Monday, December 8, 2014

Movement Mortgage continues expansion push

Virginia-based Movement Mortgage, co-founded six years ago by a former Panthers player, announced last week that it has hit an employment milestone: the hiring of its 1,500th employee.

The announcement comes as the privately held mortgage bank, which has a large operation in Charlotte, continues its fast expansion as its seeks to gain market share.

Movement has grown from just four employees when it was founded in 2008 by ex-Panthers tight end Casey Crawford and business partner Toby Harris. Last year and the year before, Inc. magazine named it to its list of fastest-growing private companies in America.

It did not make the magazine's list this year.

Movement's strategy is to make loans largely for home purchases, not to refinance existing mortgages. It says its goal is to process loans within seven business days. According to its website, it is processing more than 70 percent of loans in that time frame.

The company is adding employees at a time when the mortgage market continues to see a shift toward home purchasing rather than refinancing. The Mortgage Bankers Association expects purchase originations to increase 15 percent next year as refinance originations decrease 3 percent. Refinancing activity began declining last year as interest rates rose.

This year, Movement has added about 50 employees in the Charlotte region, where it employs about 200 people, the company said.

The company says it operates in 40 states and has about 300 licensed offices. It says it employs the most in Virginia Beach, where it is headquartered, with about 375 employees.

The company went by the name New American Mortgage until last year.