Gov. John Hickenlooper today joined Brett Nicholas, President of Redwood Trust, to announce the expansion of Redwood Trust's new financial services operations center in Douglas County. The expansion will add 550 jobs over the next five years.
"Redwood Trust is a significant and welcome addition to Colorado's financial services industry," Hickenlooper said. "Companies like Redwood that are expanding in Colorado help us to improve access to capital, attract investments and fuel the economy across every industry. We are committed to supporting business growth and will do all we can to fuel their success."
"We're excited about the potential to grow in the Denver area," said Nicholas. "We've looked at a number of locations outside California and determined that Colorado's pro-business environment and the deep mortgage-lending and financial talent pool in Denver would best support the growth of Redwood's business."
"A robust residential real estate market relies on access to capital from outside our state," said Representative Chris Holbert (R-Parker). "We welcome Redwood Trust to Douglas County. We're thankful for the jobs that their company will bring to our community and the increased opportunities that Redwood Trust affords to current and future Colorado homeowners."
A number of economic development organizations collaborated with the state to recruit Redwood's expansion including the Metro Denver Economic Development Corporation and the Denver South Economic Development Partnership.
"We want to thank and acknowledge the State and our local elected officials for the for their partnership and support in welcoming this outstanding company to the Denver South region and we look forward to Redwood Trust's success in Colorado," said Mike Fitzgerald, President and CEO of Denver South Economic Development Partnership.
The company will receive tax credits from Colorado's Job Growth Incentive Tax Credit for the creation of 552 new jobs over five years. The types of positions that will be hired include managers, residential loan origination and servicing specialists, as well as quality control, human resources, information technology, and other administrative employees. The company proposed an average annual wage of $66,847 per employee, which is 126 percent of the average annual wage in Douglas County.
About Redwood Trust
Redwood Trust, Inc. (NYSE: RWT) is a publicly traded company structured as a real estate investment trust, and together with its subsidiaries invests in, finances, and manages real estate assets. Through its ownership of mortgage-backed securities, Redwood credit-enhances billions of dollars in high-quality residential and commercial real estate loans. Redwood was incorporated in the State of Maryland on April 11, 1994, and commenced operations on August 19, 1994. Redwood's executive offices are located at One Belvedere Place, Suite 300, Mill Valley, California 94941.