Mortgage Industry Jobs Secure For The Highly Specialized

SALT LAKE CITY, UT – OCTOBER 10, 2007 – The fallout from the mortgage industry crisis has been tremendous: over 160 mortgage companies closed and 50,000 mortgage industry professionals without jobs. Many Mortgage Loan Officers are exiting the business all togetger. Layoffs continue to be announced on a near-daily basis. Lehman Brothers recently cut 1,200 mortgage jobs after closing its subprime mortgage division; Scottsdale, Arizona-based 1st National Bank Holding Co. laid off 541 workers in the wake of closing its wholesale mortgage unit; and Countrywide Home Loans eliminated nearly 5,000 mortgage jobs in September and has announced plans to cut thousands more jobs in the coming months.

The turbulence in the industry has spilled over into other markets. Realtors have felt the pressure as well as workers in other housing-related industries such as furniture, appliances, and building materials. In Colorado, for instance, it is estimated that 1 in 9 jobs are tied to real estate.

While some unemployed mortgage loan Officers have set their sights on other industries, there are still mortgage jobs being filled. Monster.com currently lists over 5000 mortgage-related positions. Opportunities exist especially for those with highly specialized skill sets. With the recent emphasis on FHA loans, for instance, people such as FHA underwriters and FHA trained processors are in demand.

“People don’t realize that while many companies are down-sizing, others are seizing this opportunity to expand,” says Dave Zitting, President and CEO of Primary Residential Mortgage, Inc (PRMI). “The consolidated state of the industry presents incredible opportunities for growth and Loan Officer recruitment. We always have our eyes open for those with specialized training that can help us meet our growth objectives.”

ABOUT PRIMARY RESIDENTIAL MORTGAGE INC.

Headquartered in Salt Lake City, Utah, Primary Residential Mortgage, Inc. (PRMI) was founded by Dave Zitting, Jeff Zitting, and Steve Chapman in 1998. Since its inception, PRMI has evolved from a four-person business to a nationwide multi-billion dollar operation with 800 employees working in approximately 200 Branches in 47 states. Branches operate under the Primary Residential Mortgage brand or as DBAs as part of the Divisional Joint Venture and Consortium Partner programs. Serving all segments of the market, Primary Residential Mortgage, Inc. is a privately held, debt-free company that focuses primarily on traditional loan products. Licensed in Arizona, Alabama, Arkansas, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.

Related Stories:
Mortgage Loan Officer Job losses Mount
FHA Mortgage Underwriters in High Demand
Contract Mortgage Processors Sharpen their FHA Skills

Contact Information

Dave Zitting

President and CEO

Primary Residential Mortgage Inc.

Contact via E-mail