Wachovia Adding 100s of Originators

In an effort to provide better coverage for consumers, the Charlotte, N.C.-based banker expects to grow its mortgage staff of 2,800 by 300 mortgage consultants in 2005, Wachovia spokeswoman Jennifer Darwin told MortgageDaily.com in an e-mailed statement.

“We regularly review our geographic coverage model, and this expansion is part of our effort to provide better coverage for our customers,” Darwin said.

The new hires will primarily focus on expanding Wachovia’s sales capabilities in the 15-state footprint it currently serves, she added. Besides Texas, the footprint is based along the East Coast: Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Tennessee, Mississippi, and Washington, D.C.

Wachovia’s mortgage production of nearly $15 billion last year took a downturn from $22 billion in 2003, according to its quarterly financial supplements.

Company general bank president Ben Jenkins reportedly told The Observer that Wachovia has not previously emphasized the mortgage business, but would like to be among the top three in markets where it operates and grow mortgage originations to $17 billion annually.

While production is expected to decrease industrywide this year, Darwin said Wachovia is “focused on growing this business through expanding our internal sales channels and by growing our purchase business through our relationships with real estate agents and builders.”

This year, the lender also plans to augment its number of approximately 3,300 branches by 100 financial centers — half in the East Coast footprint and the other 50 in Texas. Because mortgage consultants work independently of the branches, the hirings are not tied to the financial center growth plans, according to Darwin.