500 Job Additions Slated for Alt-A Lender

Mortgage Lenders Network USA Inc. has four to six weeks to decide where it will be expanding, according to spokesman Gary Griffin. The Middletown-headquartered company is debating between two sites in Connecticut and another in Massachusetts.

“We are experiencing tremendous growth and now seek a location to firmly establish ourselves for the future,” said Mortgage Lenders CEO Mitch Heffernan in a written statement.

The Alt-A, nonconforming and home equity originator services a portfolio in excess of $9 billion in retail and wholesale mortgages in all 50 states, according to Griffin, and the company expects it to grow to $12.4 billion this year.

“Eight years ago we started with seven employees and have grown to more than 700,” the CEO added. “We expect to nearly double in size with the projection of 500 new hires creating a significant number of jobs in the location we select.”

Most of the new hires will cover call center positions, or people who process loans, Griffin said, adding that new management positions will also be included. Another 250 hires will be “typical headquarters jobs,” which include sales positions.

The new site will reportedly serve to consolidate the four locations Mortgage Lenders operates from in Connecticut. The company additionally has regional wholesale offices in Atlanta, Chicago, Phoenix and Philadelphia.

The originator expects to have the state-of-the-art building operating by March 2007. Mortgage Lenders is seeking a property that can accommodate the 180,000-square-foot building and provide room to expand and additional 300,000-square-feet over two years. The building will include within the site a cafe, health club, day care, and company lockers, among other amenities.

“This is the first facility of its kind in New England and a direct reflection of [Mortgage Lenders] corporate culture of hiring the best people to provide our customers with the best products and personalized service,” Heffernan said.