Daniel Bettenburg, the president of Stonegate Mortgage (SGM), informed the company that he is resigning his position, according to a filing with the Securities and Exchange Commission.
Bettenburg, who had been the company’s president since 2011, is leaving the company to “pursue other interests.”
According to the SEC filing, the company does not intend to hire a replacement for the president role, “given the recent executive team additions and its transition to a business unit driven operating model.”
Bettenburg’s executive bio on Stonegate’s website states that before he joined Stonegate, he was executive vice president and senior managing director at GMAC-Residential Funding Corporation, where he worked for 17 years in various roles.
“After leaving GMAC-RFC in 2008, he founded and managed New Market Holdings, LLC until investing in Stonegate and joining the executive team,” Stonegate’s website reads.
According to the SEC filing, Bettenburg will be working with the company’s executive team to transition his duties prior to his departure from the company.
The news comes on the heels of a weaker than expected first quarter. The company posted a loss of $7.9 million in the first quarter and missed revenue expectations by $7.3 million, despite an increase of nearly 100% for the company’s retail mortgage originations.
The company’s retail originations increased from $131.9 million in the fourth quarter to $260.9 million in 2014’s first quarter. Stonegate’s first quarter originations were also up over $110 million from the same time period last year.
The company attributed its first quarter loss in part to the acquisition of Nationstar’s wholesale lending channel in December. According to the company’s first quarter earnings statement, its payroll increased from $23.87 million in the fourth quarter to $33.42 million in the first quarter. The company’s payroll was $14.49 million in the first quarter of 2013.
The full SEC filing announcing Bettenburg's resignation can be read here.
