Mortgage Lenders Thrive Amid Turmoil – Mortgage employment news from MortgageDaily.com
DALLAS, July 10 /PRNewswire/ Despite hard times in real estate finance, plenty of mortgage companies are still expanding and hiring, according to the latest coverage from MortgageDaily.com, the dominant source of online news for the mortgage industry.
As the 30-year fixed rate has risen 1 percent over the past three years, the refinance boom has died down — sending mortgage production tumbling. Data from the U.S. Department of Labor indicate jobs in the sector have declined for each of the latest three months.
But the decline in loan originations has not stopped some players from growing.
First Magnus Financial Corp. has hired about 600 employees nationwide this year alone and has no plans to slow down, a spokesman told MortgageDaily.com. The Tucson, Ariz.-based wholesale lender has historically grown in times of market turmoil — taking advantage of quality people who may have been laid off from competitors.
“We grow in terms of volume not just people,” the spokesman said. “People are beginning to understand we’re a great company. We’re celebrating our 10th anniversary, and becoming more mature and known in markets.”
Sage Credit Co.’s president told MortgageDaily.com it intends to hire 400 employees over the next six months, including processors, underwriters and regional managers.
The Irvine, Calif.-based company, which launched its operations late last year, said it hopes to fund over $1.7 billion during its first year in business.
A second-lien wholesaler, Costa Mesa, Calif.-based Secured Funding, plans on expanding its current work force of more than 1,000 by 20 percent over the next 12 months, a media representative told MortgageDaily.com.
“We attribute our rapid growth to our broker network capitalizing on the profitability of home equity products and demonstrating to borrowers the value in second lien product options,” Secured’s president said in a statement.
Lake Success, N.Y.-based Old Merchants Mortgage Bankers expects to expand its staff by 100 in the upcoming year, the company’s president told MortgageDaily.com.
The new hires will primarily consist of senior loan officers, production positions and closing employees
Read complete mortgage employment news at https://www.mortgagedaily.com/mortgageemployment
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