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Fishers-based mortgage company to add 300 jobs

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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.

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  1. I am so impressed that the smoking ban FAILED in Kokomo! I might just move to your Awesome city!

  2. way to much breweries being built in indianapolis. its going to be saturated market, if not already. when is enough, enough??

  3. This house is a reminder of Hamilton County history. Its position near the interstate is significant to remember what Hamilton County was before the SUPERBROKERs, Navients, commercial parks, sprawling vinyl villages, and acres of concrete retail showed up. What's truly Wasteful is not reusing a structure that could still be useful. History isn't confined to parks and books.

  4. To compare Connor Prairie or the Zoo to a random old house is a big ridiculous. If it were any where near the level of significance there wouldn't be a major funding gap. Put a big billboard on I-69 funded by the tourism board for people to come visit this old house, and I doubt there would be any takers, since other than age there is no significance whatsoever. Clearly the tax payers of Fishers don't have a significant interest in this project, so PLEASE DON'T USE OUR VALUABLE MONEY. Government money is finite and needs to be utilized for the most efficient and productive purposes. This is far from that.

  5. I only tried it 2x and didn't think much of it both times. With the new apts plus a couple other of new developments on Guilford, I am surprised it didn't get more business. Plus you have a couple of subdivisions across the street from it. I hope Upland can keep it going. Good beer and food plus a neat environment and outdoor seating.

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