The recent launch of a new correspondent lending business is expected to result in the addition of dozens of new jobs in South Carolina.
Last month, Caliber Funding LLC announced that it is opening a correspondent lending channel. The move was made to fill a significant void left by the departure of several large correspondent investors, Caliber President Jim Ferriter said in the news release.
Caliber Funding was founded in 2008 by Lone Star Funds, which also owns Vericrest Financial Inc. and at one time owned now-defunct Accredited Home Lenders.
At last count, staffing at Caliber Funding stood at 1,240 employees.
A news release Thursday from the Florence County Economic Development Partnership indicated that Dallas-based Caliber Funding has opened a new correspondent lending operation in Florence, S.C.
The statement said that over 35 employees are already on board at the new facility.
In addition, more than 100 employees are expected to be hired over the next 12 months.
“We were aware of the availability of a significant number of people who had correspondent lending experience in the past,” Caliber Funding Vice President of Operations Tag Gallaher said in the statement. “These are the exact skill sets we need for our operation and felt this was a great chance to put many of these folks back to work right here in Florence.”
Bank of America Home Loans previously operated a correspondent lending operation in Florence until it was shut down in 2008.
Among the positions to be filled at Caliber Funding are underwriters, audit analysts, data entry staff and client relations jobs
The new employees will be provided with a “fulfilling work environment,” according to the announcement.
Monthly mortgage production from all origination channels, including retail and wholesale, averages $656 million, down from a monthly average of $750 million reported in May.
However, “continued rapid growth” is anticipated for the coming months and years.
“It’s exciting to see another company recognize the benefits of doing business here in South Carolina,” South Carolina Gov. Nikki Haley said in the statement. “We celebrate Caliber Funding’s decision to create 100 new jobs in Florence and we look forward to seeing them grow here in the Palmetto State.”
