A national mortgage loan company said it will expand its staff by at least 600 throughout the year at one of its mortgage servicing sites. The announcement comes at a time when mortgage jobs are expected to fall.
Ameriquest Mortgage Co. set up customer service operations last year at Rancho Cucamonga, Calif., where it currently employs between 500 to 600 customer service and care representatives, according to company executive Adam Bass. But, by the end of 2004, the loan servicing staff will increase to 1,200.
"We hope to continue expanding at Rancho Cucamonga and we're looking at other possibilities at this time," Bass said.
The executive noted the Rancho Cucamonga location is convenient for Ameriquest in many ways including convenient proximity to an international airport and major highways.
"Folks like to live in the area, its a nice neighborhood and it cuts down commute times for any of our associates," he added.
The news of the hirings follows the release of the March employment report by the Bureau of Labor Statistics, which showed an increase in mortgage employment -- mortgage jobs jumped by 4,200 in February. However, the favorable mortgage numbers were tempered by a forecast of significant job losses in the sector and a big jump in interest rates following better than anticipated numbers in all job sectors.
Bass said the Orange-based company currently has a servicing portfolio of about $50 billion and, according to its Web site, maintains over 250 local offices throughout the country.