Two of the largest mortgage lenders in the nation are hiring new sales staff to originate more home loans.
I wonder if their home retention and loss mitigation departments are adequately staffed? Hmm.
The new hiring at bank branches in New York, New Jersey, and Connecticut will bring its local sales team to 700 employees.
Chase was the third largest home loan lender in the first quarter on $37.1 billion in loan origination volume.
It continues to pitch its paltry 1% Mortgage Cash Back offer to entice customers.
Meanwhile, GMAC, which shut down its wholesale lending channel Homecomings and shuttered many GMAC Mortgage retail branches, plans to go virtual.
The company is rolling out a direct-to-consumer virtual sales network to boost its home loan business, while keeping costs down.
A few weeks ago, GMAC also revealed it was adjusting the loan officer pay structure at its ResCap unit to focus on attracting qualified loan applicants, instead of simply compensating based on volume.
Yeah, the originate-to-distribute model didn’t pan out as expected…
Its retail brand Ditech is set to roll out a huge advertising campaign in the next few weeks as well.
GMAC saw loan origination volume climb to $66.2 billion in 2009 from $59.4 billion in 2008.