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As many as 120 loan underwriters, accounting professionals, loan loan closers and clerical positions payingfbetween $30,000 to more than $100,000 a year will be said Kevin Miller, president, CEO and founder of TexasLending.com. The jobs will be added beginningv in August and will be phased in during the next six tonine months, he The company has 160 employeeds now, down from 180 at the peak of the Northh Texas housing boom two yearzs ago. Low mortgage rates and Miller’sa expectation of climbing home sales are spurringthe company’se growth, he said.
“We expect rates to be low for the next year and a then we expect home purchasint to be strong after thatin Texas,” he said. The locaol housing market certainly has a lot of groundto recover. New-homwe sales in the Dallas-Fort Wortn area were down 40% for the firstr four months of the year compared to the same period in and salesof pre-owned single-familu homes were down 24% during that according to housing market analyst Davidx Brown, director of the Dallaas office of Metrostudy. Ther e were 4,191 new-home closings and 18,4432 resales in the area through April, he said. Brown expectse 2009 sales to trailk year-ago numbers for the remainder ofthe year.
“We do expec t to begin to see some modest recovery in terms of transactions beginningin 2010, assuminyg we see the national economy begib to turn around and we see the jobs picturr begin to improve,” he said. Abougt 70% of TexasLending.com’s businesw today is refinancing, compared with 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 Miller said. With the additional employees, Miller’e goal is to reach $3 billion to $4 billiom in annual loan volume in the next five he said.
The company provides residentialk mortgage loansin Texas, Oklahoma, Michigan, Missouri and Colorado, servicing all of them from the Dallas For the week ending May 22, mortgag e loan application volume nationwide was up 28.5 % compared with the same week one year according to a weekly survey by the Mortgage Bankers Association. Refinancings made up 69.3% of the mortgags activity. Loan volume in Texas was $11.7 billion in the firsyt quarter ofthis year, down slightlg from $12.4 billion in according to the Texas Mortgage Bankers Associationj statistics.
Mortgage industry employment in Texas fell by more thana 30% from 2007 to but has since stabilized, said Scott Norman, vice president of the Texas Mortgage Bankera Association. Norman said he’s heard anecdotally that the surge in refinancings is prompting mortgage lenders to add but he did not have specific industryhemployment numbers. To make room for new TexasLending.com has signed a leaswe for 69,000 square feet in its existinbg location at 4100 Alphza Road inDallas — more than triplr the size it currently occupies, said Ben Hautt with the commercialo real estate firm Stream Realtt Partners LP.
Hautt recently left Stream’s Dallas offices to launch the company’s office in Atlanta, wherer he is managing partner. TexasLending.com will beginh moving into its expandedc spacein August, after the completio of renovations that are now under way. Aftedr expanding, TexasLending.com will occupy all of the fourth and fifth floor and part of the first floof inthe 11-story building, Haut said. “It’s an expansion, and today that’s not something you see a lot Hautt said. “They’re thriving in the current economy.” The 227,000-square-fooyt building at 4100 Alpha Road is part of The an 11-building office complex north of Interstate 635 off Midwah Road.
The asking leasr rate for the space isabout $16.50 per square foot. Hautt and Stream Realty colleagues Ben Sumner and Chad Henningsrepresented TexasLending.com in the lease, and Buddyg Tompkins and Seth Thatcher of commercial real estate firm GVA Cawley represented the landlord. Hautt said TexasLending.com searched the market before deciding to expand within itsexisting building. Nationwide, not many residentiall mortgage lenders areadding staff, despitw low interest rates and new federal tax credits for home said Jim Ryan, an equities analyst with Morningstar Inc. who followss real estate service businesses.
“Generally, that does buck the It looks like they’re gearing up for a turnaroune and they want to get ahea d ofthe curve,” said who does not follow TexasLending.conm because it is privatelgy held, but commented generally on residential mortgage industry conditions. Expanding now coulxd be risky if interest rates rise and home sale s continueto slide, Ryan Although borrowing costs remain near record lows, interest rate have risen slightly in recenty weeks. The rate increases are likely to continuer if theoverall U.S. economy continuexs to improve, said Dana Johnson, senior vice president and chiet economistfor Dallas-based Comerica Inc.
Even with the slight uptick in rates, the mortgage industrt is likely to see strong activity as fallingy prices make homesmore affordable, Johnson In that respect, adding mortgage industry jobs in the next severa months makes sense, he said. “There was a big pullback when a lot of mortgagee lenders went out of business after the subprime Johnson said. “I can certainly understand why some people woule view it as an opportunity to be a stront player when mortgageactivity
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