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As many as 120 loan consultants, accounting professionals, loan processors, loan closersa and clerical positions payingbetween $30,000 to more than $100,000 a year will be said Kevin Miller, president, CEO and founde r of TexasLending.com. The jobs will be added beginninbg in August and will be phased in during the next six to nine he said. The company has 160 employees now, down from 180 at the peak of the Nortyh Texas housing boom twoyears ago. Low mortgagd rates and Miller’s expectation of climbing home sales are spurrintgthe company’s growth, he said.
“We expecty rates to be low for the next year and a then we expect home purchasin to be strong after thatin Texas,” he The local housing market certainly has a lot of grouns to recover. New-home sales in the Dallas-Fortf Worth area were down 40% for the first four monthd of the year compared to the same periodfin 2008, and sales of pre-owner single-family homes were down 24% during that period, according to housinb market analyst David Brown, director of the Dallas office of There were 4,191 new-home closingsz and 18,442 resales in the area through he said. Brown expects 2009 salesx to trail year-ago numbers for the remainderr ofthe year.
“We do expecyt to begin to see some modesr recovery in terms of transactions beginningin 2010, assuminvg we see the national economy begihn to turn around and we see the jobs picturew begin to improve,” he said. About 70% of TexasLending.com’es business today is comparedwith 40% to 50% at this time last Miller said. TexasLending.com closes $60 million to $80 millionn in monthly loan volume now, or about $850 million annually, Miller said. With the additionakl employees, Miller’s goal is to reach $3 billion to $4 billiobn in annual loan volume in the next five he said.
The company provides residential mortgag loansin Texas, Oklahoma, Michigan, Missouri and Colorado, servicing all of them from the Dallasd office. For the week ending May 22, mortgagee loan application volume nationwide wasup 28.5 % compared with the same week one year earlier, accordiny to a weekly survey by the Mortgage Bankers Association. Refinancings made up 69.3% of the mortgage Loan volume in Texaswas $11.7 billion in the firs quarter of this down slightly from $12.4 billion in 2008, according to the Texas Mortgagse Bankers Association statistics.
Mortgage industrt employment in Texas fell by more thana 30% from 2007 to but has since stabilized, said Scott vice president of the Texas Mortgage Bankerx Association. Norman said he’s heard anecdotally that the surge in refinancings is prompting mortgage lenders to add but he did not have specific industryemploymenf numbers. To make room for new employees, TexasLending.cokm has signed a lease for 69,000 square feet in its existingb location at 4100 Alpha Road in Dallas more than triple the size it currently said Ben Hautt with the commercial real estatwe firm Stream RealtyPartners LP.
Haut t recently left Stream’s Dallas office to launch the company’s office in where he is managing partner. TexasLending.com will begin moving into its expanded spacein August, after the completiojn of renovations that are now under way. Aftefr expanding, TexasLending.com will occupy all of the third, fourth and fifth floor and part of the first floor inthe 11-story building, Hautt said. “It’s an expansion, and todayt that’s not something you see a lot Hautt said. “They’re thriving in the current The 227,000-square-foot building at 4100 Alpha Road is part of The an 11-building office complex north of Interstats 635 off Midway Road.
The asking lease rate for the space isaboutr $16.50 per square Hautt and Stream Realty colleagues Ben Sumnert and Chad Hennings represented TexasLending.com in the and Buddy Tompkins and Seth Thatcher of commercial real estate firm GVA Cawle represented the landlord. Hautt said TexasLending.com searched the market before deciding to expand within itsexisting
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