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Sacramento Gains Jobs in Mortgage Industry

June 19, 2013

real estate agent  


Sacramento is getting 200 new jobs in the mortgage industry, sopping up
some of the talent left over from the housing crash.

PennyMac Loan Services of Moorpark, in Ventura County, has already hired 40
workers and will ramp up to a total of 200 jobs eventually, the company said
Tuesday. Its decision to come to the region was announced by SACTO, the
Sacramento Area Commerce and Trade Organization.

The news comes as the recovery in Sacramento's housing market gets into high
gear, although PennyMac's arrival is actually tied to a government program for
underwater borrowers.

Most of the employees will be originating loans affiliated with the government's
Home Affordable Refinance Program, said company spokesman Kevin Chamberlain.
HARP is a federal program aimed at helping homeowners who owe more than their
homes are worth.

Industry analysts say HARP loans have become more popular with the comeback in
housing prices, as homeowners have greater incentive to hang onto their
properties.

Chamberlain said the Sacramento office will deal with customers from around the
country.

Sacramento was chosen because of the region's "skilled mortgage sales force," he
said. In addition, the company already operated a small office in Sacramento.

More than 3,000 mortgage jobs in greater Sacramento disappeared in the market
crash, although several hundred have come back in the past year, according to
state employment data.

PennyMac is the second real estate firm in the past month to undertake
significant hiring in the Sacramento area. Clear Capital, a market research firm
in Truckee, announced in late May it would add up to 80 jobs at its Roseville
office.

PennyMac in February leased an office on North Freeway Boulevard in Natomas.
Because the site is in a state enterprise zone, the company is eligible for
income tax credits based on meeting certain hiring criteria, said Shari Little,
SACTO's vice president of business development.

The company is taking applications at www.pennymac usa.com/careers.

___

(c)2013 The Sacramento Bee (Sacramento, Calif.)

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Source: Copyright Sacramento Bee (CA) 2013

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