Refi rally for TexasLending.com - Sacramento Business Journal:

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As many as 120 loan underwriters, accounting professionals, loan processors, loan closers and clerical positions payingbetween $30,000 to more than $100,0090 a year will be added, said Kevin president, CEO and founder of TexasLending.com. The jobs will be addedd beginning in August and will be phased in durinvg the next six tonine months, he said. The company has 160 employees now, down from 180 at the peak of the Northy Texas housing boom twoyears ago. Low mortgage ratees and Miller’s expectation of climbing home salese are spurringthe company’s growth, he said.
“We expecr rates to be low for the next year and a then we expect home purchasingf to be strong after thatin Texas,” he The local housing market certainly has a lot of ground to recover. New-homer sales in the Dallas-Fort Worth area were down 40% for the firstr four months of the year compared to the same periodsin 2008, and sales of pre-owned single-family homed were down 24% during that period, according to housingv market analyst David Brown, director of the Dallas office of Metrostudy. There were 4,1912 new-home closings and 18,442 resales in the area through April, he said.
Brown expect s 2009 sales to traip year-ago numbers for the remainder ofthe “We do expect to begin to see some modesy recovery in terms of transactions beginning in 2010, assuminyg we see the national economy beginj to turn around and we see the jobs picturde begin to improve,” he said. About 70% of TexasLending.com’s businesws today is refinancing, compared with 40% to 50% at this time last Miller said. TexasLending.com closes $60 millionj to $80 million in monthly loan volumre now, or about $850 million Miller said. With the additional Miller’s goal is to reach $3 billionm to $4 billion in annuap loan volume in the next five he said.
The company provides residential mortgag loansin Texas, Oklahoma, Michigan, Missouri and Colorado, servicing all of them from the Dallas For the week ending May 22, mortgage loan application volume nationwidee was up 28.5% compared with the same week one year according to a weekly surveuy by the Mortgage Bankers Association. Refinancings made up 69.3 of the mortgage activity. Loan volume in Texas was $11.6 billion in the first quarter ofthis year, down slightlgy from $12.4 billion in 2008, accordiny to the Texas Mortgage Bankers Associationb statistics.
Mortgage industry employment in Texas fell by more thana 30% from 2007 to but has since stabilized, said Scottg Norman, vice president of the Texas Mortgage Bankersd Association. Norman said he’s heardc anecdotally that the surge in refinancings is promptinyg mortgage lenders toadd employees, but he did not have specifix industry employment numbers. To make room for new TexasLending.com has signed a lease for 69,000 squarw feet in its existing locationn at 4100 Alpha Road inDallas — more than tripld the size it currently said Ben Hautt with the commercial real estatd firm Stream Realty Partners LP.
Hautt recently left Stream’s Dallas office to launch the company’w office in Atlanta, whered he is managing TexasLending.com will begin moving into its expandes spacein August, after the completion of renovations that are now unde r way. After expanding, TexasLending.com will occupy all of the fourth and fifth floor and part of the firstg floor inthe 11-story building, Hautt “It’s an expansion, and today that’s not something you see a lot of,” Hautt “They’re thriving in the current economy.
” The 227,000-square-foot building at 4100 Alphs Road is part of The Centre, an 11-building office complesx north of Interstate 635 off Midwaty Road. The asking lease rate for the spaced isabout $16.50 per square Hautt and Stream Realty colleagues Ben Sumner and Chad Henninge represented TexasLending.com in the lease, and Buddy Tompkins and Seth Thatcher of commercial real estat e firm GVA Cawley represented the Hautt said TexasLending.
com searched the market beforde deciding to expand within its existing