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Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.

Mortgage Layoffs Continue at Moderate Pace

Recent mortgage-related job losses

Aug. 16, 2012

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Despite a healthy pace of refinance activity, pink slips are still being handed out to some mortgage-related employees -- though the pace has slowed considerably from recent years.

Capital One notified California's Employment Development Department that 235 ING Direct employees in Los Angeles were laid off on July 6. ING Mortgage advised its mortgage broker and correspondent clients in April that both origination channels were being closed.

An ING executive previously estimated that the business employed about 500 people at operations centers in Los Angeles and Wilmington, Del. The departure from third-party lending trailed Capital One's Feb. 17 acquisition of ING Direct.

Another 407 ING employees were laid off on Aug. 15 in Des Moines, Iowa, according to a WARN filing in that state.

Capital One, itself, notified the state of New York on May 7 that 78 Buffalo employees will be let go from Sept. 1 through Dec. 31.

MetLife advised the New Jersey Department of Labor and Workforce Development in May that 496 Morristown employees were being laid off. MetLife previously disclosed that is closing its MetLife Home Loans unit and the reverse mortgage lending business operated through MetLife Bank, N.A.

Bank of America notified the state of Florida on June 19 that it was laying off 130 finance and insurance employees in Hialeah employees in August.

On Nov. 30, BofA plans to lay off 55 Hunt Valley, Md., employees, the Charlotte, N.C.-based company advised that state on July 17.

From July 1 through Aug. 9, The Bank of New York Mellon laid off 124 people in New York, according to a Sept. 30, 2011, notice filed with the state's Department of Labor.

HSBC filed a WARN notice in New York on July 24 indicating that 98 New York employees would be let go from Sept. 29 through Oct. 13. Another 77 Buffalo employees in the "AML Compliance Unit" will be laid off between Sept. 18 and Oct. 18, according to a May 23 WARN filing.

In Westchester, Ill., 88 PNC Financial Services Call Center employees were laid off on Aug. 10, according to a June 8 WARN filing with the Illinois Department of Commerce and Economic Opportunity.

Lender Processing Services filed a WARN notice in California indicating that 78 Pasadena employees were laid off on July 31.

The Washington Employment Security Department was advised on June 4 that Sterling Bank-First Independent Bank would lay off 63 Vancouver employees on Aug. 3.

On May 10, Genworth Financial Inc. laid off nearly 80 people, the Richmond Times-Dispatch reported.

Dozens of employees were laid off by Denver-based Allonhill, National Mortgage News reported in May. The layoffs came after the Office of the Comptroller of the Currency cut off the firm as an approved foreclosure review consultant.

Despite the numerous layoffs recently reported, the pace of job reductions has slowed considerably from prior periods that involved thousands of mortgage-related layoffs. Nearly 90,000 mortgage jobs were lost at the peak of the subprime mortgage crisis in 2007.

Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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