Mortgage Lenders Network USA Inc. will soon build a new headquarters facility in Connecticut in which it plans to accommodate 1,000 new employees.
The nonconforming lender will change the location of its corporate headquarters, currently in Middletown, Conn., when it constructs a facility on a 109-acre site in Wallingford, according to a Sept. 5 updated newsletter by the Wallingford Economic Development Commission.
While Mortgage Lenders reportedly currently employs 620 people in three locations in the Constitution State, it expects to consolidate the operations in the Wallingford headquarters site and boost staff -- by 160 percent or 1,000 employees -- over the next eight years.
In June, the company announced it was considering two sites in Connecticut and another in Massachusetts.
"We are experiencing tremendous growth and now seek a location to firmly establish ourselves for the future," CEO Mitch Heffernan said at the time.
A number of factors contributed to Mortgage Lenders' decision to building in Wallingford, including "cost of land, town and state financial incentives, commutability, location to colleges and universities and proximity to labor markets," Heffernan said in Monday's newsletter.
Occupancy for the 186,000 square-foot building is expected in 2007, the commission reported.
In the newsletter, Corporate Facilities Director Jim Smith described the "first-of-its-kind" future facility as "aesthetically pleasing, environmentally friendly and include a café, health club, company lockers, wireless Internet and fuel zones where employees can grab a snack or hold a brief meeting."
Mortgage Lenders says it is one of the nation's top originators and servicers of Alt-A/nonconforming mortgages loans. It anticipates 2005 volume of over $4.4 billion being approximately 80% Alt-A / nonconforming product and 20% conforming product, according to its Web site.