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| A growing New York-based FHA lender added around 75 new employees last year and expects to add another 100 this year.On Monday, Mid-Island Mortgage Corp. reported 2008 originations of $300 million. In August 2008, the lender told MortgageDaily.com that it expected to 2008 production to be around 75 percent higher than in 2007 — indicating that 2007 originations were around $170 million.
Volume is projected to reach around $400 million this year. “With a strong demand for solid FHA lending and competitively priced conforming loans, Mid-Island’s strong track record has allowed it to fill the void left by vanishing lenders and brokers,” the statement said. The Westbury, N.Y.-based company recently hired two new regional managers for its retail and wholesale operations. Mid-Island hired 75 new employees last year, according to the announcement. A spokesman told MortgageDaily.com in a statement that current headcount stands at 135. The company expects the number of employees to jump to around 235 by next year. In August 2007, Mid-Island employed around 32 people, according to previous data submitted by the company. Mid-Island launched operations in 1959, was approved by the U.S. Department of Housing and Urban Development to make FHA loans in 1960 and added a wholesale lending division last year. It is approved as a seller-servicer with Fannie Mae and Ginnie Mae and retains mortgage servicing rights on 95 percent of the loans it originates. “Mid-Island Mortgage Corp. is New York’s longest established mortgage banker,” the announcement said. Related: |
