Mortgage Industry Insider – Mortgage employment insight from MortgageDaily.com
DALLAS, December 4 /PRNewswire/ The launch of a new net branch operation may result in new mortgage jobs, a senior executive told MortgageDaily.com, the dominant source of online news for the mortgage industry.
CJ Mortgage looks to expand into retail mortgage originations, the company’s vice president of wholesale lending told MortgageDaily.com.
“What we’re looking to do,” he said, “is create kind of franchise offices, where they’re owned and operated by individuals but where we can be a funding conduit and provide direct lending capabilities for those offices that sign up.”
The Brea, Calif.-based company currently generates loan prospects only through mortgage brokers. But with the new retail operation, it would recruit existing mortgage broker branches — known as net branches. As many as 50 new employees could be added as a result of the new venture.
“So on the net branching side of it, it would be an appealing offer not only to everyone out there but to the people who do mostly subprime business,” the CJ executive added. “That’s really our target market — people who really need to get tough loans done.” (https://www.mortgagedaily.com/JobAdditionsCj113006.asp)
But the news wasn’t so good at another wholesaler.
Wachovia Corp.’s regional wholesale fulfillment center in Waterbury, Conn., will close doors early next year, a Wachovia spokeswoman informed MortgageDaily.com in an e-mail statement. The closure of the center will result in the elimination of 74 positions.
The move is part of a previously announced decision to integrate American Mortgage Network and Wachovia Mortgage Corp.’s third-party lending businesses, the spokeswoman added.
American Mortgage, also known as AmNet, was acquired by Wachovia about a year ago. (https://www.mortgagedaily.com/LayoffsWachovia112806.asp)
Employees of Champion Mortgage must contend with the sale of its origination platform. Fortress Investment Group LLC made the acquisition — which is expected to close during the first quarter of next year, according to an announcement. Champion also sold a $2.5 billion residential portfolio to HSBC Finance Corp. (https://www.mortgagedaily.com/HsbcAcquisition120106.asp)
Read complete secondary marketing news at https://www.mortgagedaily.com/MortgageEmployment.asp
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