Processing Outsourcer Adding Jobs
Florida mortgage loan processors looking for a job may have a few more choices now that one processing company plans to add 150 jobs by next year.
Big Shake Up at Fannie
Caught up in a whirlwind of controversy, two of Fannie Mae's top executives have exited, and regulators now say the mortgage giant is significantly undercapitalized.
Domestic Outsourcing Jobs Axed
A Kentucky mortgage outsourcing firm that was the brainchild of two mortgage behemoths has given two months' notice to hundreds of employees. The move, brought on by refinance fallout, will result in a staff that is about half the size as before the layoffs.
Ameriquest Adding High-Tech Jobs
Ameriquest Mortgage Co. is adding a Colorado data center -- and creating more than a hundred jobs in the process.
Countrywide Adding 7,500 Texas Jobs
Induced by a $20 million investment from the state of Texas, Countrywide Financial has agreed to purchase a property in a Dallas suburb -- and in the process, create thousands of jobs within the state during the next several years.
Are Originators Entitled to Min Wage, Overtime?
Three loan officers have sued a Florida mortgage company claiming they are owed unpaid minimum wages and overtime. Lawyers in the case are seeking to include all similar employees of the company during the past three years -- including those who had substantial commissions while employed.
Vanderbilt, 21st Century to Add Servicing jobs
In the game of musical chairs that's been played with mortgage jobs lately, servicing positions in Tennessee are all the rage today.
NovaStar Helps Delinquent Borrowers Find Jobs
How can lenders reduce the number of unemployed borrowers that wind up in foreclosure? Help find them jobs.
Amerisave Adding Origination, Production Employees
Production personnel looking for employment in Atlanta will benefit from the subprime expansion next year of one mortgage company.
Mortgage Jobs Jump
As the financial markets digest overall disappointing employment news, the government reported today that jobs in the mortgage sector grew.
RBC Cutting Jobs at U.S. Mortgage Unit
As part of a restructuring of operations, Royal Bank of Canada reduced staff by 1,660 -- and among the casualties are employees at its U.S. mortgage unit.
U.S. Underwriter Works From Israel
New Jersey-based Approved Funding mortgage company has allowed its senior underwriter to work from home -- in Israel.
Employees Sue American Home
Employees of American Home Mortgage have filed a class action lawsuit against the company, claiming it failed to keep promises made when the company they worked for was acquired by American Home.
Job Cuts, Faster Processing to Fuel WaMu Turnaround
Washington Mutual Inc. will reduce staff by as many as 2,000 employees this quarter, a WaMu mortgage banking executive said at a recent investor conference.
Ameriquest Adding Oodles of Employees
Ameriquest plans to add thousands of wholesale and retail mortgage jobs in Illinois.
BoA to Cut Processing Jobs
Bank of America will close down its loan processing operation in Kansas -- resulting in hundreds of job losses.
Homefield Adding Calif Jobs
A West coast-based lender with national aspirations has expanded its processing facility to accommodate more than 100 new jobs. The company attributes its growth to a segment of customers that are more comfortable with the Internet and less dependent on local representation.
Mortgage Jobs Tread Water
Mortgage sector jobs were barely changed in September.
Option One Adding Northern Calif Jobs
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.
ResMAE Adding 100 Jobs
A California wholesale lender is heading east.
Wells Filling 250 Mortgage Sales Positions
Wells Fargo Home Mortgage plans to add hundreds of new mortgage positions -- with many slated to serve minority communities.
Astoria Mortgage Unit Hit With Harassment Suit
A New York thrift and some of its top management face a lawsuit by a former mortgage department employee who is accusing them of discriminating against and harassing her, wrongfully terminating her, and misleading investors. But the credibility of the plaintiff is tainted because she forged the signature of her supervisor.
No OT for LOs
The mortgage industry is taking steps to ensure loan originators don't qualify for overtime pay under new federal labor regulations pushed by the current administration. The moves will possibly leave more than 150,000 of these salespeople without the right to overtime pay they enjoy today.
Mortgage Jobs Up
Mortgage jobs resumed a positive growth trend, with the government's latest numbers reflecting a nearly 10% jump during August for the sector.
New LendingTree Sub to Add More Than 700 Production Jobs
Following its acquisition by LendingTree.com, a California online lender has plans to add more than 700 new mortgage processing and sales employees at its recently expanded facility.
Guaranty Residential to Ax Jobs, Sell Servicing Portfolio
A Texas mortgage banker is shaking things up in an effort to offset disappearing refinance business. In addition to cutting more than a thousand mortgage jobs, Guaranty Residential is selling an $8 billion servicing portfolio.
