Smith Promoted to Permanent CEO Job at Stonegate

Stonegate Mortgage Corp. in Indianapolis has promoted James Smith, its president and chief operating officer, to be its permanent CEO.

He replaces interim CEO Richard Kraemer, the company announced in a news release Monday. Smith will maintain his role as president.

Smith joined Stonegate last September, around the same time company founder, Jim Cutillo resigned from the CEO job. Following Cutillo’s unexpected departure, Kraemer was named interim chief executive. Kraemer will continue to serve as the company’s chairman.

“Jim's deep experience in the mortgage industry makes him uniquely qualified to lead Stonegate,” Kraemer said of Smith’s appointment in the release. “We expect his strong execution skills and ability to deliver tangible results to enhance shareholder value.”

Previously Smith was director of U.S. mortgage operations for Wipro Limited. Before that, he was a senior vice president at Bank of America, overseeing residential mortgage fulfillment; president of Saxon Mortgage; and chief operating officer of Origen Financial.