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Mortgage Employment News | Employment Index | Employment Statistics
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Mortgage Job Losses Ease

DALLAS -- (Jan. 21, 2009) /PRNewswire/ Mortgage-related layoffs have eased and may be near a bottom, according to employment data tracked by
http://www.MortgageDaily.com. Quarterly job cuts were down by nearly 25 percent, and annual migration out of real estate finance dropped by more than half.

U.S. layoffs in the mortgage industry were 8,646 during the fourth-quarter 2008. After factoring in 925 new hirings, the net job loss was 7,721. In the third quarter, the revised net job loss was 10,233, while a year earlier it was approximately 16,711.

Quarter Layoffs Hirings Net Job Loss
Q4 2008 8,646 925 7,721
Q3 2008 (revised) 11,229 996 10,233
Q4 2007 (approximate) na na 16,711

California saw the most mortgage jobs lost during the latest quarter, followed by Minnesota and Florida.

By company, Residential Capital LLC and its affiliates saw the biggest quarterly loss of mortgage jobs. Subsidiaries of JPMorgan Chase & Co. had the second highest loss of mortgage positions, followed by Citigroup Inc. and companies it owns.

Company Net Job Loss
ResCap 2,405
JPMorgan 1,446
Citigroup 600
Popular Inc. 584
Wachovia Corp. 562

Last year's net job loss of 36,737 was down about 58 percent from 2007.

Year Net Job Loss
2008 36,737
2007 (revised) 87,131

California also led annual mortgage job losses, then Florida and New Jersey.

State 2008 Net Job Loss
California 8,133
Florida 2,651
New Jersey 1,661
Minnesota 1,125
Washington 949

"As job losses worsened in other sectors, mortgage job losses began to ease," said MortgageDaily.com Publisher Sam Garcia. "Federal Reserve purchases of mortgage-backed securities have recently pushed mortgage rates to record lows -- fueling refinance demand. In addition to an increase in the number of mortgage firms hiring, we have reported on at least one temporary employment agency seeking to fill thousands of positions."

Mr. Garcia also noted a spike in loan modification firms that are actively recruiting former originators and mortgage brokers.

The full fourth-quarter employment analysis is available to MortgageDaily.com subscribers at:

Complete mortgage employment news coverage, including articles about the layoffs outlined in this report, is available at:

About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.

Sam Garcia
3811-700 Turtle Creek Blvd.
Dallas, TX 75219

Source: MortgageDaily.com

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