Florida Firm Adding 4800 Originators This Year
A small Florida mortgage company estimates it will grow its virtual loan originator staff by leaps and bounds over the next few months with recruits that meet only a few basic requirements.
ALT-A Wholesaler to Add 65 Employees by Mid-2005
Major hirings are in sight for a growing California lender that is preparing to go national.
U.S. Bank to Add 700 Mortgage Jobs
With industrywide production substantially below the record levels reached last year, many careers in the mortgage industry have been cut short. But Minnesota-based U.S. Bank sees opportunity in the current pool of people looking for mortgage jobs.
Labor Dept. Fines Mortgage Banker Over Unpaid Immigrant Salaries
The government has accused a New Jersey mortgage banker of failing to pay foreign workers over half a million dollars in required wages. But the company's president said the employees have been compensated as originally agreed.
Saxon to Add 234 Virginia Jobs
Hundreds of new jobs will become available next year when a subprime mortgage lender that is in the process of converting to a REIT finishes constructing a new Virginia facility.
Bank One Cuts Milwaukee Jobs
Bank One has reduced its mortgage staff in Wisconsin. But unlike many of the industry's layoffs that were driven by falling originations, the recently acquired company said the collection positions were eliminated because of improved defaults.
Countrywide May Add 2,500 AZ Jobs
In an effort to find a friendlier business climate and double its staff, Countrywide Financial Corp. announced it may expand its space in the Grand Canyon State and add thousands of mortgage jobs in the process.
Mortgage Jobs Fall
Defying a five-month growth trend, mortgage industry layoffs appear to have kicked in as the government's latest employment report showed there were less people working in the sector.
Home Equity Jobs to be Cut at Chase
Of the massive merger-related layoffs expected to occur at J.P. Morgan Chase & Co., over one hundred home equity employees will soon be cut in Florida.
National City Axes Subprime Unit
Cleveland-based National City Corp. is closing a subprime lender it picked up in the acquisition of Provident Bank in Cincinnati, and up to 500 mortgage-related jobs may be at risk.
Global to Add More Than 100 Positions During Next 12 Months
Mortgage job seekers in New York should have an easier time finding work now that one mortgage lender is planning to add more than 100 jobs during the next 12 months at its recently relocated headquarters.
Mortgage Employment Continues Positive Trend
Despite continuous announcements of layoffs by mortgage lenders, jobs in the sector edged up for the fifth month in a row, according to the government's latest employment data.
$10 Million Broker Seeks Future Millionaires
Let other mortgage companies cut jobs. Leif Thomsen, an east coast mortgage broker who made national news by earning more than $10 million last year, is looking to create more millionaires.
Wells Adding 1000s of Originators
In an aggressive move to expand retail market share, Wells Fargo Home Mortgage will increase its sales staff by thousands.
Countrywide to Add Over 1000 Salespeople This Year
Defying the trend of layoffs in the mortgage industry, one of the country's largest lenders says it will significantly expand its sales force during the next five months, and will more than quadruple it within four years.
Company Adding 200 Originators
A Detroit mortgage banker has announced that it will recruit and train 200 new loan originators over the next 12 months.
Massive Layoffs Continue at WaMu
After laying off thousands of employees last year and thousands more this year, Washington Mutual plans to let thousands more go.
RBC Adding Originators in South
A Canadian owned mortgage lender will expand in the Southeastern region of the country and add to its loan officer staff.
Mortgage Jobs Strengthen
The government's latest employment numbers showed mortgage jobs continued to grow for the fourth consecutive month.
Great Smaller Companies to Work For
Three mortage-related businesses made the first ever list of the Best Small & Medium Companies to Work For in America, which reportedly found that the keys to a successful company are respect for and communication with employees.
Lender to Beef Up Tampa Staff
A Florida-based mortgage lender plans to increase its mortgage staff for a recently opened call center by about 160 new employees. The job additions, expected by the end of next year, aren't the only ones planned by U.S. mortgage lenders.
Net Branch Co Paying Signing Bonuses
A division of Empire Equity Group Inc. said it will offer branch managers the opportunity to earn signing bonuses up to $100,000. Participants in the program, however, will have to wait to be paid well past signing and aren't guaranteed the bonus.
Mortgage Jobs Expand
Mortgage jobs increased for the third consecutive month even as mortgage activity continued to take a pounding.
