Mortgage Employment Index Up 5 Straight Quarters
DALLAS -- (Nov. 26, 2012) /PRNewswire/ While some of the biggest lenders eliminated thousands of jobs, hirings at other firms helped push the third-quarter 2012 Mortgage Employment Index from Mortgage Daily higher. Nearly half of the gain was attributable to hirings in Michigan.
From July 1 through Sept. 30, Mortgage Daily tracked 2,926 more hirings than layoffs.
The net change in mortgage jobs improved from a second quarter increase of 1,335.
Mortgage hirings have outpaced layoffs each quarter since the third-quarter 2011, when the index was up 2,738.
So far during 2012, mortgage-related firms have recruited 7,230 more people than they have laid off.
Federal data indicate that total mortgage industry staffing was 285,000 in September, growing from 276,300 in June.
In Michigan, mortgage jobs grew by 1,442 positions during the third quarter -- better than any other state. Iowa saw an increase of 1,229 positions, and the third-best performing state was Texas, where mortgage employment expanded by 609 jobs.
Third-quarter numbers might have been stronger if it weren't for states like California, where layoffs exceeded hirings by 528 jobs; Nebraska, which lost 450 mortgage employees; and Indiana, which saw its net drop by 400.
With a net staffing gain of 2,500, Quicken Loans was the biggest contributor to the third-quarter numbers. Wells Fargo followed with a gain of 2,043, and Nationstar Mortgage had a net gain of 600 jobs -- landing it in the No. 3 position.
At JPMorgan Chase, mortgage staffing was reduced by 2,123 jobs -- the worst of any lender. Aurora Bank, which previously sold its servicing portfolio, eliminated 922 positions, while Bank of America had the third-worst record.