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Michigan Lender Continues Expansion

Hundreds being hired at Gold Star

June 27, 2012

By staff

Hirings at a mortgage banker based in Michigan had already been brisk as annual originations increased by half last year. But now the company's recruiting campaign has gone into overdrive.

Staffing at Gold Star Mortgage Financial Group stood at 400 employees as of October 2010, expanding from just 260 employees as of the end of 2009. At the time, plans were to recruit another 50 people within the following 12 months.

The Ann Arbor, Mich.-based company met those projections and has continued its healthy pace of recruiting.

Today, headcount at Gold Star, which claims to be "one of the fastest growing companies in the United States," stands at 500, according to an announcement Wednesday.

By the end of this year, 300 positions are expected to have been created. Included in the expansion are 75 hirings expected to take place in Ann Arbor, bringing the headquarters staff to 240.

Among the jobs being filled are positions in sales, underwriting and mortgage application processing. Gold Star also has openings in credit quality, compliance and licensing.

New college graduates account for 35 of the recent hirings. The recruits are part of a two-year management training program.

"One of the big attractions for new grads is our management development program for people with no mortgage experience, but who are self motivated," Gold Star Executive Vice President and Chief Marketing Officer Rick Richter said in the news release. "Some of our new additions are on track to make well into six figures in 2012.

"Not bad for a new graduate."

Enticing employment prospects are perks like a gym and flat screen televisions displaying CNBC and ESPN. The company also allows employees to bring pets to work.

Richter explained that the lender has created "a high-energy, fun and productive collegiate atmosphere."

Gold Star, which touted being "listed on the Inc. 500" and its designation as a "Top Workplace in Michigan for three years by the Detroit Free Press," says it is accommodating the staff growth at its headquarters by adding a second, larger facility. It operates 48 offices across the country.

Gold Star reports annual residential production of $1.5 billion.

Volume has expanded significantly since 2010, when reported originations were $1.0 billion.

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