Laid Off Mortgage Employees Form New Company
Eighteen former employees of CUNA Mutual Mortgage Corp. have formed their own mortgage banking company in Middleton.
Most Diverse Mortgage Employers
Several mortgage-related companies were recently recognized as being among the most-diverse employers.
Lender to Pay LOs Base Plus Commission
Bypassing overtime issues arising over originators who don't earn the minimum required compensation, a national lender plans to pay its mortgage loan officers a base salary.
Three big mortgage-related companies were recently recognized as being among the most-diverse employers.
Most Diverse Mortgage Employers
PHH Mortgage Pays OT Fine
PHH Mortgage was fined for failing to pay overtime wages to 13 New Jersey workers, according to state officials.
PNC Breathes New Life Into Mortgage Business
Five years after exiting the mortgage business, PNC Bank is jumping back into the game with a slew of new hires. The revived operations include retail and wholesale channels.
Washtenaw Mortgage Shuts Down
Rising interest rates were too much for Ann Arbor, Mich.-based Washtenaw Mortgage.
Countrywide Cutting CA, FL Jobs
Countrywide Home Loans will soon shut the doors to two offices -- a move that will result in approximately 300 layoffs in the Golden and Sunshine states.
More People Than Ever in Mortgage Lending
Mortgage employment kept chugging along in October -- reaching another all-time high.
Bank Exiting Wholesale
A Texas bank is shedding its wholesale operation and cutting 250 jobs in the process.
100s of Wholesale Jobs Being Added
A subprime wholesale lender's expansion into the Northeast will create hundreds of loan processing and sales jobs.
Ameriquest Cuts 1500 Jobs
In response to a challenging environment, the parent of Ameriquest Mortgage Co. laid off about 1,500 employees.
New Century Adding Hundreds of Jobs
A recent relocation will enable New Century Financial Corp. to hire hundreds of new employees in Southern California.
Servicer Cutting Reverse Staff
A servicing company owned by EDS will exit the reverse mortgage business and, in the process, layoff more than 40% of its staff.
Supervisor's Comments at Issue in Lawsuit Against E-LOAN
A San Francisco-area online lender is being sued for anti-gay and anti-ethnic statements allegedly made by a company supervisor.
National City Consolidates Employees
National City Mortgage has implemented a consolidation plan, and wholesale lending employee changes are apparently leading the way.
Mortgage Jobs Set New Record
Rising rates have not held mortgage lenders and brokers back from employing more people than ever.
Lead Co Adding 350 Jobs
A mortgage lead provider's expansion into the Pacific Northwest will create hundreds of job opportunities.
CPAs to Originate
A Connecticut mortgage company is recruiting certified public accountants and other financial professionals to originate mortgages.
Florida Company Expanding & Hiring
Blue Marble Lending Inc. will create hundreds of mortgage jobs at its new headquarters in Florida.
Chase Adding 800 Originators
Chase Home Finance announced plans to add hundreds of new mortgage officers, with many to be housed at existing bank branches.
Countrywide Adding 1,500 Dallas Area Jobs
Countrywide Financial will further expand in the Lone Star state with a new data center that will create 1,500 new jobs in the Dallas/Ft. Worth metroplex.
Capital One Hiring Hundreds
Capital One Financial Corp. plans to add hundreds of mortgage production jobs in Kansas.
LOs Sue Ohio Mortgage Banker Over OT
Four Florida loan officers have filed a collective action against an Ohio mortgage banker for alleged unpaid minimum wage and overtime. But the company says the complaint is only a reaction to theft accusations made against some of the originators.
Countrywide Adding 1000 Florida Jobs
The country's top originator has made its way into Florida in a big way.
Mortgage Jobs Solid
The government again reported the number of people working in mortgage lending swelled to a new high. But the boost in real estate finance employment wasn't enough to hold down overall unemployment.
Credit Union Mortgage Jobs Being Cut
A move to spin off mortgage operations means hundreds of mortgage employees will lose their jobs servicing loans for the country's credit unions.
HSBC Adding Employees, Curtailing Correspondent
HSBC Mortgage Corp. is targeting retail ethnic markets -- and adding mortgage production jobs in the process. But the revised focus comes at the expense of anticipated correspondent production.
BoA Settles OT Class Action With LOs
Bank of America has agreed to pay $9 million to settle a class-action lawsuit that accused the bank of wrongly denying mortgage retail lending employees financial compensation for overtime.
Best Mortgage Companies for Working Mothers
Among mortgage related companies, a few have been recognized by a magazine for working mothers for how well they treat 'mom'.