BoA to Cut 500 Mortgage Jobs
Following a pleasant holiday weekend, hundreds of Bank of America mortgage employees returned to work only find out they will soon be out of a job. The layoffs, prompted by rising rates and declining applications, have been preceded by similar moves at other mortgage companies recently.
Quicken to Boost Workforce
With plans to continue growing in its home state, a leading online mortgage lender will add 1,200 jobs to its staff over the next five years.
Wells Plans to Add 1000 Jobs in Iowa
The mortgage and consumer arm of Wells Fargo & Co. has expanded its Iowa site plans, which will give room for hundreds of new employees.
Mortgage Jobs Increase
The labor market continued to grow at a rapid pace, including a welcome boost in mortgage-related jobs. While the news marks an advantage for job hunters, home hunters are likely to see higher rates.
Best Mortgage Companies to be Associated With
Several mortgage companies made a recent list of the best U.S. companies. The organizations were ranked based on how they served a number of groups with a stake in the company including shareholders, employees and customers.
MILA to Add 800 Jobs Within 3 Years
A wholesale nonprime lender said it will add 800 new employees to its Washington state staff by 2006.
Record Production Expected to Continue at Accredited
Accredited Home Lenders attributed recent record production to its expansion efforts; during the first quarter alone it said it opened 15 new franchises and added 610 primarily sales and sales support employees to its staff. The company's president said they plan to continue to increase the size of the employee base in the markets they have not fully concentrated in, but have high business potential.
More Back Office Job Cuts Planned at National City
Mortgage-related jobs will be lost when the merger of two Ohio-based banking companies -- National City Corp. of Cleveland and Cincinnati-based Provident Financial Group Inc. -- is completed later this year, a top executive has acknowledged. However, jobs at National City's subprime unit are expected to increase.
Regions to Cut 450 Mortgage Positions
The merger of two companies' mortgage operations will reportedly form one of the nation's top mortgage lenders, but over 400 mortgage jobs will be lost in the process.
Warehouse Lenders, Wholesalers Deceived by Network of Companies
So you went on a job interview for a position at a mortgage company. While the application process was cumbersome -- you had to provide a copy of your driver's license and signed tax forms along with your application -- you still hoped to get a call with an offer. Several months later, after you've gotten a job elsewhere and forgotten about the interview, you learn that you've recently closed on a home purchase that you didn't even know about. This was the real life nightmare that some job applicants at Amerifunding Mortgage experienced.
Ameriquest to Add Hundreds of California Positions
A national mortgage loan company said it will expand its staff by at least 600 throughout the year at one of its mortgage servicing sites. The announcement comes at a time when mortgage jobs are expected to fall.
Mortgage Jobs Jump, But Outlook Grim
Mortgage jobs increased in February, but a rebound in overall employment has rates on the rise. Estimates are as high as 75,000 layoffs in the mortgage employment segment through the end of next year.
Net Branch Company Shuts Doors
Can a company that brokered $1.5 billion in loans last year disappear? That's the conclusion one can draw from a somewhat cryptic letter vendors received last week.
Big Plans at First Franklin
First Franklin Financial, which reportedly maintains 33 sales branches, plans to add about four wholesale branches and around eight satellite or retail offices each of the next three years.
More Mortgage Industry Job Losses
Employment in the mortgage industry continued to take a pounding, even as activity in the segment is the strongest its been since last summer.
WaMu to Add 250 Retail Stores, Including Some Originator Positions
Following a number of announcements about layoffs by the thousands, Washington Mutual has one bit of good news.
Wells to Add 100 L.A. Loan Consultants
With the opening of six new mortgage centers, a mortgage banking behemoth will buck the current declining trend in mortgage employment.
70 Cendant Employees Treated for Food Poisoning
For the second time in two years employees at a Cendant Mortgage gathering were stricken by illness.
Mortgage Jobs Continue to Take Pounding
The government's latest employment report showed that more than 5,000 jobs were cut from the mortgage industry.
Trade Secrets Lawsuit Prompted By Hiring of Former Employees
A West Virginia mortgage and financial services company is defending itself against charges of stealing trade secrets from a competitor.
Jobs Cut at Fairbanks, WaMu
Two mortgage lending companies said they will layoff a combined 2,204 mortgage employees by the second quarter of the year.
7,500 Jobs Slashed From Mortgage Industry
The number of employees working in mortgage-related jobs sunk by 7,500, according to a recent government employment report.
Best Mortgage Companies to Work For in 2003
Fortune's latest 100 Best Companies to Work For list included 12 mortgage-related entities.