IN: Stonegate Mortgage to Expand HQ for 2nd Time, Add 400 New Jobs
7 Mar, 2014
Governor Mike Pence joined executives from Stonegate Mortgage Corporation, a mortgage company focused on originating, financing and servicing U.S. residential mortgage loans, to announce the company’s plans to expand its headquarters in central Indiana, creating up to 400 new jobs by 2017.
The homegrown-Hoosier company will invest $6.2 million to lease, renovate and equip an additional 21,000 square feet of space in Carmel’s North Haven office park, just north of its Indianapolis headquarters. Stonegate will maintain operations at its current 81,515 square-foot office at The Precedent office park in Indianapolis.
“After launching in Indiana and growing into a national company, Stonegate knows firsthand the benefits of doing business in a state that works,” said Pence. “With hardworking Hoosiers forming the strongest business backbone in the country, Indiana companies earn a competitive advantage here that they frequently can’t find elsewhere. Add in our central location and low-tax business environment, and it’s easy to see why highly successful companies continue to recognize Indiana as the destination of choice for new job-creating investment.”
Stonegate, which currently employs more than 1,100 associates, including more than 400 in Indiana, will continue to hire for positions across the company. Interested applicants may apply by visiting www.stonegatemtg.com/careers.
“When we founded the company in 2005, our focus was on creating a profitable and sustainable business,” said Jim Cutillo, founder and chief executive officer of Stonegate Mortgage. “In December of 2010, we announced the creation of 300 jobs in Indiana by 2015, with the help of the Indiana Economic Development Corporation. We are pleased to report that we have exceeded that target. Today, as a publicly traded company our focus remains the same and we are announcing the creation of another 400 jobs by 2017 here in Indiana, as we expand our corporate headquarters.”
This announcement marks Stonegate’s second headquarters expansion in recent years. In 2010, the mortgage lender announced plans to add 300 new jobs by 2015 in central Indiana. Stonegate has already exceeded that goal, adding more than 310 net new jobs as of December 2013.
Founded in 2005, the publicly traded mortgage company focuses on originating, financing and servicing agency and non-agency U.S. residential mortgages through a network of retail offices and approved third party originators. Stonegate, which is licensed in 41 states and Washington, D.C., currently serves customers across the United States. It plans to expand its services across 48 states within the next year.
The Indiana Economic Development Corporation offered Stonegate Mortgage Corporation up to $4,825,000 in conditional tax credits and up to $161,250 in training grants based on the company's job creation plans. These incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Carmel supports this project.
“We are very excited to welcome Stonegate to Carmel’s growing corporate family,” said Carmel Mayor Jim Brainard. “This expansion reflects Stonegate’s forward-thinking approach, which plays well with Carmel’s goal to build a community that continues to attract good-paying jobs and new corporate partners.”
Companies launched in Indiana continue to find a fertile environment for growth here. In January, Pence joined executives from Hat World, a homegrown-Hoosier retailer and manufacturer of hats and sports apparel, to announce the company’s plans to expand its headquarters and distribution operations across central Indiana, adding more than 750 new jobs by 2025.
Founded in 2005, Stonegate Mortgage Corporation (NYSE: SGM) is a leading, publicly traded, mortgage company that originates, finances and services agency and non-agency residential mortgages through its network of retail offices and approved third party originators. Stonegate Mortgage also provides financing through its fully integrated warehouse lending platform, NattyMac. Stonegate Mortgage's operational excellence, financial strength, dedication to customer service and commitment to technology have positioned the firm as a leading provider in the emerging housing finance market.
For more information on Stonegate Mortgage Corporation, please visit www.stonegatemtg.com.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.