IBJNews

Fishers-based mortgage company to add 300 jobs

Back to TopCommentsE-mailPrintBookmark and Share

A Fishers-based mortgage company plans to expand into a new corporate headquarters in the Indianapolis suburb and add 300 jobs by 2015, the company announced Tuesday morning.

Stonegate Mortgage Corp. will move next spring from its current location near 106th Street and Allisonville Road to a 29,000-square-foot office at 9998 Crosspoint Blvd., near 106th Street and State Road 37.

Stonegate, which was founded in 2005, handles residential mortgage work such as processing and underwriting loan applications; managing escrow accounts; and purchasing mortgages from financial institutions.

The company serves 14 states in the Midwest and South. In addition to the Fishers office, Stonegate has five additional retail locations, with two in Indianapolis, two in Columbus, Ohio, and one in Overland Park, Kan.

The 162-person company with 88 Indiana workers has begun “actively pursuing new employees and will continue hiring in 2011 and beyond,” said Jim Cutillo, the company’s founder and CEO.

The new positions mostly include skilled jobs such as loan originators and processors, IT experts and business analysts, with salaries averaging $28 an hour.

Cutillo said the company’s strategic effort to avoid subprime lending—or offering loans to those with blemished or limited credit histories—has helped it succeed during a sour time for the industry. Cutillo formerly worked for major subprime issuer GMAC.

“I think it was irresponsible behavior—I also knew that it wasn’t sustainable,” Cutillo said. “I was looking to build a company that would last well beyond the subprime loans.”

That strategy initially meant slower growth for Stonegate, but it has seen an uptick since 2008, adding 150 employees and attracting new capital from two new equity investors.
 
The Indiana Economic Development Corp. is providing Stonegate $3.7 million in performance-based tax credits and $50,000 in training grants. Fishers also has offered the company a 10-year property-tax abatement of up to $760,000.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

ADVERTISEMENT