JSMedia – With unemployment at record levels and the coronavirus pandemic causing the economy to spiral out of control, home mortgage lending executives say the business is booming and they are hiring thousands of new workers. Detroit-based Quicken Loans Inc. and Pontiac-based United Shore Financial Services LLC are two of the largest mortgage lenders in the country and both companies are expanding their teams to meet demand.
In a recent article in the Wall Street Journal, United Shore was ranked as the nation’s No. 1 wholesale lender for five consecutive years. In 2005, United Shore beat out former industry juggernaut Countrywide Financial, which went bankrupt during the subprime mortgage crisis. The company also topped the rankings of general shut-down loans, beating out JPMorgan Chase & Co. and Wells Fargo & Co., as the country’s largest mortgage firm.
The Michigan-based Quicken Loans has hired 1,500 new employees since mid-March and plans to hire another 1,500 over the next two months. The company’s executive vice president of mortgage services, Austin Niemiec, attributed the increased hiring to historically low interest rates and the strength of the housing market. A recent survey found that mortgage agents are eager to work for companies that offer competitive interest rates.
United Shore and Quicken Loans Among Mortgage Lenders Hiring
Quicken Loans is the nation’s third largest home lender, with nearly 5,000 employees. The company has been expanding at a fast pace since the housing collapse, with plans to hire 2,000 more workers in 2020. The company doubled its number of employees last year, and it has been doubling its workforce in the past couple of months. However, the company’s staff is overloaded, with many underwriters putting in overtime hours in recent days.
The company’s largest rival, Quicken Loans, has added about 5,000 employees in the past year. Its Rocket Mortgage brand has been seen in TV commercials and online ads and sponsors high-profile sporting events. Despite the housing crash, United Shore’s mortgage business is booming. The company’s headquarters is in Detroit, and its corporate headquarters is located in the Midwest. The two companies compete in the wholesale business.
In 2015, United Shore’s home loan volume rose 159% year-over-year. That surpassed Countrywide Financial’s $103.3 billion in general shut-down loans ten years ago. The company was named America’s largest mortgage lender for five straight months and has continued to expand. During that period, it was the top wholesale mortgage lender in the nation. During the fourth quarter, it surpassed Freddie Mac, which had fallen victim to the subprime home loan crisis.
United Shore has surpassed Countrywide Financial’s $103.3 billion in home loan volume by 159% year-over-year, and it has surpassed both of its main competitors in the country’s general shut-down loans. In the fourth quarter of 2015, it was America’s largest mortgage lender by dollar value. Its growth in the fourth quarter has been unprecedented. In fact, it has outpaced the industry, outperformed Countrywide and Freddie Mac.
The company is currently hiring more than 1,500 people in the next 90 days. The company has hired 1,100 people this year, but the hiring slowed when the influenza pandemic hit the country. Starting wages vary, but the positions are generally in mid-level and senior positions. While the average wage for mortgage lending jobs is $60,000, United Shore is averaging about $13,000 per year in profits.
The mortgage lending giant is a fast-growing mortgage company. Its headquarters in Utica is just one of the many locations. This city is home to a large business community that includes Quicken Loans United Shore. With its headquarters in Utica, the company is known throughout the region as a “mega-merger” and a major contributor to the state’s economy. In addition to the Chicago-based office, UWM is home to the world’s most successful sports teams.
In the last six months, UWM has more than doubled its call center staff and plans to hire 25 percent more loan officers and back-office workers. This is a good sign for the city’s mortgage industry, as the industry is booming. Hundreds of employees are needed to keep up with the demand. The company has been adding hundreds of new positions locally, and has a goal of attracting more employees to its headquarters in the coming years.