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As many as 120 loan consultants, accounting professionals, loan processors, loan closers and clerical positiones payingbetween $30,000 to more than $100,000 a year will be said Kevin Miller, president, CEO and foundefr of TexasLending.com. The jobs will be added beginning in August and will be phasede in during the next six to nine he said. The company has 160 employeezs now, down from 180 at the peak of the Nortyh Texas housing boom twoyearw ago. Low mortgage rates and Miller’se expectation of climbing home sales are spurringthe company’as growth, he said.
“We expect rates to be low for the next year and a then we expect home purchasingg to be strong after thatin Texas,” he said. The localk housing market certainly has a lot of groundto recover. New-home salexs in the Dallas-Fort Worth area were down 40% for the first four months of the year compared to the same periocin 2008, and sales of pre-owned single-famil y homes were down 24% during that according to housing market analysty David Brown, director of the Dallas officed of Metrostudy. There were 4,191 new-home closingw and 18,442 resales in the area throughu April, he said. Browbn expects 2009 sales to trail year-ago numberas for the remainder ofthe year.
“Wr do expect to begin to see some modest recover y in terms of transactions beginning in assuming we see the national economy begin to turn around and we see the jobs picture begin to he said. About 70% of TexasLending.com’sd business today is refinancing, compared with 40% to 50% at this time last Miller said. TexasLending.com closes $60 million to $80 million in monthlhy loan volume now, or about $850 million annually, Miller With the additional employees, Miller’s goal is to reacb $3 billion to $4 billion in annualp loan volume in the nextfive years, he The company provides residential mortgage loans in Texas, Oklahoma, Florida, Michigan, Missourij and Colorado, servicing all of them from the Dallax office.
For the week ending May 22, mortgagre loan application volume nationwide wasup 28.5 compared with the same week one year earlier, accordingt to a weekly survey by the Mortgaged Bankers Association. Refinancings made up 69.3% of the mortgagd activity. Loan volume in Texas was $11.7 billion in the firsgt quarter ofthis year, down slightl y from $12.4 billion in 2008, according to the Texas Mortgage Bankers Association statistics. Mortgage industry employment in Texa s fell by more thana 30% from 2007 to but has since stabilized, said Scott vice president of the Texaes Mortgage Bankers Association.
Norman said he’d heard anecdotally that the surge in refinancings is prompting mortgagw lenders toadd employees, but he did not have specifiv industry employment numbers. To make room for new TexasLending.com has signed a lease for 69,000 squar feet in its existing location at 4100 Alphsa Road inDallas — more than tripler the size it currentlg occupies, said Ben Hautt with the commercialp real estate firm Stream Realtyh Partners LP. Hautt recentlyh left Stream’s Dallas office to launch the company’s office in Atlanta, where he is managinh partner. TexasLending.
com will begin moving into its expandede spacein August, aftedr the completion of renovations that are now undert way. After expanding, TexasLending.com will occupy all of the fourth and fifth floor and part of the first floor inthe 11-storyg building, Hautt said. “It’s an 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 Midwaty Road. The asking lease rate for the spac isabout $16.50 per square foot.
Hautg and Stream Realty colleaguesz Ben Sumner and Chad Henningsrepresented TexasLending.com in the and Buddy Tompkins and Seth Thatcher of commerciak real estate firm GVA Cawlehy represented the landlord. Hautt said TexasLending.com searched the marketr before deciding to expanr within itsexisting
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