home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.


World Hiring

San Antonio jobs to support option ARM business

April 2, 2007

By PAULA PARISOT


photo of Paula Parisot
Paula Parisot

Wachovia Corp., acting on plans to expand origination of option adjustable-rate mortgages, is seeking to fill hundreds of Texas positions.

World Savings held a job fair last week in San Antonio to boost its mortgage processing center staff, Wachovia spokesman Joe Stroop told MortgageDaily.com.

World, which was recently acquired by Wachovia Corp., is looking for mortgage loan consultants and assistants, loan closing specialists, mortgage loan representatives, underwriters and managers, he said.

The processing center campus, which handles all of World's operations, currently employs 3,478 employees, Stroop said. Once hiring is finished, people employed at the processing center will total about 4,000.

The campus currently consists of 10 buildings totaling 840,000 square feet, Stroop said. Plans call for a 100,000 square feet 11th building to house up to 600 employees.

"We're the fifth largest employer in San Antonio, just because of that processing center," he said.

The job additions help fulfill Wachovia's aggressive plans to boost its option-ARM originations.

Wachovia CEO Ken Thompson said at a recent Citigroup investor conference the company expected to have 1,000 employees selling option ARM products by year's end.

"Even in a down market for mortgages and even in a market that has been particularly brutal for option arms versus fixed rate mortgages, with that added distribution in 2007 we will produce more (option arm loans) than Golden West produced in 2006," Thompson said.

Stroop told MortgageDaily.com that World is the "best in the world" at originating the "pick-a-pay" ARM, which was one of the factors that attracted Wachovia to the World acquisition.

"It's a really high quality mortgage portfolio," he said. "I know that the option ARM has had a bad rap, (but) that is not the way it has been handled by World Savings -- they are a model for how to do it."

Both World and Wachovia will continue to originate prime mortgages with World's focus on the option ARM, Stroop said.

He confirmed that by the year's end World will take on the Wachovia brand.


Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry.

e-mail Paula at: [email protected]


Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders