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| Last Updated |
Wednesday, May 15, 2013 |
06:50 PM |
Texas Time |
Latest Net Branch and Mortgage Branch Headlines
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A mortgage branch business operating from Colorado has picked up hundreds of employees and nearly two dozen branches from another mortgage company operating from the Northwest.
W.J. Bradley Mortgage Capital LLC reported that it originated $6.4 billion in residential mortgage loans last year.
The Centennial, Colo.-based company recently said that it operated in 20 states with 67 branches predominantly located in the West. More than 1,300 people were on staff.
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Several firms are continuing to expand by recruiting existing local branches and their managers. Others are fueling expansion by opening brand new locations and hiring new employees to run them.
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The number of bank and non-bank loan originators included in the national registry continued higher in the final three months of 2012. A decline in the number of federally registered originators in Alaska was offset by an increase in state-licensed originators.
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A company that already operates a branch recruiting division is now looking to the correspondent channel for growth and is hiring employees for the new unit -- which is being utilized to help build a servicing portfolio. It's just one of several companies to fill the void left by the exit of several big players.
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Although there is plenty of recruiting happening for executives in senior management roles, mortgage servicing and commercial real estate lending -- much of the recent activity has been concentrated in production. Other busy areas for executive recruiters are correspondent lending and branch recruiting.
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The cost of recertifying the branch office of a Federal Housing Administration mortgagee is being changed.
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Regional and national mortgage firms are wading into new markets with branch openings announced in several regions of the country. Some branches were opened from scratch, while others were previously independent firms that were acquired as branches of larger companies. At least one of the new branches will be recruiting 10 new employees.
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The national ranks of loan originators grew by more than 10,000 on a quarterly basis. The growth was evenly distributed among bank and non-bank loan officers, though non-bank originators grabbed a bigger share of the total.
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Hundreds of mortgage employees are being recruited by lenders across the country, and most of the openings are in loan production. Mortgage branch recruiters have also been busy lately.
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A federal judge has awarded hundreds of thousands of dollars in damages to a mortgage lender that claims it was harmed when a Florida branch manager took 18 employees to a new company and convinced loan originators to hold off on processing numerous loans until they went to work for the new employer.
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With current economic conditions dictating little to no job growth or corporate expansion, the mortgage banking industry is pushing against the national trend. Several firms are expanding their nationwide, retail presence by opening new branches in local markets, and a few firms report significant growth in the markets where existing offices have taken root.
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