H&R Block Inc.'s subprime arm will soon open an office to serve northwestern clients that will make room for over 150 new production positions.
Option One Mortgage Corp. plans to open a full-service facility in Pleasanton, Calif. The new office, scheduled to open next month with 30 associates, has capacity to accommodate 160 more associates, according to company spokeswoman Christine Sullivan.
The hirings will take place throughout a two-year period, Sullivan said in an E-mailed statement to MortgageDaily.com, and will include the positions of account executives, sales managers, team leaders, loan setup, underwriters, account managers, closers and funders.
Sullivan explained that one of the five business channels Option One originates, sells and services mortgages through is its National Accounts division, which forms partnerships with financial institutions, including national and regional banks, to allow them to offer nonprime loans.
The subprime lender's decision to grow with its location in Pleasanton was based on the division's "need for a presence to serve customers in the northwestern part of the country," Sullivan said.
The facility will serve customers in Northern California, Oregon, Washington, Alaska, Idaho, Montana and Nevada. The National Accounts division serves clients in other parts of the country through its branches in Southern California, Virginia, Florida, Rhode Island, Illinois and Texas, according to the spokeswoman.
Sullivan said the Irvine, Calif.-based lender, which reported fiscal first quarter loan originations of $6.6 billion, currently employs 5,000 associates.