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News-Talk 1110 WBT | News Story: Mortgage services business Zenta adding 1,000 jobs in Charlotte (http://wbt.com/news/details.cfm?article_id=49113 - broken link)
With interest rates so low, I would think that people who work for these companies can still make a boatload of money (doing mainly refi's I guess..) Even though its difficult to qualify, many people around the country I would assume want to refi, correct cc?
Except that they (the mtg companies) are not paying incentive money anymore...or, at least not a very large incentive, if any. Some of them are taking the attitude that the employee should be happy that they have jobs. So, the days of making good money at this are over.
There are a lot of folks wanting to refi, but, many people simply do not qualify any longer. Plus, people don't understand what is now involved in the process and they get really upset at having to provide additional information.
I understand that this company (Zenta) is an outsourcing company, they do the backoffice work for other companies. I was told today by someone who knows people there that they (Zenta) just landed the contract to do Citicorp's mortgage apps which is why they are expanding. They apparently are an offshoot of another mtg company that folded earlier this year (or maybe last year), Senderra.
IBM mortgage in the University area is a similar-type of company. Guess that more companies are doing this as it is probably cheaper than having the employees themselves. If the market slows down, they can just buy out the contract that they have with the outsourcing company and they are done.
Re-fi'd twice this year...know that I paid a bunch of closing costs, but those are going to be re-couped quickly with lowest interest rates and no PMI.
Biggest deal was the appraisal process, and all the uncertainty now with the new appraisal rules. Actually used Zillow.com both times to find lenders, and was really happy with how easy the process was.
Helped that we are in an established neighborhood with fairly stable values.
Except that they (the mtg companies) are not paying incentive money anymore...or, at least not a very large incentive, if any. Some of them are taking the attitude that the employee should be happy that they have jobs. So, the days of making good money at this are over.
There are a lot of folks wanting to refi, but, many people simply do not qualify any longer. Plus, people don't understand what is now involved in the process and they get really upset at having to provide additional information.
I understand that this company (Zenta) is an outsourcing company, they do the backoffice work for other companies. I was told today by someone who knows people there that they (Zenta) just landed the contract to do Citicorp's mortgage apps which is why they are expanding. They apparently are an offshoot of another mtg company that folded earlier this year (or maybe last year), Senderra.
IBM mortgage in the University area is a similar-type of company. Guess that more companies are doing this as it is probably cheaper than having the employees themselves. If the market slows down, they can just buy out the contract that they have with the outsourcing company and they are done.
Thanks for the info CC, as usual your posts are very informative...
I just started reading Zenta's operational model for kicks and giggles, and got a headache after about 60 seconds....have no idea what exactly they do...
....
I understand that this company (Zenta) is an outsourcing company, they do the backoffice work for other companies. I was told today by someone who knows people there that they (Zenta) just landed the contract to do Citicorp's mortgage apps which is why they are expanding. They apparently are an offshoot of another mtg company that folded earlier this year (or maybe last year), Senderra.
IBM mortgage in the University area is a similar-type of company. Guess that more companies are doing this as it is probably cheaper than having the employees themselves. If the market slows down, they can just buy out the contract that they have with the outsourcing company and they are done.
Indeed. They are selling their ability to outsource and their cover to high profile companies when some of the labor for this work is put in India, Vietnam, etc etc. Zenta has employees in India.
When I saw Purdue announcing it, the next question is how much tax money did she throw at it. Looks like at least $8M. It's another dubious expenditure of taxes to build up a business that we don't need in an industry that is already ripping off the taxpayers for everything they have as well as their children, grand children, and great grand children.
Zenta's Homepage says "Delivering on the promise of Outsourcing"
My wife works at the paper here. They "outsourced" 50% graphic design to where ever. There is a language barrier no matter what. How much can this possibly save???? Makes no sence. No reason to pink slip trained folks.
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