DALLAS, Dec. 4 /PRNewswire/ -- The launch of a new net branch operation may result in new mortgage jobs, a senior executive told MortgageDaily.com, the dominant source of online news for the mortgage industry.
CJ Mortgage looks to expand into retail mortgage originations, the company's vice president of wholesale lending told MortgageDaily.com.
"What we are looking to do," he said, "is create kind of franchise offices, where they are owned and operated by individuals but where we can be a funding conduit and provide direct lending capabilities for those offices that sign up."
The Brea, Calif.-based company currently generates loan prospects only through mortgage brokers. But with the new retail operation, it would recruit existing mortgage broker branches -- known as net branches. As many as 50 new employees could be added as a result of the new venture."
But the news wasn't so good at another wholesaler.
Wachovia Corp.'s regional wholesale fulfillment center in Waterbury, Conn., will close doors early next year, a Wachovia spokeswoman informed MortgageDaily.com in an e-mail statement. The closure of the center will result in the elimination of 74 positions.
The move is part of a previously announced decision to integrate American Mortgage Network and Wachovia Mortgage Corp.'s third-party lending businesses, the spokeswoman added.
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