Subprime Wholesaler Adding KY Jobs

BayRock Mortgage Corp. will locate a new 25,000 square foot loan operations center in Owensboro that will house 100 new employees, the Kentucky governor’s office announced.

The new hires will be part of the nonconforming wholesale division, BayRock Mortgage, and are expected to be complete within the next two years. They will encompass every aspect involved in wholesale lending, from sales, processing and underwriting to closing, company vice president Chris Holland told MortgageDaily.com.

“With BayRock’s focus on providing ‘Rock Solid’ customer service, this center will play a very important role in our expansion into the western United States,” said Holland in the announcement. “We believe our clients and the company will benefit from the operational synergies and efficiencies resulting from the Owensboro center.”

The subprime wholesaler currently only operates at its base location in Alpharetta, Ga., but through account executives does business in more than 29 states. The new operations center will reportedly facilitate business to business transactions.

With the staff additions, BayRock, which currently has 154 employees, expects to increase annual mortgage production to $1.5 billion in the next year, Holland said.

BayRock opted for Owensboro because “there is a good mortgage labor pool, and state tax incentives made the area very attractive too,” Holland said.

The Kentucky Economic Development Finance Authority preliminarily approved BayRock for tax benefits up to $2 million under the Kentucky Jobs Development Act, an incentive program aimed at increasing service- and technology-based employment, the governor’s office said.