First American Unit Closing
First American Corp. is shutting down a mortgage outsourcing operation in the Midwest, and cutting jobs in the process.
Harassment Complaint Filed Against Subprime Wholesaler
A subprime wholesaler is accused of ignoring sexual harassment by former female employees -- who also allege fraud.
Quicken Migrating Southeast
Quicken Loans Inc. is increasing the size of its footprint in Cleveland -- and adding hundreds of high paying mortgage banking positions in the process.
Best Mortgage Employers for Seniors
The organization that represents America's seniors has ranked the best employers for its members, and there were a few mortgage related entities on the list.
NovaStar Helps 100s of Delinquent Borrowers Find Jobs
Helping unemployed borrowers in delinquency find jobs has proven to be a "highly effective" loss mitigation strategy for NovaStar Mortgage, which has aided hundreds of borrowers in avoiding foreclosure over the past year.
1,000 Alt-A Mortgage Jobs Coming to CT
Mortgage Lenders Network USA Inc. will soon build a new headquarters facility in Connecticut in which it plans to accommodate 1,000 new employees.
Another Record for Mortgage Employment
The number of mortgage jobs continued an unrelenting ascent -- climbing to another all-time high.
Layoffs in Seattle
A government sponsored enterprise is cutting more than one-fifth of its staff.
No Experience Required
A company claiming to be a national mortgage brokerage is recruiting anybody it can find. But little is known about the organization behind claims those hired will earn $1,000 a week with just 7 1/2 hours of work.
Full Spectrum Consolidates Underwriting Unit
Countrywide Financial Corp.'s migration east will impact 65 California employees at its subprime unit -- all who were offered jobs in the Grand Canyon State.
Net Branch Expanding
A California net branch company is adding jobs and opening a new service center in the San Francisco Bay area, which it anticipates will service around $50 million in monthly production.
Florida Lender Seeks Originators
The mortgage banking subsidiary of a New York bank is undergoing a Florida expansion, with nearly 100 jobs slated to be added over the next year.
100's of Processing Jobs Slated for OK, TX
First American's loan processing unit plans to add 800 mortgage jobs in Oklahoma and Texas.
Mortgage Jobs Set Another Record
Mortgage employment reached a new milestone for the fourth consecutive month.
Unpaid Net Branch Employees Deny Fraud Accusations
A group of Tampa, Fla., workers twice recently have picketed outside the headquarters of a Clearwater mortgage financing company, saying they haven't been paid for about two months of work. But the company says its reputation is being unfairly smeared.
NY Trust Adding 100+ Wholesale Jobs
East Coast brokers have another choice for Alt-A programs.
Broker Sued by LOs Over OT, Minimum Wages
Loan officers in three states have sued an Indianapolis-based mortgage broker over allegations they were not paid minimum wage and overtime compensation.
Subprime Wholesaler Adding KY Jobs
With its expansion into Kentucky, a Georgia-based subprime wholesale lender will more than double its staff.
Merger Driving Layoffs at Chase
The home equity lending division of Chase Home Finance will layoff hundreds of employees when it closes the doors to its Houston operation and downsizes a New York office.
Countrywide Adding Arizona Employees
On its way to reaching its goal of becoming a 100,000-employee company, the country's largest originator plans to add several thousand jobs in the Grand Canyon State.
Record Mortgage Jobs
The number of people working in real estate finance continued to increase -- again reaching a new milestone.
More Job Additions at HSBC
The U.S. mortgage subsidiary of London-based HSBC announced, again, employee additions in the Southeast. The new hires will support the servicing operation.
HSBC Adding Hundreds to Mortgage Staff
HSBC Mortgage Services expects to double its headquarters staff within the next five years, as well as increase call center and wholesale staff, as a result of relocating the headquarters.
BoA, Countrywide Making Major Acquisitions
Bank of America Corp. announced it will acquire MBNA Corp. in a deal that is expected to result in the reduction of 6,000 employees.
NovaStar Restructures Wholesale Unit
A shakeup at NovaStar Financial's wholesale lending unit has led to the exit of several managers.
500 Job Additions Slated for Alt-A Lender
A Connecticut-based Alt-A lender is looking to relocate within the New England region and boost its staff by nearly three-quarters.
Broker Growing & Hiring
A Virginia mortgage broker, citing success with online and Hispanic lending, has announced it will add more than a hundred positions.
100s of New Citi Jobs Include Mortgage Servicing
Citigroup will boost servicing staff in Ohio by over 40 percent within the next four months.
Best Mortgage Employers for MBAs
Nearly 5,000 students from 50 prominent business schools have chosen the most desirable companies to work at -- and a plethora of mortgage-related entities made the list.
