Stonegate plans to add 400 workers in expansion

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis-based Stonegate Mortgage Corp. plans to double its local work force by adding up to 400 jobs by 2017, the company announced Tuesday morning.

It plans to invest $6.2 million in new office space in Carmel, at the North Haven office park to accommodate the expansion.

The additional 21,000-square-foot office will be just north of its 81,515-square-foot headquarters campus at The Precedent office park in Marion County.

Company officials said the new positions will be in administration, support and sales. About 300 of the new employees will work from the new office space with the other 100 stationed in the existing office.

Stonegate officials said salaries for new employees in non-sales jobs will average about $50,000 to $55,000 per year. It could not immediately say how many of the new jobs would be in sales.

The company will receive financial incentives from the state if it meets hiring expectations. The Indiana Economic Development Corp. offered Stonegate up to $4.8 million in conditional tax credits and up to $161,250 in training grants.

In a previous round of state incentives, in 2010, Stonegate promised to add 300 jobs by 2015.  It’s already met that target, having added 310 jobs.

Stonegate currently has about 400 employees in the metro area and about 1,100 nationwide.

The city of Carmel also is considering economic incentives for Stonegate.

The company is one of the nation’s fastest-growing non-bank mortgage originators, picking up businesses ceded by banks in recent years and snapping up weaker lenders.

Stonegate has been on a buying spree over the last year. In December, it bought Crossline Capital Inc., which broadened its retail presence.  In November, Stonegate bought Nationstar Mortgage Holdings.

Just last month, the company bought California-based Medallion Mortgage.

The buying spree may have given Stonegate some indigestion, however, according to analysts. Its stock closed Monday at $14.48, from a high of nearly $18.50 during its initial public stock offering last October. Shares rose 2.2 percent Tuesday morning, to $14.80.

In the fourth quarter of 2013, Stonegate revenue grew 35 percent over the previous year's fourth period, to $43.8 million.

Stonegate earned a profit of $2.07 million, or 8 cents a share, down 44 percent from $3.72 million, or 38 cents, a share for the same quarter in 2012.

Nationally, mortgage originations have been falling, with January marking the lowest origination volume since 2008, according to Jacksonville, Fla.-based Black Knight Financial Services. Overall, originations were down nearly 60 percent year-over-year.

Not only have rates risen since early last year, but the majority of those who could refinance at historically low rates already have, said Black Knight.

Curiously, home equity lending rose 26 percent over the same period in 2012. But it was still down 90 percent from the boom year of 2006.

Stonegate, which has been profitable every year since 2008, has sought to diminish the effects of downturns by diversifying its business to handle originations, financing and the servicing of loans.


  • Ummm Stefan
    Please read the article before commenting...it says they are doubling their LOCAL workforce not their nationwide total of 1100.
  • Umm, Marshall
    I can't speak for others, but I know a little about the mortgage industry. Everyone is scaling back due to rising interest rates. Originations have fallen off the chart. Stonegate will be under increasing pressure to buy more poorly performing mortgages as time goes on. Everybody who expands quickly in this business, and I mean EVERYBODY, ends up in trouble. Mark my words. One more thing, Chief. If you're going to rip on others, you might want to make sure your numbers are right. 300 new jobs on top of 1100 is not doubling.
    • It's a big deal
      They received incentives in 2010 for 300 new jobs by 2015...they exceeded that number and hired 310 by 2014. This new round of incentives is for an additional 400 jobs by 2017.
    • Um, Eudolia...
      ... if you can't see the significance of ANY company doubling the number of people it employs, whether it had previously committed to that increase or not, then YES, you ARE missing something. And from where, pray tell, do you glean your incredibly astute insights into the future of this company? What about a company that's been on a tear acquiring others would lead you to believe that it won't be around much longer?
    • What is the big deal?
      They had already committed 300 jobs for the last tax incentive. 100 more jobs additional through 2017....am I missing something? Interesting piece is they will probably not be the same company in 2017, sold off well before then, if still around.

