Economic Development Incentives and Banking & Finance and Mortgage Lenders and Mortgages

Stonegate Mortgage plans to add 45 workers in '11

November 19, 2011

An Indianapolis-based mortgage firm that has pledged to add 300 workers by 2015 reported it hired 45 new employees this year.

Stonegate Mortgage was based in Fishers but recently moved its headquarters to The Precedent office park near Keystone Avenue and East 96th Street, to accommodate its planned expansion.

The company announced its growth plans late last year. It initially intended to expand in Fishers, but opted for the Indianapolis space after an acceptable lease couldn’t be negotiated.

Indianapolis will offer $760,000 in tax abatement over 10 years if the planned jobs come to fruition, and the state will provide $3.7 million in performance-based tax credits.

Stonegate Mortgage was founded in 2005 and does residential mortgage work, such as processing and underwriting loans; managing escrow accounts; and purchasing mortgages from financial institutions. The company has grown since 2008 as other firms saddled in subprime mortgage loans fell by the wayside.

Stonegate strategically avoided issuing loans to those with blemished or limited credit histories.

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