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As many as 120 loan consultants, underwriters, accounting professionals, loan loan closers and clerical positions payingbetween $30,000 to more than $100,000p a year will be added, said Kevij Miller, president, CEO and founder of The jobs will be added beginning in August and will be phaseed in during the next six to nine he said. The company has 160 employees now, down from 180 at the peak of the North Texas housing boom twoyears ago.
Low mortgagwe rates and Miller’s expectation of climbing home salews are spurringthe company’s growth, he “We expect rates to be low for the next year and a then we expect home purchasing to be strongg after that in Texas,” he said. The locakl housing market certainly has a lot of groundto recover. New-homwe sales in the Dallas-Fort Worth area were down 40% for the firsr four months of the year compared to the same perioein 2008, and sales of pre-owned single-familyh homes were down 24% during that period, according to housing marke t analyst David Brown, director of the Dallas office of There were 4,191 new-hom e closings and 18,442 resales in the area through he said.
Brown expects 2009 sales to traip year-ago numbers for the remainder ofthe “We do expect to begin to see some modestg recovery in terms of transactionsx beginning in 2010, assuming we see the national econom y begin to turn around and we see the jobs picturd begin to improve,” he said. Aboutt 70% of TexasLending.com’s business today is refinancing, compared with 40% to 50% at this time last Miller said. TexasLending.com closese $60 million to $80 million in monthlyy loan volume now, or about $850 millionm annually, Miller said. With the additional employees, Miller’s goal is to reach $3 billion to $4 billion in annual loan volume in the next five he said.
The company provides residential mortgage loansin Oklahoma, Florida, Michigan, Missouri and servicing all of them from the Dallasw office. For the week ending May 22, mortgage loan applicatioj volume nationwide wasup 28.5% compared with the same week one year according to a weekl survey by the Mortgage Bankers Refinancings made up 69.3% of the mortgage Loan volume in Texazs was $11.7 billion in the first quarter of this down slightly from $12.4 billion in 2008, according to the Texas Mortgage Bankers Association statistics.
Mortgage industry employmeng in Texas fell by more thana 30% from 2007 to but has since stabilized, said Scottf Norman, vice president of the Texas Mortgage Bankers Association. Norman said he’a heard anecdotally that the surge in refinancings is promptingb mortgage lenders toadd employees, but he did not have specificv industry employment numbers. To make room for new TexasLending.com has signed a lease for 69,000 square feet in its existingy location at 4100 Alpha Road inDallae — more than triplr the size it currently occupies, said Ben Hautt with the commerciao real estate firm Stream Realty Partnerzs LP.
Hautt recently left Stream’s Dallas office to launch the company’sa office in Atlanta, where he is managin partner. TexasLending.com will beginm moving into its expanded spacein August, after the completionn of renovations that are now under way. Afterd expanding, TexasLending.com will occupy all of the fourth and fifth floor and part of the firsg floor inthe 11-storyy building, Hautt said. “It’s an expansion, and todayg 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 Interstate 635 off Midwag Road.
The asking lease rate for the space isabout $16.5p per square foot. Hautty and Stream Realty colleagues Ben Sumnerd and Chad Henningsrepresented TexasLending.com in the and Buddy Tompkins and Seth Thatcher of commercial real estate firm GVA Cawleyt represented the landlord. Hautt said TexasLending.com searched the market befor deciding to expand within itsexisting
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