Mortgage Daily

Published On: July 6, 2006
Major Growth Fueling Hiring at Wholesaler

First Magnus has added 600 employees this year

July 6, 2006

By COCO SALAZAR

photo of Coco Salazar
A wholesale mortgage lender that has added 600 employees this year has no plans to cut back on hiring.

Fast-growing First Magnus Financial Corp. has hired about 600 employees nationwide this year alone and does not intend to halt recruiting, spokesman Gary Baraff told MortgageDaily.com.

The hires have filled positions across every aspect of First Magnus, including branch managers and account executives, the spokesman said.

While Baraff could not provide the number of jobs First Magnus planned to create over the next six months, he emphasized the company has added about 100 employees to its payroll in each of the past six to nine months and had no doubt at least 50 more hires were in sight through the remainder of 2006.

The Tuscon, Ariz.-based lender, with more than 300 offices and a staff in excess of 5,500, including about 300 information technology employees, is planning to expand its footprint past 35 states, he added.

“Historically, we’ve grown in times of market turmoil,” Baraff said, noting that as other industry players are downsizing, closing branches and laying off, it is able to attract their talent. “They recognize our technology and they’re attracted to us.”

First Magnus, which according to its Web site is a pioneer in Web-based wholesale transactional initiatives, will soon be announcing senior executive additions who are recognized in the industry, he added.

First Magnus, the second-largest privately-held wholesaler and ranked the 12th largest overall, grew mortgage volume to $27 billion last year from $16.5 billion in 2004, according to the spokesman.

“We grow in terms of volume not just people,” Baraff 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. Our brand awareness is increasing.”

Earlier this week, the National Association of Mortgage Brokers named First Magnus the Affiliate Company of the Year for promoting the goals and efforts of the trade group.

Baraff noted this is the second time in four years First Magnus has received this recognition from NAMB.

In 2004, the wholesaler was also among Inc. 500 magazine’s 23rd annual ranking of the fastest-growing private companies in the country.

“We’re one of the most under told stories in the industry and I think this award from NAMB is going to help us a lot more,” he added.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: [email protected]

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