Mortgage Employment Expands in Q3

Nov 14, 2011, 07:00 ET from MortgageDaily.com

DALLAS, Nov. 14, 2011 /PRNewswire/ -- It was the first time in five quarters that mortgage-related hirings outpaced layoffs, according to the Third-Quarter 2011 Mortgage Employment Index from MortgageDaily.com. Recruiting by JPMorgan Chase & Co. helped drive the gain.

Total layoffs between July 1 and Sept. 30 covered by MortgageDaily.com exceeded 2,500.

But hirings numbered more than 5,200, leaving a third-quarter net gain of 2,738.


Quarter

Layoffs

Hirings

Net

Q3 2011

2,502

5,240

+2,738

Q2 2011

5,404

4,940

-464

Q3 2010

3,216

2,286

-930




Some of the growth was attributable to a spike in refinances as interest rates hovered near all-time lows. This has kept demand up for production employees such as loan originators and processors.

Elevated delinquency and foreclosure levels also kept pressure on servicers to maintain high staffing levels.

With a gain of nearly 700 jobs, Texas had the best performance of any state. The low cost of living and business-friendly environment has helped the state attract mortgage firms in droves. The Dallas area has become a Mecca for mortgage servicers.


State

Q3 Net Gain/Loss

Texas

699

Missouri

183

Michigan

107

Iowa

-159

Washington

-113

New Jersey

-108




On the other end of the spectrum was Iowa, which has been hurt by downsizing at Wells Fargo.

Unlike many of its competitors, Chase has been on a hiring binge -- leaving it as the firm with the biggest gain.

MetLife Home Loans managed to increase its mortgage staffing by more than 350 employees despite the decision by its parent to put it up for sale.


Company

Net Gain/Loss

Chase

3,314

MetLife

351

CashCall Mortgage

230

Wells Fargo

-686

CoreLogic

-600

BofA

-364




In addition to Wells Fargo and Bank of America, huge layoffs have also recently been disclosed by CoreLogic. Santa Ana, Calif.-based CoreLogic reported a $107 million third-quarter loss and indicated it is laying off more than a thousand employees during the second half of this year.

With refinance activity still elevated, hirings exceed layoffs so far during the fourth quarter.

The complete Mortgage Employment Index report -- including full tables by state, quarter and company -- is available at: http://www.mortgagedaily.com/MortgageEmploymentIndex.asp?spcode=pr

Mortgage employment news is available online at: http://www.mortgagedaily.com/MortgageEmployment.asp?spcode=pr

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SOURCE MortgageDaily.com