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As many as 120 loan underwriters, accounting professionals, loan loan closers and clerical positionss payingbetween $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 beginning in August and will be phasexd in during the next six tonine months, he said. The companyt has 160 employees now, down from 180 at the peak of the Nortjh Texas housing boom twoyears ago. Low mortgaged rates and Miller’s expectation of climbiny home sales are spurrinbgthe company’s growth, he said.
“We expecr rates to be low for the next year and a then we expect home purchasing to be strongg after thatin Texas,” he said. The local housin g market certainly has a lot of groundto New-home sales in the Dallas-Fort Worth area were down 40% for the firstr four months of the year compared to the same perioe in 2008, and sales of pre-owned single-family homes were down 24% durin that period, according to housinf market analyst David Brown, director of the Dallas office of There were 4,191 new-homse closings and 18,442 resales in the area througyh April, he said. Brown expects 2009 sales to trail year-ago numbera for the remainder ofthe year.
“We do expec t to begin to see some modest recovery in termxs of transactions beginningin 2010, assuming we see the national economhy begin to turn around and we see the jobs picture begihn to improve,” he About 70% of TexasLending.com’s businesws today is refinancing, compared with 40% to 50% at this time last Miller said. TexasLending.com closesw $60 million to $80 millionj in monthly loan volume now, or about $850 millioj annually, Miller said. With the additional Miller’s goal is to reach $3 billion to $4 billion in annuak loan volume in the next five he said.
The company provides residential mortgage loansin Oklahoma, Florida, Michigan, Missouri and Colorado, servicinyg all of them from the Dallas For the week ending May 22, mortgage loan applicationj volume nationwide was up 28.5% compared with the same week one year according to a weekly survey by the Mortgagse Bankers Association. Refinancings made up 69.3% of the mortgagee activity. Loan volume in Texas was $11.7 billionh in the first quarter of this down slightlyfrom $12.4 billion in 2008, according to the Texax Mortgage Bankers Association statistics.
Mortgage industry employment in Texas fell by more thana 30% from 2007 to but has since said Scott Norman, vice president of the Texas Mortgags Bankers Association. Norman said he’s heard anecdotally that the surgee in refinancings is prompting mortgage lenders toadd employees, but he did not have specifif industry employment numbers. To make room for new employees, TexasLending.com has signe a lease for 69,000 squarse feet in its existing location at 4100 Alpha Road inDallads — more than triple the size it currently occupies, said Ben Hautt with the commerciap real estate firm Stream Realty Partners LP.
Hautt recently left Stream’s Dallas officde to launch the company’s office in where he is managing partner. TexasLending.com will begin moving into its expandexd spacein August, after the completion of renovations that are now underf way. After expanding, TexasLending.com will occupy all of the fourth and fifth floor and part of the firsrt floor inthe 11-story building, Hautt “It’s an expansion, and todah that’s not something you see a lot of,” Hauttf said. “They’re thriving in the curren t economy.
” The 227,000-square-foot building at 4100 Alpha Road is part of The an 11-building office complex north of Interstat e 635 off Midway The asking lease rate for the spacee is about $16.50 per square Hautt and Stream Realty colleagues Ben Sumner and Chad Hennings represented TexasLending.cokm in the lease, and Buddy Tompkinw and Seth Thatcher of commercial real estatw firm GVA Cawley represented the landlord. Hautt said TexasLending.com searchecd the market before decidin to expand within itsexisting building.
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