Mortgage Daily Logo
mortgage news from industry experts

Wachovia Adding 100s of Originators

Wachovia Adding 100s of Originators300 mortgage consultants to be added in 2005

February 23, 2005

By COCO SALAZAR

Job hunters along the Eastern sea board should now have an easier time spotting openings — Wachovia Corp. plans to fill hundreds of loan sales positions this year.

In an effort to provide better coverage for consumers, the Charlotte, N.C.-based banker expects to grow its mortgage staff of 2,800 by 300 mortgage consultants in 2005, Wachovia spokeswoman Jennifer Darwin told MortgageDaily.com in an e-mailed statement.

“We regularly review our geographic coverage model, and this expansion is part of our effort to provide better coverage for our customers,” Darwin said.

The new hires will primarily focus on expanding Wachovia’s sales capabilities in the 15-state footprint it currently serves, she added. Besides Texas, the footprint is based along the East Coast: Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Tennessee, Mississippi, and Washington, D.C.

Wachovia’s mortgage production of nearly $15 billion last year took a downturn from $22 billion in 2003, according to its quarterly financial supplements.

Company general bank president Ben Jenkins reportedly told The Observer that Wachovia has not previously emphasized the mortgage business, but would like to be among the top three in markets where it operates and grow mortgage originations to $17 billion annually.

While production is expected to decrease industrywide this year, Darwin said Wachovia is “focused on growing this business through expanding our internal sales channels and by growing our purchase business through our relationships with real estate agents and builders.”

This year, the lender also plans to augment its number of approximately 3,300 branches by 100 financial centers — half in the East Coast footprint and the other 50 in Texas. Because mortgage consultants work independently of the branches, the hirings are not tied to the financial center growth plans, according to Darwin.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.email: s3celeste@aol.com

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION