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Production Jobs Dominate Mortgage Hirings

Recent mortgage-related hiring activity

May 19, 2013

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Two years ago, it was mortgage servicers that were doing most of the recruiting in real estate finance. Today, however, it is increased mortgage originations that are driving mortgage recruiting efforts.

Staffing at NewDay USA has grown from around 265 employees as of Dec. 31, 2012, to 360 employees as of May 15, the Fulton, Md.-based firm reported to Mortgage Daily. By next year, the reverse mortgage lender hopes to grow to a thousand employees.

The April 18 approval of a jobs incentive program for Digital Risk by the city commissioners of Lake Mary, Fla., is expected to result in the addition of 300 jobs by the end of this year, according to meeting minutes. The average wage of the new jobs is $44,778. Another 300 jobs are expected to by added by the end of 2017.

Brentwood, Tenn.-based Churchill Mortgage, which previously reported staffing of 319 employees as of March 31, said in April that it hired 16 more people. Half of the hirings were in Brentwood, while four were in Texas, three were in Virginia and one was in Washington.

An expansion of mortgage lending services at Troy, N.C.-based First Bank will result in seven new loan originators in North Carolina, South Carolina and Virginia, according to a March 1 statement from the bank. In addition, eight production employees are being hired in North Carolina.

Fourteen account executives were hired by Carrington Mortgage Services LLC, according to an April 11 report.

Inlanta Mortgage announced that 11 new employees were hired between Feb. 1 and May 1. The new recruits, who work in production and administration, bring headcount at the Brookfield, Wis.-based firm to 220 employees. Inlanta operates 32 branches in 16 states.

Another branch operator, Sierra Pacific Mortgage, said last month that it has retained Luceo Solutions as its recruitment technology provider. Sierra operates in 48 states and said that it is committed to growing "national retail presence by 25 percent in 2013." In the first quarter, 13 new branches were added.

As many as 100 new jobs are expected to be created during the next three years at NewOak Credit Services LLC in Danbury, Conn., a May 6 news release indicated. The credit and risk solutions advisory firm was recently created by New York-based NewOak Capital.

A 50 percent increase in staffing during the past two years at First Guaranty Mortgage Corp. prompted that company to move to a larger headquarters location in McLean, Va., an April 24 announcement indicated. Recent growth has been fueled by third-party originations, prompting the addition of multiple account executives and a regional manager.

Fay Servicing announced in March that it opened a second Chicago-area office to accommodate growth and has been on a hiring spree. However, when asked for details about the number of people being hired, a spokeswoman responded in a statement, "Fay Servicing is not going to announce the number of new employees being added for proprietary and competitive reasons. They do not want everybody to know how big or small they are."

Around 260 Prommis Holdings employees will keep their jobs as a result of McCalla Raymer's May 1 acquisition of the Atlanta-based company, according to an announcement. Prommis filed for chapter 11 bankruptcy protection on March 18. McCalla Raymer provides legal services for the mortgage industry, while Prommis is a foreclosure processor.

Wells Fargo Home Mortgage planned to hire 90 underwriters in Portland, Ore., The Oregonian reported on March 5. A new office location housing the recruits will accommodate a total of 400 employees.

Two new Wisconsin mortgage offices at Wisconsin Bank & Trust will result in 30 new jobs, a story in early March from the Wisconsin State Journal said. Around 20 of the new positions were loan originators.

The Money Source plans to add 15 account executives to keep pace with growth in correspondent loan purchases and third-party originations, National Mortgage News reported on April 18.

Fifty new jobs added at Wright-Patt Credit Union during 2012 were mostly related to increased mortgage originations, a story from the JournalNews said. The Fairborn, Ohio, financial institution plans to add another 68 employees this year.

Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

[email protected]

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