Coppell-based Cooper, one of the nation’s largest mortgage managers, plans to hire 2,000 more staff by year-end as historically low interest rates spur buying of homes and mortgage refinances.
The company said jobs range from loan officers and mortgage underwriters to customer and home service counselors, who fill hybrid roles in servicing existing loans and creating new ones, and taking work-from-home positions up to in at least 2021 due to the COVID-19 pandemic. About 97% of Mr. Cooper’s more than 9,000 employees have been working remotely since March.
About half of the new positions will be filled in the Dallas area.
Mr. Cooper recently announced a record second quarter with loans generating pre-tax income of $ 433 million. Its turnover exceeded $ 2.6 billion last year. He served 3.8 million clients with loans totaling $ 643 billion and signed $ 40 billion in new loans in 2019.
“Thanks to our team members, Mr. Cooper produced the best operating results in our history this past quarter,” CEO Jay Bray said in a statement. “As we continue to grow and develop … we remain committed to growing our team and providing them with the resources they need to be successful.”
For example, the company said, it offers specialized training and licensing programs for new employees who have just entered the mortgage industry. He also claims what he describes as a “robust diversity and inclusion program” and employee benefits such as down payment and mortgage assistance, adoption and family planning assistance and time paid for volunteering.
“In today’s very aggressive market, we know that people make business decisions not only based on a company’s response to the current crisis we are facing, but also based on the benefits that they deliver and the culture they created, ”Bray said.
Mr. Cooper’s median salary was $ 54,242 in 2019, according to a regulatory filing earlier this year.
The company said when its workforce returns to offices, new hires could work in Coppell, Chandler, Arizona, or Santa Ana, California. She said she had already hired 3,000 new employees this year.
Thousands of Americans have applied for home loans this year as interest rates have fallen below 3%. In the first half of 2020, more than 75,000 North Texas homeowners refinanced their homes. And home sales in the area are up 25% from a year ago in July.
Federal Reserve Bank of Dallas reported On Wednesday, mortgage lending was one of the strengths of the region’s economy in recent weeks.
“Lending volume has increased over the past six weeks, thanks to a sharp rise in residential mortgage lending,” wrote economists at the Dallas Fed.
But they also warned that credit standards and lending terms are tightening “and expectations about future loan demand will turn slightly negative.”
In early August, Bray told analysts on a conference call that “the whole industry is benefiting from a huge tailwind.”
“Primary residences have long been the most important asset for consumers and this appears to be even more the case during the pandemic,” he said.
Mr. Cooper predicts a “slow recovery with unemployment hovering around 10% throughout 2021,” he said.
Formerly known as Nationstar Mortgage, Mr. Coooper changed his name in 2017. Last year, the company acquired competitor Pacific Union Financial, based at Farmers Branch and expanded its mortgage origination business.