Mortgage disaster creating new jobs
Local company hiring 500 new employees
Juggling the paperwork behind thousands of foreclosures could be just the ticket off the unemployment line for some Houstonians.
The search for people to push that paper and get those houses back on the market before they kill your home values is a new booming industry. An industry, Stewart Lender Services plans on jumping into feet first.
"We are moving from the origination side of the business from when times were good and we were selling real estate here in Houston like crazy to the side of business working with distressed homes and people having trouble with their mortgages. It is still working in the mortgage field, but it is really focused more now on the other side of the business which is where all the work is now," said Jason Nadeau, group president of Stewart Mortgage & Title Services.
Stewart is a company known more for their title business than anything else, but that is not stopping them from throwing out the help wanted signs in a big way.
"We have had to ebb and flow with the business and right now the business is foreclosures. Stewart Title has always been in the real estate business, but in the last 20 years, it has been about growth. Now it is about decline," said Nadeau.
And, as it turns out, that decline comes with a ton of paperwork. Enter the hottest job to hit the mortgage bust economy, the virtual paper pusher. Programs to keep people in their homes through loan modification requires complex financial forms. Banks foreclosing on a house means more forms. Moving the house back to market is more forms. But the thousands upon thousands of jobs needed to do all of this are about more than just data entry.
"A lot of what is going on is a tremendous amount of paperwork and a tremendous amount of back and forth with the borrower and homeowner. These are folks with very specific expertise in the mortgage and real estate field. People who have been in mortgage processing, loan officers, underwriters and people who have been real estate agents and sold real estate. People who understand the business is who we are looking for to fill these positions," said Nadeau.
On Monday, Stewart hosted one of three job fairs looking to get a foothold in this business. More than 100 people were lined up outside the Stewart offices Monday morning an hour before the doors were scheduled to open. Everyone wanted a shot at one of the 500 jobs in their loss modification division.
"This is not a come listen about Stewart and see what we can do for you. This is a come to Stewart and we are hiring," said Nadeau.
The same market that sent thousands of people from real estate, banking, and mortgage work to the unemployment line now needs them back to juggle the complicated paperwork. Until that paper is pushed, homes have to sit and wait.
Like those houses, Terry Pade has been in a holding pattern after losing his job six months ago.
"I believe you just have to have a lot of patience. You apply and even with the experience, sometimes you wouldn't get call backs or any type of feedback. It was very difficult for six months being unemployed and a lot of my friends were employed and I kind of felt like the outcast," said Pade.
That patience paid off for Pade on Monday.
"I interviewed and I got hired, so today has been a great day. This is the best Christmas ever," said Pade.
With 500 seats to fill in the next few months, Pade won't be the only one having a great Christmas and happy New Year. Stewart told Local 2 the jobs fall in the $40,000 to $50,000 range and should last at least three to five years.
Another hiring fair is scheduled for Jan. 9 Go to this Stewart website to get pre-registered.
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