Mortgage Employment Strengthens
Jobs in the mortgage industry continued to climb, again reaching a new record.
New Century Develops Women Leaders
A senior executive at New Century, who has managed to balance her career with her family, wants to help other women ascend to executive offices at the subprime lender and has done something about it.
WaMu Ordered to Rehire Whistleblower
The government has told Washington Mutual to rehire and compensate with back wages an executive it fired last year after she questioned the bank's lending practices. But the company disputes her allegations and may appeal the order.
Builder Adding Mortgage Production Jobs
Pulte Mortgage LLC will create hundreds of new jobs when it opens a new mortgage origination and processing facility in North Carolina.
Countrywide Settles Massive OT Lawsuit
Preliminary approval has been granted by the Los Angeles County Superior court for the largest mortgage industry hour and wage lawsuit settlement in California -- against the nation's largest mortgage lender.
Mortgage Jobs Surpass 1/2 Million
Despite mortgage industry production that is well below the record set during 2003, more people were employed in mortgage lending in March than any other month in history.
Larger Lenders Better Equipped to Attract Top Talent
The findings of a small business survey suggest small mortgage brokers and mortgage bankers may be struggling to attract top talent over larger lenders.
Home Equity Wholesaler Adds 87 Employees
Citing phenomenal growth in its second mortgage business, a California wholesaler recently added dozens of new jobs.
Option One is Family Friendly
Option One Mortgage Corp. was commended by a Southern California city for its family friendly workplace.
Overtime Lawsuits Overwhelm Industry
The industry is taking a pounding from a series of employee lawsuits alleging unpaid overtime. But employers argue that the overlapping of state and federal laws are fueling the claims.
American Business Financial Calls it Quits
The board of directors of American Business Financial Services Inc. has elected to wind down the operations and liquidate the company -- leaving employees without a job.
M&A, Secondary Transactions
The latest mergers and acquisitions include a secondary mortgage transaction in the billions that will leave at least 100 people jobless.
Mortgage Industry Jobs Up in February
More than 7,000 mortgage related jobs were added in February, according to a closely watched report from the government.
Low Earning Originators Liability for Broker
An Indiana mortgage broker has agreed to pay substantial back wages for originators that weren't paid at least minimum wage.
InterFirst to Ax Construction Unit
ABN AMRO's wholesale unit plans to close down a construction lending unit -- a move that will cost the unit's employees their jobs.
More Mortgage Jobs Now than Year Ago
While overall employment rose by the highest level since last fall, mortgage sector jobs continued to descend.
NovaStar Expands Wholesale Operation
A new wholesale operation in Utah will result in the addition of hundreds of jobs at NovaStar Mortgage.
Wachovia Adding 100s of Originators
Job hunters along the Eastern sea board should now have an easier time spotting openings -- Wachovia Corp. plans to fill hundreds of loan sales positions this year.
Spouses Compete for Originations
With more married couples than one might find on the set of the Newlywed Game, a Miami, Fla.-based lender is finding that mortgages and marriages can go hand in hand.
American Residential Adding Hundreds of Jobs
In its transition from a mortgage broker to a mortgage banker, American Residential Funding Inc. announced expansion plans that include the addition of mortgage banking positions and loan originators.
MortgageIT to Expand Subprime Operation
MortgageIT Holdings Inc. plans to open new wholesale subprime branches and add dozens of employee in the process.
BoA Unit Shutting Down
About 150 people will lose their jobs as Bank of America dissolves the outsourcing unit it created nearly two years ago.
Mortgage Jobs Down
In line with disappointing overall employment numbers, mortgage sector jobs trimmed down in December.
Mortgage Industry Outlook
A strong employment forecast isn't expected to spill over into mortgage employment, according to the MBAs chief economist, Doug Duncan -- who expects the industry will see its ranks come down from current record levels.
American Home Claims Bigger Market Share
Fundings, servicing and employee count last year were up from 2003 at American Home Mortgage Investment Corp. While the wholesaler/retailer attributes the impressive performance to a growing market share, surging ARM activity also appears to be related to the rise.
Wholesaler Adding Jobs Across Country
The subprime division of ComUnity Lending plans to more than triple its staff base in multiple states during 2005.
Mortgage Banker Adding 100 Jobs This Year
Global Home Loans and Finance increased its staff by 57 percent last year and has plans to grow by at least another 12 percent in 2005.
Best Mortgage Employers
FORTUNE magazine released it's latest list of the 100 Best Companies to Work For, and the highest ranking mortgage-related company pays its originators an average of $165,000 a year.
Mortgage Job Sector Strengthens
Mortgage jobs were on the rise in November.