More than 500 loan officers and production employees are being recruited by a three-year-old lender that reported record originations last month.
J. Paul Reddam founded Ditech Funding Corp. in January 1995 as one of the country’s first online mortgage lenders. By 1999, originations at the company grew to nearly $4 billion, and it was sold to GMAC Mortgage — netting Reddam an estimated $80 million.
In May 2000, Reddam resigned as chief executive officer of ditech. He subsequently sued GMAC for $200 million that he said he was owed as part of the sale.
By July 2003, Reddam founded his next venture: CashCall Inc.
A mortgage division, CashCall Mortgage, was launched in 2008, and the management team includes dozens of Reddam’s former ditech colleagues. The company claims to have an edge over big banks because of lower overhead expense.
Anaheim, Calif.-based CashCall has grown to 830 employees, Chief Marketing Officer Marc Dooley told Mortgage Daily in a statement.
In August, the company originated a record $308 million.
CashCall Mortgage announced Thursday that it is creating 520 new jobs in Anaheim and Las Vegas.
The expansion is in addition to 230 new jobs already created during the third quarter.
The openings include 270 positions for licensed mortgage agents. Another 250 openings include jobs for underwriters, funders, processors and shippers.
Dooley projected that the positions fill be filled within the next three to four months.
