Reddam’s CashCall Mortgage Puts Out ‘Help Wanted’ Sign

Mortgage & Real Estate

Wanted: 520 mortgage professionals – and the man doing the hiring is former DiTech chief Paul Reddam.

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The Anaheim-based lender is expanding its operations throughout the country, and is ready to hire 270 licensed originators and 250 underwriters, funders, processors and shippers. And that’s on top of the 230 new positions already created so far in the third quarter.

The jobs are located primarily in both Anaheim and Las Vegas, where the company has offices.

CashCall Mortgage is the housing finance division of Cash Call Inc., which was originally known for its line of unsecured personal signature loans but has grown to become one of the country’s premiere consumer finance lenders. The mortgage division was formed in 2008, and claims to be able to undercut the competition because its streamlined processes reduce costs and passing the savings on in the form of lower interest rates and no application fees or points.

“It seems that consumers are becoming smarter shoppers and realizing that lenders such as CashCall offer the same mortgage refinancing as the big banks, but at lower rates, and often with less hassle,” said company president J. Paul Reddam. “We don’t have anywhere near the overhead as the big banks, and we’ve been able to pass those savings on to our customers in the form of lower interest rates and no closing costs.”

CashCall was founded by Reddam, the founder of DiTech Funding Corp., one of the nation’s first direct-to-consumer/telemarketing-based mortgage lenders. It also was once a top ranked 125% LTV lender, but eventually exited that business.

Under his leadership, DiTech became one of the top direct lending mortgage companies before it was sold to GMAC Mortgage. Many of CashCall’s senior executives and management staff are individuals who worked for Reddam at DiTech.

However, CashCall found itself in the news two years ago when then Attorney General Edmund G. Brown Jr. forced the firm to stop using what he called “loan shark tactics” in collecting debts.

The state accused CashCall of making abusive calls at all hours of the day and night and empty threats of law enforcement action.

A court ordered judgment asked CashCall to stop misleading consumers with deceptive advertising and pay $1 million in civil penalties and legal expenses. (CashCall used former child actor Gary Coleman as its television spokesman.)

-Paul Muolo also contributed to this report

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