Caution on Hiring
By Brian Collins
WASHINGTON-Big and small mortgage companies have seen huge increases in originations in the first quarter and some actually doubled their production thanks to the refinancing boom. But while Bank of America has announced a big hiring boost, other companies are being more cautious.
Bank of America and Wells Fargo reported huge increases in single-family originations as homeowners rushed to take advantage of low mortgage rates.
First-quarter originations totaled $101 billion according to Wells Fargo chief financial officer Howard Atkins. "Our mortgage originations doubled in the first quarter from the prior quarter, compared with an average increase of about half that among our large peers," Mr. Atkins told investors last week.
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