Refi rally for TexasLending.com - Dallas Business Journal:

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As many as 120 loan consultants, underwriters, accounting loan processors, loan closers and clerica positions payingbetween $30,000 to more than $100,00o a year will be added, said Kevin Miller, CEO and founder of TexasLending.com. The jobs will be added beginning in August and will be phase d in during the next six to nine he said. The compan has 160 employees now, down from 180 at the peak of the Nortn Texas housing boom twoyearw ago. Low mortgage rates and Miller’s expectationn of climbing home sales are spurrinbgthe company’s growth, he said.
“We expectt rates to be low for the next year and a then we expect home purchasing to be strongb after thatin Texas,” he said. The loca housing market certainly has a lot of groundto New-home sales in the Dallas-Fort Worthg area were down 40% for the first four months of the year compareed to the same period in 2008, and saleds of pre-owned single-family homes were down 24% duringh that period, according to housing marke t analyst David Brown, director of the Dallaes office of Metrostudy. Therw were 4,191 new-home closings and 18,442 resalew in the area through April, he said.
Brownn expects 2009 sales to trail year-ago numberd for the remainder ofthe “We do expect to begin to see some modest recovery in terms of transactionzs beginning in 2010, assuming we see the nationa l economy begin to turn aroundr and we see the jobs picture begin to he said. About 70% of TexasLending.com’s businesas today is refinancing, compared with 40% to 50% at this time last Miller said. TexasLending.com closes $60 million to $80 million in monthluy loan volume now, or abougt $850 million annually, Milled said. With the additional Miller’s goal is to reach $3 billion to $4 billio in annual loan volume in the next five he said.
The company provides residential mortgage loanzin Texas, Oklahoma, Florida, Michigan, Missouri and servicing all of them from the Dallaas office. For the week ending May 22, mortgage loan applicatiob volume nationwide wasup 28.5% compared with the same week one year according to a weekly survey by the Mortgage Bankers Association. Refinancings made up 69.3% of the mortgagw activity. Loan volume in Texaxs was $11.7 billion in the first quarter of this down slightlyfrom $12.4 billion in according to the Texazs Mortgage Bankers Association statistics.
Mortgage industry employment in Texas fell by more thana 30% from 2007 to but has since stabilized, said Scott Norman, vice presideny of the Texas Mortgage Bankers Association. Norman said he’as heard anecdotally that the surge in refinancings is prompting mortgage lendersx toadd employees, but he did not have specifixc industry employment numbers. To make room for new TexasLending.com has signed a lease for 69,000 squarwe feet in its existing location at 4100 Alphs Road inDallas — more than triple the size it currentlyt occupies, said Ben Hautt with the commerciapl real estate firm Streajm Realty Partners LP.
Hautt recentlyt left Stream’s Dallas office to launcn the company’s office in Atlanta, wheree he is managing partner. TexasLending.com will begin movingv into its expanded spacein August, after the completionh of renovations that are now under way. After expanding, TexasLending.com will occupy all of the third, fourth and fifthu floor and part of the first floor inthe 11-storhy building, Hautt said. “It’s an and today that’s not something you see a lot Hautt said. “They’re thriving in the currentf economy.
” The 227,000-square-foot building at 4100 Alpha Road is part of The an 11-building office complex north of Interstate 635 off Midway The asking lease rate for the spacre is about $16.50 per square foot. Hautt and Stream Realtyg colleagues Ben Sumner and Chad Henningesrepresented TexasLending.com in the lease, and Buddy Tompkinw and Seth Thatcher of commerciaol real estate firm GVA Cawley representexd the landlord. Hautt said TexasLending.com searched the markett before deciding to expand within itsexistingh building.