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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.

Quarterly Mortgage Job Losses Worst in 6 Years

Q4 2013 Mortgage Employment Index down 18,797

March 24, 2014

By Mortgage Daily staff

mortgage employment activity by state

mortgage employment activity by company

Job losses continued to mount in real estate finance, reaching the highest level in six years. But mortgage layoffs are quickly slowing.

Mortgage Daily tracked nearly 22,000 mortgage-related layoffs from Oct. 1 through Dec. 31 for its Fourth Quarter 2013 Mortgage Employment Index.

The latest period's layoffs were 24 percent worse than in the third quarter and 810 percent more than in the same quarter of 2012.

Layoffs during the fourth-quarter 2013 exceeded mortgage hirings by 18,797.

Net job activity in the mortgage industry has deteriorated for three consecutive quarters, while it was the worst quarter for the mortgage sector since 2007 -- a year that saw net job losses of 87,131.

Period Layoffs Hirings Net
Q4 2013 21,878 3,081 -18,797
Q3 2013 17,683 2,401 -15,282
Q4 2012 2,404 4,975 +2,571

"Mortgage lenders and servicers continued to adjust staffing levels to account for dwindling refinance activity and fewer distressed loans," said Mortgage Daily Founder and Publisher Sam Garcia. "But despite the dismal numbers, early indications are that mortgage layoffs have turned sharply lower in the first quarter of this year."

Data previously reported by the Bureau of Labor Statistics indicate that 292,000 people were employed in "real estate credit" and as "mortgage and nonmortgage loans brokers" as of Dec.31, fewer than the 285,800 as of Sept. 30.

However, government data excludes mortgage employees in other industries such as banking -- where the majority of the nation's residential loans are originated. Mortgage Daily has previously estimated that total U.S. mortgage staffing exceeds 1 million.

For all of 2013, mortgage staffing declined by 31,931 employees -- the worst year since 2008.

In California, there were 2,997 more mortgage layoffs than hirings in the fourth quarter.-- a bigger loss than any other state. Ohio and Florida followed.

Biggest Job Losses by State
State Layoffs Hirings Net
California 3,018 21 -2,997
Ohio 2,446 29 -2,417
Florida 2,325 668 -1,657
North Carolina 966 0 -966
Texas 1,043 300 -743

At the other end of the spectrum was Indiana, where mortgage jobs expanded by more than 300 during the fourth quarter.

Biggest Job Gains by State
State Layoffs Hirings Net
Indiana 7 310 303
Michigan 14 75 61
Kansas 0 56 56
Montana 0 10 10
Connecticut 0 8 8

The three biggest mortgage lenders in the country -- Wells Fargo & Co, JPMorgan Chase & Co. and Bank of America Corp. -- experienced the most job losses during the most recent period.

Biggest Job Losses by Company
Company Layoffs Hirings Net
Wells Fargo 6,047 0 -6,047
BofA 4,000 0 -4,000
Chase 3,884 0 -3,884
Citigroup Inc. 1,136 0 -1,136
SunTrust Mortgage Inc. 800 0 -800

Three growing companies -- Stonegate Mortgage Corp., Walter Investment Management Corp. and United Shore Financial Services LLC -- were among the five firms with the biggest gains in headcount.

Biggest Job Gains by Company
Company Layoffs Hirings Net
Stonegate 0 396 396
Walter Investment 300 500 200
Claims Recovery Financial 0 150 150
Genpact Limited 0 150 150
United Shore 0 150 150

Q4 2013 Mortgage Employment Index down 15,282

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