The correspondent lending subsidiary of a Dallas-based bank is recruiting Louisiana staff to handle its growing business. At the heart of the unit is a group of several dozen employees who have operated as a team for a quarter century.
A recent announcement from the State of Louisiana indicated that Affiliated Mortgage Co. had reached a deal to create new jobs in the state.
Parent Benchmark Bank had considered moving the business out of Louisiana to its home town of Dallas but was enticed to stay as a result of “great economic incentives,” Benchmark Bank Chairman and Chief Executive Officer Mike Barnett said in the statement.
In addition to the new job creation, $2 million in capital investment will be generated for the state — which hopes to collect more than $6 million in new state taxes as a result of the deal.
While the news release indicated that 137 new jobs will be created and 41 positions will be retained, Affiliated President Dan Hastings clarified in a telephone interview that the lender, which started with 52 employees when it was acquired by Benchmark in 2007, has already filled 65 of the jobs in the state.
Plans are to hire 60 more Louisiana employees during the first half of this year, according to Hastings.
The company operates as a “pass-through” and only acquires closed loans from correspondent customers then sells them to major aggregators like Bank of America, Chase, Citi and Wells Fargo.
Monthly production is between $250 million and $300 million.
In order to do business with Affiliated, correspondents need a minimum net worth of $0.5 million — though that could run higher based on the business. Delegated underwriting authority requires a $1.0 million net worth, and correspondents with third-party originations from mortgage brokers will need at least a $2.5 million net worth.
“We don’t do the wholesale broker thing, it’s pure correspondent,” Hastings explained, “nor do we originate retail loans out of this office here in West Monroe, La.”
Hastings said that a core group of around 50 people including himself have worked together as a unit for 25 years, though as subsidiaries of different companies such as Chase and North American Mortgage.
The open jobs include purchase auditors, underwriters and quality control positions, according to Hastings. Other sought-after prospects include those with compliance experience. While the company doesn’t handle loan closings, closer experience might be a good fit for other openings.
Although information about the company is available at www.AffiliatedCorrespondent.com, interested job applicants should contact Stephen Hutchison at 318.699.0700, extension 5646.
