Chase to Hire 1,200 Mortgage Loan Officers by End of 2010

November 10, 2009 No Comments »


Apparently Chase thinks the mini mortgage boom is going to continue, as evidenced by their intention to beef up sales staff by 60 percent from current levels.

The mega-bank plans to hire 1,200 mortgage loan officers between now and the end of 2010 to help service clients looking to finance a purchase or execute a refinance.

The new loan officers will help customers in bank branches in 23 states, including “key states” like California, Florida, Texas, and “key metros” such as NYC and Chicago.

“With nearly 5,200 bank branches — one of the largest networks in the country — we need to ensure each branch has seasoned mortgage professionals to help meet the needs of their communities and is well positioned when the housing market fully recovers,” said Dave Lowman, head of home lending at Chase, in a release.

“We see the mortgage business as core to our relationship with consumers and expect to be a major leader in the industry for many years to come.”

Chase is the top third largest mortgage lender, with $37.1 billion in mortgage loan origination volume in the latest quarter.

Unfortunately, that’s nothing compared to the near $100 billion Bank of America brought in during the same period, especially as both acquired formidable players (Countrywide, WaMu).

Chase seems to be banking on promotional gags like its patent pending 1% Mortgage Cash Back, which seems like a pretty so-so deal.

The company, which originates loans through mortgage offices, call centers, and retail correspondent lenders in all 50 states, also currently services $1.1 trillion in home loans.

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