Feature
Mortgage company to add jobs 8.31.11
INDIANAPOLIS STAR
Feeding off the refinancing boom, Royal United Mortgage plans to hire about 100 more employees at its Northeastside offices over the next 15 months.
The 3-year-old company said its mortgage refinancing business is growing at a 75 percent rate over last year, as many homeowners take advantage of the lowest mortgage rates in 50 years to refinance home loans.
Royal has 170 employees at its main offices at 7999 Knue Road and 28 at four out-of-state offices.
The state will give the company $1 million in income tax credits and up to $120,000 in training grants if it follows through on its hiring plans, the Indiana Economic Development Corporation said.
Royal also sells reverse mortgages, called home equity conversion mortgages, which make up about 25 percent of its business, said Chief Executive Craig Royal.
Royal and Michael Keleher founded the company in 2008. Both were former executives at Oak Street Mortgage, and they took 21 employees with them after Oak Street sold its retail business to another company, which shut it down. The company is now 75 percent employee-owned.
Royal charges a flat processing fee of $1,795 to homeowners wanting to refinance, Craig Royal said.
As it expands, Royal will lease more space at its Knue Road site or a nearby building, he said.
Call Star reporter Jeff Swiatek at (317) 444-6483.
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