Mortgage Industry Insider - Weekly insight from MortgageDaily.com


DALLAS, November 13 /PRNewswire/ A Mountain View, Calif.-based lender is embarking on a national expansion, the company's president told MortgageDaily.com, the dominant source of online news for the mortgage industry.

Parsec Interact Inc. has already begun hiring.

"We expect to add 300 people in the next three months and about 1,000 over the next two to three years," Parsec's president said in a MortgageDaily.com interview. States with large Indian populations are being targeted. (http://www.mortgagedaily.com/JobAdditionsParsec110606.asp?spcode=pr)

Approximately 250 positions are up for grabs at a South Carolina mortgage servicing operation, a Washington Mutual Inc. spokeswoman told MortgageDaily.com. With the new hires, the operation will house about 900 employees. (http://www.mortgagedaily.com/JobAdditionsWamu111006.asp?spcode=pr)

But it wasn't all good news for mortgage companies.

H&R Block Inc. announced it is exploring the possible sale of nonprime unit Option One Mortgage Corp. In the meantime, 12 of the lender's branch offices will be closed over the next few months. (http://www.mortgagedaily.com/OptionOneSale110706.asp?spcode=pr)

NetBank Inc. subsidiary Meritage Mortgage is winding down operations. "Our priorities were to exit or spin off any underperforming or noncore businesses so we could restore the company to profitability as quickly as possible and to improve the company's overall operating profile," NetBank's CEO said in an announcement. Exiting the nonconforming mortgage business contributes to those goals in "a meaningful way, especially when you consider the steepness of the quarterly losses we have been incurring in the nonconforming channel." (http://www.mortgagedaily.com/MeritageClosure110606.asp?spcode=pr)

ABN AMRO Holdings NV may be interested in selling its mortgage division and is accepting bids, a top executive of another major mortgage lender told MortgageDaily.com. But no bids or other interest have been identified or confirmed. (http://www.mortgagedaily.com/AbnAmroMortgageSale111006.asp?spcode=pr)

The National Association of Mortgage Brokers seeks a level playing field for all loan officers who originate exotic loans. The group announced its board unanimously agreed to urge federal banking agencies to delay implementation of nontraditional mortgage guidance until companion guidance that embodies the same principles can be applied evenly to all originators. (http://www.mortgagedaily.com/NambGuidance110806.asp?spcode=pr)

C.D. Davies resigned as president of Wachovia Mortgage, a company spokeswoman told MortgageDaily.com. (http://www.mortgagedaily.com/WachoviaMortgageChief110606.asp?spcode=pr)


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About MortgageDaily.com
Founded in 1998, MortgageDaily.com is the dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.


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Source: MortgageDaily.com