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


(please note correction to fourth paragraph 10:02 a.m. Nov. 9)

Mortgage Layoffs Outpace Hirings According to Q3 Report

DALLAS -- (Nov. 9, 2009) /PRNewswire/ Growth in mortgage servicing jobs was not enough to keep headcount in the mortgage sector from falling, according to the Third Quarter Mortgage Employment Analysis. But the rate of contraction has slowed considerably from the ugly pace set two years ago.

Mortgage employers eliminated 710 more positions during the third quarter than they added, based on the report, which reflects employment activity covered by The net loss reversed an 8,253 net gain in the second quarter but was better than the 10,233 net loss during the third-quarter 2008.

Despite the latest decline, mortgage job losses have slowed from the torrid pace set in 2007 -- when lenders shed 87,000 more jobs than they added.

Third-quarter mortgage layoffs were 4,691, rising from the second quarter's 3,229. Layoffs were most impacted by the closing of mortgage operations. (Correction: this paragraph should have read: Third-quarter mortgage layoffs were 5,401, rising from the second quarter's 3,229. Layoffs were most impacted by the closing of mortgage operations.)

Hirings totaled 4,691, tumbling from 11,482 in the second quarter. Third-quarter hirings were fueled by growth in mortgage servicing staffs as well as growth at default service providers.

Period Q3 2009 Q2 2009 Q3 2008
Layoffs 5,401 3,229 11,229
Hirings 4.691 11,482 996
Net -710 +8,253 -10,233

Impacted by layoffs at bankrupt Taylor Bean & Whitaker Mortgage Corp., Florida saw a bigger third-quarter net loss in real estate finance jobs than any other state.

Loss-mitigation hirings by CitiMortgage Inc. helped give Missouri the biggest net gain.

State Net Gain/Loss
Florida -1,355
Washington -824
New Jersey -179
Missouri +700
Texas +478
Louisiana +250

The U.S. Department of Labor reported that mortgage employment declined to 259,300 in September from 265,500 in June.

The full second-quarter employment analysis, including full tables by state and by company, is available to subscribers at:

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

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