A mortgage lender based in Southern California has moved to a new facility big enough to house a rapidly growing staff. The expansion follows the recent launch of a reverse mortgage business and a wholesale lending subsidiary.
At the beginning of 2010, New American Funding employed just 175 people.
Since then it has launched a wholesale lending business, Performance Home Loans, and started offering reverse mortgages.
Staffing has now grown to approximately 555 employees, New American reported to Mortgage Daily. Headcount is up from 424 people as of March 31 and 370 as of the end of last year.
“The company’s competitive compensation packages, high bonus opportunities and family-oriented company culture, have turned the heads of many, as they operate in an industry where company culture is not typically valued and regarded,” a statement earlier this month said.
The recruiting spree is expected to continue.
Among more than a dozen open production positions are loan officers, processors and underwriters. New American is also hiring wholesale employees including account executives and account managers.
The growth in staffing is supporting increased mortgage originations.
“We are trying to fill positions as fast as we can to keep up with loan volume,” a spokeswoman said in a statement.
During the first six months of 2012, loan production totaled $1.499 billion.
New American is on pace to far exceed the $1.761 billion in volume for all of 2011.
A new 80,000-square-foot headquarters facility in Tustin, Calif., will house the expanded staff. The firm relocated from its main office in Irvine, Calif.