Already a Turnaround? Mortgage Firms Hiring

June 10, 2008 No Comments »


Two national mortgage lenders announced today that they were actively expanding amid an ongoing mortgage crisis that has forced hundreds of banks and lenders nationwide to shut their doors.

Mortgage Network Inc., the so-called largest independent mortgage company in the Northeast, said today that it plans to expand wholesale, yes wholesale, operations into Alabama, Georgia, North Carolina, South Carolina, and Tennessee.

MNET Mortgage Corp., as it’s also know, has opened eight new offices over the past twelve months, increased its staff by 33 percent, and continues to hire new employees throughout the nation.

The growing mortgage lender announced record loan volume of $2 billion during the first quarter, a 93 percent gain from the first quarter of 2007, and the second highest quarter on record since the refinance boom of 2003.

Meanwhile FHA loan lender Residential Finance Corp. said it plans to hire an additional 75 to 100 employees, primarily to fill positions in the company’s Columbus, Ohio headquarters and Tampa, Florida location.

“The slowdown in the housing market has put more than 200 U.S. lending operations out of business, leaving nearly 1,000 talented mortgage professionals jobless in Ohio, and even more in Florida,” said RFC President, Michael Isaacs.

“We’d like to invite those seasoned loan officers with extensive mortgage banking experience and a commitment to excellence to give us a call.”

While the news seems positive, it wasn’t long ago that a similar company had plans to hire 100 employees and months later, announced they were shutting their doors.

But it does reveal that there are signs of life in an industry that has pretty much been written off as imploded.

Take a look at the latest list of closed lenders, layoffs, and mergers in the mortgage industry.

(photo: bk2204)

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