real estate investment trust and a leading independent residential mortgage lender and servicer, where Kraemer also served as chairman. Smith’s roles included senior vice president of mortgage operations, executive vice president of National Production and President of Saxon Mortgage Inc., where he directed all U.S. mortgage lending activities including retail, wholesale and correspondent business channels.
Smith’s additional experience includes serving as EVP and COO of Origen Financial, as well as assistant VP of Mortgage Conduit Funding for Household Financial Services.
Kraemer has 35-plus years of financial services and mortgage banking experience. He has served as CEO and in other executive positions for several financial institutions and public companies as well as served on several boards of public and private companies. Kraemer served as chairman of the board of directors of Saxon Capital from 2001 through 2006. Kraemer is also a member of the board of directors of FBR Capital Markets. He also served as a trustee and member of the audit committee of American Financial Realty Trust from 2002 to 2008.