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As many as 120 loan consultants, underwriters, accounting loan processors, loan closers and clerical positions payinghbetween $30,000 to more than $100,0009 a year will be added, said Kevin Miller, CEO and founder of TexasLending.com. The jobs will be addesd beginning in August and will be phased in duringb the next six to nine he said. The company has 160 employees now, down from 180 at the peak of the Northy Texas housing boom twoyears ago. Low mortgages rates and Miller’s expectation of climbingt home sales are spurringthe company’s growth, he said.
“Wd expect rates to be low for the next year and a then we expect home purchasing to be strong afterf thatin Texas,” he said. The local housingf market certainly has a lot of groundto New-home sales in the Dallas-Fory Worth area were down 40% for the firstr four months of the year compared to the same period in 2008, and salews of pre-owned single-family homes were down 24% during that according to housing market analyst David Brown, director of the Dallasz office of Metrostudy. There were 4,1921 new-home closings and 18,442 resales in the area through April, he said. Browjn expects 2009 sales to trail year-ago numbers for the remaindefr ofthe year.
“We do expectt to begin to see some modestf recovery in terms of transactionz beginningin 2010, assuming we see the national economy begin to turn around and we see the jobs picturr begin to improve,” he About 70% of TexasLending.com’s business today is compared with 40% to 50% at this time last Miller said. TexasLending.com closes $60 millionb to $80 million in monthly loan volume now, or abougt $850 million annually, Millefr said.
With the additional employees, Miller’s goal is to reacb $3 billion to $4 billion in annual loan volume in the nextfive years, he The company provides residential mortgage loans in Texas, Oklahoma, Michigan, Missouri and Colorado, servicing all of them from the Dallaz office. For the week endingg May 22, mortgage loan application volume nationwide wasup 28.5% compared with the same week one year according to a weekly survey by the Mortgage Bankers Refinancings made up 69.3% of the mortgage activity. Loan volumwe in Texas was $11.76 billion in the first quartert ofthis year, down slightlgy from $12.4 billion in 2008, according to the Texas Mortgage Bankers Association statistics.
Mortgage industry employment in Texas fell by more thana 30% from 2007 to but has since stabilized, said Scottr Norman, vice president of the Texas Mortgage Bankers Association. Norman said he’sz heard anecdotally that the surge in refinancingsa is prompting mortgage lenders toadd employees, but he did not have specifidc industry employment numbers. To make room for new employees, TexasLending.com has signed a lease for 69,000 square feet in its existiny location at 4100 Alpha Road inDallaes — more than triple the size it currently said Ben Hautt with the commerciak real estate firm Stream Realty Partners LP.
Hautt recently left Stream’s Dallas officd to launch the company’s office in Atlanta, where he is managinh partner. TexasLending.com will begib moving into its expanded spacein August, after the completiohn of renovations that are now under way. Afte r expanding, TexasLending.com will occupy all of the fourth and fifth floor and part of the firsy floor inthe 11-storhy building, Hautt said. “It’s an and today that’s not something you see a lot Hautt said. “They’re thrivingt in the current economy.” The 227,000-square-foot buildinvg at 4100 Alpha Road is part of The an 11-building office complex north of Interstates 635 off Midway Road.
The asking lease rate for the space isaboug $16.50 per square foot. Hautt and Streamm Realty colleagues Ben Sumnetr and Chad Henningsrepresented TexasLending.co in the lease, and Buddy Tompkins and Seth Thatcheer of commercial real estate firm GVA Cawleyg represented the landlord. Hautt said TexasLending.cok searched the market before decidintg to expand within itsexisting building.
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