The recovering housing market is helping to bring back some mortgage industry jobs lost in California during the economic downturn.
PennyMac Loan Services has announced that it will fill 200 jobs over the next few years in Sacramento as the housing market gets into high gear. The company said in a news release that it choose the city because of the region's "skilled mortgage sales force." The local area lost more than 3,000 mortgage jobs after the housing market crash, although state employment officials said several hundred have come back over the past year.
The company will be dealing with loans associated with the government's Home Affordable Refinance Program, which helps homeowners from all over the country who owe more than their properties are worth stay in their homes.
Meanwhile, despite news that the housing market is in recovery mode, mortgage company ELM Services has announced plans to hire more than 160 employees over the next five years to deal with a growing number of foreclosure claims. According to Housing Wire, ELMS President Erika Larson said the organization will hire both full- and part-time employees at its Overland Park, Kansas, office because there is "still quite a bit of foreclosure claims activity in the pipeline."