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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.

full Q3 3013 report | activity by state | activity by company

journalists request complimentary full report from
[email protected]


Over 15,000 Mortgage Jobs Lost in Third Quarter

DALLAS -- (Nov. 19, 2013)
It was the worst quarter since before the financial crisis for mortgage employment, which declined by more than 15,000 jobs. Even bigger losses are ahead.

With more than 17,000 layoffs and fewer than 2,500 hirings, the number of mortgage jobs contracted by 15,282 in the three months ended Sept. 30, according to Mortgage Daily's Third Quarter 2013 Mortgage Employment Index.

The index reflects data collected from employers as well as from state employment agencies, public filings and news announcements and reports.

Period Layoffs Hirings Net
Q3 2013 17,683 2,401 -15,282
Q2 2013 9,950 6,969 -2,981
Q3 2012 5,785 8,711 +2,926

It was the worst quarter since 2007 -- a year that saw net loss of 88,817 jobs.

"The industry was hit with a double whammy during the period," said Mortgage Daily Publisher Sam Garcia. "Improving loan performance reduced demand for servicing employees, while rising rates dragged down refinance activity and eliminated the need for production employees."

Preliminary fourth-quarter data suggests that layoffs will be even higher in the next report. Elevated layoff activity will continue into at least Q1 2014.

Texas, which has become the country's mortgage servicing hub, saw more layoffs than any other state.

Biggest State Losses
State Net
Texas -1,406
Florida -1,114
Ohio -600

Although Arizona had the biggest net gain, it is taking a beating in the current period.

Biggest State Gains
State Net
Arizona 350
Missouri 250
Kansas 216

The country's three biggest lenders -- Wells Fargo, JPMorgan and Bank of America -- were responsible for much of the quarter's activity.

Biggest Company Losses
Company Net
BofA -6,575
Wells Fargo -5,300
Chase -1,810

Nationstar had the biggest net gain, though it has since disclosed plans to eliminate 1,100 positions as it consolidates offices.

Biggest Company Gains
Company Net
Nationstar 420
ELM Services 160
AMS 150

Full Q3 2013 report is available to subscribers:

Historical Mortgage Employment Index data is available:

Mortgage employment news:

About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, Mortgage Daily is a leading online source of mortgage news and mortgage statistics. Mortgage Daily also publishes the Mortgage Market Index, Mortgage Litigation Index, Mortgage Fraud Index and ranking of the biggest lenders. Visit Mortgage Daily at

Holly Himelright
[email protected]

Source: Mortgage Daily

Q3 2013 Mortgage Employment Index down 15,282

journalists request complimentary full report from
[email protected]

full Q3 3013 report | activity by state | activity by company

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