Hello LOs!
With origination volume dropping by about half, this year is all about cost-cutting for lenders. And what is a lender's biggest expense? Personnel.
loanDepot, now led by Frank Martell, made massive cuts Tuesday morning. This year the lender plans to eliminate 4,800 jobs, or 42% of its workforce, as part of its plan to save as much as $400 million and return to profitability. How many of those job reductions will be LOs remains to be seen.
As Managing Editor James Kleimann chronicled in Friday's edition of LendingLife, it's an extremely difficult job market for operations staff. But it's not as brutal for LOs, especially on the broker side.
"The broker channel is growing so quickly [that] we can't hire fast enough," said Russell Patty, owner of Grow Mortgage, which has offices in the Carolinas, Florida and Indiana.
Patty plans to hire as many as 20 LOs by the end of the year, including junior LOs.
"You have to be hungry to get the business in this market," Patty said. "It's easier to be a broker but it's a grind. It's not an easy job."
Here are a few mortgage lenders looking for LOs, AEs, processors and others:
- American Financial Network has open positions for LOs, sales managers and branch managers
- E Mortgage Capital is hiring LOs and account executives
- WesBanco Bank is seeking LOs and processors throughout its mid Atlantic markets, Tennessee, Indiana and Ohio
- PNC Bank is hiring LOs in the New York City region
- U.S. Bank is hiring LOs in New Jersey
- Equity Prime Mortgage is hiring account executives for wholesale, non-delegated and delegated
- Motto Mortgage is hiring LOs
- Cross Country Mortgage is hiring LOs in the New York City region
- Seacoast Bank is hiring LOs in Florida. The positions are remote and living in Florida isn't a requirement, nor is having self sourced business
- Carrington Mortgage Services is hiring LOs who are remote
- Navy Federal is hiring an LO in Mayport, Florida.
We'll update the list in upcoming LL editions. If you have a job open, please email me at connie@hwmedia.com
Connie Kim
Mortgage Reporter, HW Media
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