Mortgage Employment Index Up 5 Straight Quarters
Nov. 26, 2012
While some of the biggest lenders eliminated thousands of jobs, hirings at other firms helped push the third-quarter 2012 Mortgage Employment Index from Mortgage Daily higher. Nearly half of the gain was attributable to hirings in Michigan.
From July 1 through Sept. 30, Mortgage Daily tracked 2,926 more hirings than layoffs.
The net change in mortgage jobs improved from a second quarter increase of 1,335.
Mortgage hirings have outpaced layoffs each quarter since the third-quarter 2011, when the index was up 2,738.
So far during 2012, mortgage-related firms have recruited 7,230 more people than they have laid off.
Quarter | Net
Q3 2012 | +2,926
Q2 2012 | +1,335
Q3 2011 | +2,738
Federal data indicate that totalmortgage industry staffing was 285,000 in September, growing from 276,300 in June.
In Michigan, mortgage jobs grew by 1,442 positions during the third quarter -- better than any other state. Iowa saw an increase of 1,229 positions, and the third-best performing state was Texas, where mortgage employment expanded by 609 jobs.
Third-quarter numbers might have been stronger if it weren't for states like California, where layoffs exceeded hirings by 528 jobs; Nebraska, which lost 450 mortgage employees; and Indiana, which saw its net drop by 400.
With a net staffing gain of 2,500, Quicken Loans was the biggest contributor to the third-quarter numbers. Wells Fargo followed with a gain of 2,043, and Nationstar Mortgage had a net gain of 600 jobs -- landing it in the No. 3 position.
At JPMorgan Chase, mortgage staffing was reduced by 2,123 jobs -- the worst of any lender. Aurora Bank, which previously sold its servicing portfolio, eliminated 922 positions, while Bank of America had the third-worst record.
The complete Mortgage Employment Index report -- including full tables by state, quarter and company -- is available here.
Source: Copyright PRNewswire 2012