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The downturn in the mortgage industry has made it easier for a California-based debt-resolution firm to rapidly expand its Tempe operation.
Freedom Financial Network provides consumer finance education and debt consolidation resolution services nationally. Its sales and marketing, and consumer finance consultations take place in its Tempe office, at 4545 S. Wendler Drive.
"The Tempe center has evolved into the linchpin of our business," said Brad Stroh, co-CEO of Freedom Financial. "We have over 60 employees there today and the plan is to grow it to 150 or more employees within the next 12 months."
The Tempe office opened in spring 2006 with just four employees. Business is booming because consumer debt is at an all-time high and more people than ever need help managing their debt, he said.
"One thousand or more people a day are requesting our services and a free consultation," Stroh said. Layoffs in the mortgage industry have made it easier for Freedom Financial to hire the people it needs to expand, he said.
"We're able to recruit debt consolidation and maintain some very talented people who are coming from the mortgage business into the debt-consolidation business," Stroh said. "A lot of the mortgage brokers who have joined us, they were in the business of getting people into debt ... and now that they're coming over to our business, they're actually helping people to get out of (debt) and save money."
The downturn in the mortgage industry provides an opportunity for employers like Freedom Financial debt consolidation to hire well-qualified individuals, said Don Wehbey, senior economist with the Arizona Department of Economic Security. "Obviously it requires little training and they do know the industry, and they can hit the ground running," he said.