RICHARDSON COLUMN: Banks boost staffing to keep pace with mortgage business
Added business usually equals a hiring spree, and banks are no exception. Some financial institutions with ties to the Lowcountry are adding staff to their mortgage departments to keep pace with an uptick in business, mirroring the nationwide boost in home sales activity.
Employment tied to mortgages rose 9 percent this year through September to 285,000, the most since 2008, according to Bloomberg News. The boon is due to some loosened requirements and the jaw-dropping mortgage rates.
A large chunk remains refinancing, but new mortgages are in the mix, too, bank officials have said.
Wells Fargo and JP Morgan Chase told Bloomberg News they have boosted headcount in their mortgage departments.
The big guys aren't the only ones swelling employment.
Last month, Harbor National Bank said its home-loan business was “up five-fold” compared to 2011 and is adding more staffers to its mortgage unit.
Greystar Student Living, the student housing arm of Charleston-based multifamily juggernaut Greystar, has been tapped to manage the 400 Meeting Street Apartments being developed by Davis Property Group. The 160-bed student housing project is being built on a 1.17-acre lot on Meeting, between Mary and Reid streets.
Making a racket
The resurrected North Charleston development Mixson will start construction before the end of the year on the Mixson Bath & Racquet Club. The fitness amenity is set to open next year.
Tyrone Richardson can be reached at 937- 5550 or twitter.com/ty richardsonPC.