JPMorgan Chase to hire 1,200 mortgage officers

ISELIN, NEW JERSEY: JPMorgan Chase & Co. said Tuesday it will hire 1,200 mortgage loan officers by the end of next year, a 60 percent increase in its sales force.

The workers are needed as the company aggressively goes after new home mortgage business and customers refinancing their home loans. Through organizational changes and additional systems, the company has boosted its loan capacity, said Dave Lowman, head of home lending at Chase.

New loan officers will work at bank branches in 23 states including California, Florida and Texas, and key cities such as New York and Chicago, Boston, St. Louis and Washington.

The loan officers will work with personal bankers and referral sources, such as real estate agents and builders, as well as with their own network of homeowners.

Chase originated $37.1 billion in mortgages in the last quarter, the company said in a statement.

On Monday, the company announced plans to increase lending to small businesses by up to $4 billion next year and hire 325 small business bankers to help with the loans.

The move will provide businesses with increased access to working capital, term loans for expansion, commercial mortgages, lines of credit, and business credit cards, the New York-based bank said.

Shares fell 60 cents to $43.74 in midday trading.