It’s the first Monday in February… let’s talk jobs; Congrats Philly fans!!
We’re hiring!! Well, yes that’s true… Princeton Mortgage is currently hiring, but so are other non-bank mortgage lenders and mortgage brokers. In December nonbank mortgage lenders brought on 2,700 full-time employees. National Mortgage News reported that employment numbers amongst nonbanks are up to 341,500. More interestingly, December was the third month in 2017 where employment numbers in our sector were above 340K… a stat that hasn’t been hit since November of 2007.
Okay, so now the question becomes… why? With signs pointing to less originations this year… particularly refinance originations, why are we bringing on more people? I mean we all know it’s easier to close a refi than it is a purchase and hitting that closing date is an art. Could the hiring be on the operations side to ensure that lenders are operationally sound and deliver on meeting that valued commitment date? Or, could having an additional LO or two (especially those with connections to realtors) help gain purchase market share? The truth is… I have no idea why there is an uptick in hiring… the data doesn’t show which positions are being filled. That said, I enjoy seeing growth in our slice of the market. With an estimated $1.7 trillion set to be originated this year ($1.2 are expected to be purchases) you’re going to need a world-class team to set yourself apart in this industry and make good on those “creative” value propositions.
As I predicted (I just hoped… I didn’t predict anything) the Philadelphia Eagles took home their first Super Bowl championship behind the strong arm of Nick Foles and Eagles fans set their city ablaze last night. Cars were flipped, WaWa’s were looted (a food fight broke out in one), things were on fire… I literally saw everything from marriage proposals to a fan sampling some Philadelphia’s finest cuisine… horse manure, but who am I to judge how you celebrate your first Super Bowl victory? Congratulations!! Oh… and one last thing thank you Philly… thank you for protecting the Steelers most Super Bowl wins argument. That’s a big one for us!
Photo from Official Rocky Statue Facebook
The opinions expressed in this post are the sole view of the writer and do not reflect the opinion of Princeton Mortgage Corporation.