Amerisave Adding Origination, Production Employees

At a time when rates are rising and refinances are dwindling, Amerisave will quadruple its staff throughout 2005, according to spokesman David Herpers. The online lender strategically pushed into the subprime market about eight months ago and plans to widen its presence in this sector, Herpers said.

The Atlanta, Ga.-based company, which launched in July 2002, reports production of $2.5 billion since January 2003.

While most of its revenue has been derived from prime loans, within the next year Amerisave estimates subprime loans will account for about 50% of its total revenue.

In line with its business model, Amerisave is counting on approximately 200 new subprime employees to fuel and service nonprime business. Of the total hirings expected to be in place by the end of next year, 158 will be subprime loan advisors. The rest of the new hires will consist of loan processors, loan closers, and sales managers, as one of each is assigned to a team of 8 to 12 loan advisors.

Amerisave will hire about 12 subprime loan advisors per month until it extends its current number of 42 employees in this position to 200.

The employees will be housed in Amerisave’s national call center in Atlanta. The company currently employs about 80 people.

Future plans of the lender, which says it serves in 41 states via its Web site and ranks as one of the top 15 U.S. online mortgage originators, include opening a call center on the West Coast.