Growing Firms Drive Up Q2 Mortgage Employment
DALLAS, Oct. 5, 2015 /PRNewswire/ -- Quarterly mortgage staffing has expanded, with growing players fueling the increase. Many job losses were concentrated in the East.
As of the second quarter, Mortgage Daily estimates that there were approximately 578,800 mortgage employees.
The estimate is based on an analysis of nonbank mortgage jobs reported by the Bureau of Labor Statistics and origination market share data.
Staffing increased from an estimated 544,700 positions in the first quarter.
But mortgage jobs have declined from a downwardly revised estimate of 586,800 as of the second-quarter 2014.
The latest estimate included 225,400 jobs at banks, 59,500 employees at credit unions and 293,900 nonbank jobs.
Compared to a year earlier, mortgage jobs at financial institutions have contracted, while nonbank employment expanded.
More recently, an estimated 585,100 people worked in real estate finance as of August -- including 227,800 bank jobs, 60,200 people employed by credit unions and 297,100 nonbank positions.
The Mortgage Daily Second Quarter 2015 Mortgage Employment Index report reflected 2,005 hirings and 3,035 layoffs tracked by Mortgage Daily.
Industry job data was collected from Mortgage Daily surveys, company statements and interviews, public filings and WARN notices.
Virginia had the biggest gain of any state.
| Biggest Gains by State |
|
| State |
Net |
| VA |
+272 |
| CA |
+229 |
| WI |
+128 |
| IL |
+97 |
| MI |
+67 |
At the other end of the spectrum was New York.
| Biggest Losses by State |
|
| State |
Net |
| NY |
-482 |
| FL |
-287 |
| WA |
-266 |
| NC |
-216 |
| PA |
-177 |
By company, PennyMac had the biggest gain of any company, though loanDepot was close behind.
| Biggest Gains by Company |
|
| Company |
Net |
| PennyMac |
+307 |
| loanDepot |
+300 |
| Movement Mortgage |
+267 |
| Fairway Independent Mortgage. |
+256 |
| United Wholesale Mortgage |
+113 |
By far, there were more job losses at Bank of America than any other company thanks to a reduction in its legacy asset servicing business.
| Biggest Losses by Company |
|
| Company |
Net |
| BofA |
-1,800 |
| Chase |
-455 |
| Trulia |
-297 |
| Wingspan |
-250 |
| FHLB Seattle |
-109 |
Full Q2 2015 report is available to subscribers:
www.MortgageDaily.com/stories/MortgageEmploymentIndex100515.asp?spcode=pr
Historical Mortgage Employment Index data is at:
http://www.mortgagedaily.com/MortgageEmploymentIndex.asp?spcode=pr
Mortgage employment news:
http://www.mortgagedaily.com/MortgageEmployment.asp?spcode=pr
About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, Mortgage Daily is a leading online source of mortgage news and mortgage statistics. Mortgage Daily also publishes the Mortgage Market Index and a ranking of the biggest lenders. Visit Mortgage Daily at www.MortgageDaily.com.
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SOURCE Mortgage Daily
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