Posts Tagged ‘Mortgage Bankers Associate’
Major Banks Hiring Loan Officers
The real estate market looks to be gearing up for more sales after two major lenders announced they are in the process of hiring 1,600 loan officers. As one of the largest mortgage lenders in the country, JPMorgan Chase is in the process of hiring 1,200 mortgage officers over the next couple of years. While the company does not expect to be suddenly inundated with mortgage applications, they do anticipate steady growth.
Citizens Bank, the nation’s 24th largest lender has plans to add 400 additional loan officers before 2013. They anticipate increased staffing by 100 people in 2010. They increased lending in 2009 by 167% over 2008 and see continued growth going into the future.
The Mortgage Bankers Associate estimates the industry will grow to $916 billion over the next two years. That’s in comparison to this year’s forecast of $725 billion. The expectation is growth will be heavily in purchases by new buyers as the refinance market is expect to drop to $474 billion in 2012, down from $717 billion this year.