    Post a comment to this story

    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

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
    Subscribe to IBJ
    1. The Affordable Care Act is not the reason for the slow recovery and lack of high paying jobs for low skill workers. This is a trend that has been going since the early 80's. The recovery is real in the sense that GDP has been growing steadily at a rate of roughly 2.5% since the recession ended in late 2009 (newsflash, the stimulus worked) and the unemployment has been steadily dropping. The reason issue we are facing deals with a skills gap (not enough workers with the right credentials / experience) and wage stagnation due to corporate America being focused solely on maximizing profits for shareholders and not caring about the American middle class. Why should they? Multi-billion dollar mutlinational companies keep offshoring their profits in order to avoid paying taxes (which makes our deficit worse) they convince Americans to fight amongst themselves. If you want to create jobs and reduce the deficit, raise the minimum wage and change corporate tax laws. Of course, if you want to continue to belive that tax cuts for wealthy create jobs (which they don't) and allow corporations and the wealthy to continue to make you cover more and more of the costs of maintaining infrastructure, funding the military and other government services, then keep voting Republican. Hopefully someday you wake up and realize what's been going on since Reagan took office.

    2. Helloooooo, my name is Kate. I am so joyous to share this wonderful testimony about what Dr. Osoijiakhena, a great spell caster, did for me and my family. I wedded a year and 6 months ago, we were very happy during this whole period, i really love my husband so so much. I started noticing changes when he started coming home late at night, he stop paying attention to me, i later found out that he was having an affair with another lady, i dont know what she did to get to him but she really got a hold on him. He started spending weekends with her, and threaten for divorce. I was so heart broken and devastated, i spent many night thinking on how to get my husband back. A friend took it upon herself to to introduce me to one Dr. Osoijiakhena, a great spell caster, who once helped her with a spell that reunited her family and helped her husband secure a very prolific job. Though i had my doubts and never believed, but i decided to give it a try because i was helpless. I contacted Dr. Osoijiakhena, the Spell caster, to help me reunite my family by bringing back my husband from that other woman and break whatever hold she had on him. He only just told me that it's a minor issue, once i provide and do everything he will ask me to do, then i will have my family back again. I did everything he required. And he did it!!!!! My husband returned back to me and pleaded for forgiveness, and i also secured a well paid job in a big company, just as the great spell caster, Dr. Osoijiakhena said. I am so so happy to share my testimony on this wall. I am using this medium to tell every one that has same or similar problem to try the great Dr. Osoijiakhena through his mail: drosoijiakhenaspell@gmail.com......he is so real!!!!! He can also help you with: (1) IF YOU WANT YOUR EX GIRL/BOYFRIEND TO RETURN BACK TO YOU (2) IF YOU WANT YOUR HUSBAND/WIFE BACK (3) IF YOU WANT TO BE PROMOTED IN YOUR OFFICE (4) IF YOU WANT YOUR MAN OR WOMAN TO LOVE YOU (5) IF YOU WANT A CHILD (BARREN) (6) IF YOU WANT TO BE RICH/WEALTHY (7) IF YOU WANT YOUR HUSBAND/WIFE TO BE YOURS FOREVER (8) IF YOU'VE BEEN SCAMMED AND WANT YOUR MONEY BACK (9) IF YOU ARE HAVING DELAY IN GETTING MARRIED (10) IF YOU HAVE A COURT CASE AND WANT TO WIN (11) IF YOU'RE A DRUG ADDICT AND YOU WANT TO REALLY STOP (12) IF YOU CANNOT IMPREGNATE A WOMAN (STERILE) (13) ALL TYPES OF DISEASES I advise you to contact the great Dr. Osoijiakhena, the spiritualist for solutions via his email: drosoijiakhenaspell@gmail.com

    3. Sergeant McNally is buried in Cathcart Cemetery on a hill known as McNally%u2019 Hill. The Cemetery is in a natural bushland setting and is very well maintained.The emergency department at Ararat Hospital is known as the John McNally Emergency Department. Cathcart is approx. 4.6 km from Ararat and is approx. 345 m above sea level.

    4. My spring chicken of a Mom is turning 75 years young. She is a big fan of Frankie and I think she would get a big kick out of the film. I wanted to take her to the Broadway play but am priced out. Thanks for your time and consideration. Oh yea, Wildwood! Joie

    5. I thought this company would go bankrupt in 2013/2014. I predicted that four years ago. I was wrong. It will take another couple of years, but they will get there.