Manpower hosting job fair

February 3, 2009 6:50:55 PM PST
A job fair will be held Wednesday for a bank hiring nearly 400 positions in the area.With thousands of private sector jobs slashed almost daily, the cuts sound almost like an economy digging a deeper hole.

"It's gotten a lot tougher with the lay-offs that have been going on in the local area," said Beth Thomas with Manpower said.

But now from the Manpower Employment Agency in Raleigh comes some welcome hope.

"Hopefully, we can put some people back to work who have lost their jobs," Thomas said.

A bank, still to be disclosed, wants to fill 370 mortgage related jobs in the Triangle.

"We're looking for all levels, from entry-level, to administrative level, to high level managing director type roles."

All kinds of industries are slashing jobs, but in the last three months the mortgage business has been red hot.

"We have a record number of loan submissions," said Tony Tidwell with Crossover Lending Group. "We have not seen activity like this in five years."

But before the rush, mortgage brokers and lenders had cut staff.

Then interest rates hit their lowest levels ever. Now there is a wave of home-owners wanting to refinance mortgage loans and the banks cannot keep up.

"Typically it takes 48 to 72 hours to underwrite a loan," Tidwell said. "Most banks are now at two weeks."

Manpower describes the jobs as long-term but temporary. And they may be tied to interest rates staying low. But some think interest rates will stay low, as long as the housing market remains weak."

But right now, a weak housing market has the government to encourage lower interest rates. For the mortgage business it means more people to hire.

"It sends a very positive message that the housing situation is slowly, but surely beginning to turn around," Tidwell said.

Manpower in Raleigh will be hosting a job fair on Wednesday to take applications and resumes for the 370 mortgage related jobs. The job fair will run from 4 to 7 p.m. at the Manpower office at 1122 Oberlin Road.


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