ONTARIO, Calif.--(BUSINESS WIRE)--While the big-four banks, and many small lenders, too, are making massive job cuts in their mortgage staff, First Mortgage Corporation (FMC) is actively seeking branch managers, loan officers, account executives and support staff. According to FMC President Clem Ziroli Jr., the company is looking to hire at least 150 in the near future.
Elisa Rodriguez is an example of FMC’s recent hiring streak. She is a single mother of two newly hired by FMC as a loan counselor. A few months ago, though, her 15-year job at HSBC was being phased out. With two daughters at home and severance funds going just so far, she was worried when news of the layoffs came.
“HSBC showed integrity in the layoff process. They let us know layoffs were coming. They also held job fairs – enabling us to interview with recruiters. Through one of these fairs, I met FMC’s recruiter, Jason Plazola. When the layoff finally came, I called him, interviewed and found myself with a new position.”
“With interest rates rising, the refinance business – which is easy work for lenders – is now drying up. Combined with new, stricter regulations, a lot of lenders have decided to cut back or eliminate their mortgage staff rather than do the hard work associated with purchase loans and manual underwriting,” said Ziroli.
“What sets FMC apart – and the reason that we’re hiring while others are slashing jobs by the thousands – is that we’ve always done the harder loans. We’re FHA experts and we manually underwrite a large portion of our loans. We have ½% down-payment loans and financing for those with no established credit score. Our expertise allows us to grow even in tough times,” added Ziroli.
The Company’s success benefits borrowers as well as employees. In addition to hiring while others are cutting jobs, fully two thirds of the financing extended by FMC is to underserved borrowers – yet FMC’s serious delinquency rate is well under that of the big-four lenders.
“I was worried after my layoff that I would have to drive to Orange County for work. That would mean hours a day in traffic. With FMC, I’m ten minutes from home so I can spend more time with my girls,” added Rodriguez.