An Indiana mortgage company that originates traditional mortgages, reverse mortgages and home-equity loans has struck a deal with the state that calls for the creation of more than a hundred new jobs.
Royal United Mortgage LLC is expanding operations in Indianapolis.
The firm was founded in March 2008 with 22 employees by Chairman and Chief Executive Officer Craig Royal and President Michael P. Keleher.
Royal United is owned by David B. Jacobs, Eric P. Morr and Steven M. Reuss. Morr and Reuss each serve as director of lending, while Jacobs is director of operations.
Before the launch, Royal was a partner and chief financial officer at Oak Street Financial Services LLC from 1999 to 2007. Both Reuss and Keleher previously were executives at NovaStar Mortgage.
As many as 140 mortgage jobs are expected to be created by 2013, according to a statement Tuesday from the Indiana Economic Development Corp. Mortgage advisory, operations, technology and servicing associates are already being recruited by the firm.
Headcount at the Indianapolis-based lender currently stands at 151 employees.
Recruiting efforts should be bolstered by the company’s standing as one of the “top five places to work” in 2009 based on a reported ranking by The Indianapolis Star.
Nearly $1.9 million is being invested by Royal United in leasing a new facility. In return, the firm has been offered up to $1 million in performance-based tax credits and as much as $120,000 in training grants from the state if it meets certain job-creation goals. In addition, the city of Indianapolis could provide additional property tax abatement.
“Royal United Mortgage is a great example of a dynamic young company that has quickly experienced tremendous growth here,” Indianapolis Mayor Greg Ballard said in the statement.
Indiana Gov. Mitch Daniels added, “It’s always great to see homegrown businesses like Royal United Mortgage expand and flourish.”
