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| Post-Crisis High for Mortgage Job Growth
Q4-2012 Mortgage Employment Index up 2,571
March 4, 2013
By Mortgage Daily staff
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mortgage employment activity by state
mortgage employment activity by company
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Mortgage industry staffing expanded last year more than during any other year since the mortgage crisis first erupted. But the outlook has demand weakening for mortgage employees.
The mortgage industry gained 2,571 jobs during the fourth-quarter 2012, according to the Mortgage Employment Index from Mortgage Daily. The findings are based on mortgage hirings and layoffs covered by Mortgage Daily. Data are collected from multiple sources including quarterly surveys, state employment departments and company statements.
The Mortgage Employment Index has risen each quarter since the third-quarter 2011, when there was a net gain of 2,738 jobs.
Job gains in real estate finance weren't as strong as during the third quarter, when headcount in the sector grew by 2,926. Momentum also slowed from the final quarter of 2011, when 3,851 mortgage jobs were added.
Fourth-quarter activity reflected 2,404 layoffs and 4,975 hirings.
| Period |
Layoffs |
Hirings |
Net |
| Q4 2012 |
2,404 |
4,975 |
+2,571 |
| Q3 2012 |
5,785 |
8,711 |
+2,926 |
| Q4 2011 |
2,349 |
6,200 |
+3,851 |
Mortgage staffing expanded more in Illinois than in any other state: 359 jobs. No layoffs were tracked in Illinois.
Texas had the second-biggest gain of any state: 328. There were 459 layoffs and 787 hirings during the three-month period in the Lone Star State.
California was No. 3 with a gain of 226 jobs, then 199 in Pennsylvania and 140 in Ohio.
Florida's 469 mortgage job losses were worse than in any other state. Florida's net reflected 618 layoffs and 149 hirings.
Maine fared poorly with a net loss of 200 mortgage jobs.
| State |
Layoffs |
Hirings |
Net |
| Illinois |
0 |
359 |
+359 |
| Texas |
459 |
787 |
+328 |
| California |
309 |
535 |
+226 |
| Pennsylvania |
13 |
212 |
+199 |
| Ohio |
0 |
140 |
+140 |
| Florida |
618 |
149 |
-469 |
| Maine |
200 |
0 |
-200 |
Guaranteed Rate grew its staff by 652 employees during the three months ended Dec. 31, 2012, more than any other lender.
The estimated increase in staffing at Nationstar Mortgage was 600, making it the second-biggest gainer.
JPMorgan Chase & Co.'s mortgage staffing expanded by an estimated 333 positions, followed by Digital Risk's 288 and United Shore Financial Services LLC's increase of 259 employees.
With an estimated net loss of 1,098 mortgage jobs, Bank of America Corp. took the biggest hit.
Citigroup Inc. lost an estimated 468 mortgage jobs.
| Company |
Layoffs |
Hirings |
Net |
| Guaranteed Rate Inc. |
0 |
652 |
+652 |
| Nationstar Mortgage (est.) |
0 |
600 |
+600 |
| JPMorgan Chase & Co. |
0 |
333 |
+333 |
| Digital Risk |
0 |
288 |
+288 |
| United Shore Financial Services LLC |
0 |
259 |
+259 |
| Bank of America Corp. |
1,098 |
0 |
-1,098 |
During all of 2012, the number of mortgage jobs expanded by 8,978.
That was more than double the level in 2011, when industry headcount increased by 4,320 mortgage jobs.
The annual gain was greater than any year since 2006, when the Mortgage Employment Index was launched.
But last year is likely to be the peak in mortgage employment, according to Mortgage Daily Founder and Publisher Sam Garcia.
"With home loan performance consistently exhibiting improvement, mortgage servicers are beginning to reduce default staffing levels," Garcia explained. "At the same time, as the Federal Reserve's aggressive campaign to keep interest rates low draws to a close, the refinance wave which has bolstered mortgage employment during the past year will subside and reduce demand for production employees. Compliance staffing, however, will likely remain elevated." |
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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.
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