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Mortgage Hirings Slow, But Continue

Recent hiring activity

Sept. 12, 2017

By SAM GARCIA Mortgage Daily



portrait of Sam Garcia

Although mortgage-related hirings have been recently declining, several thousand veterans have been hired by a bank, and one firm is adding a thousand jobs in the Grand Canyon State.

Each month, Mortgage Daily estimates total mortgage industry employment based on non-bank data from the Bureau of Labor Statistics. The latest estimate was 740,100 jobs as of July.

Mortgage job count declined from an estimated 741,200 in June. It was the first drop in mortgage staffing since February, when the estimated total was calculated to be 720,400.

A recent article from the Orange County Register indicated that job growth in the Southern California market has slowed significantly during the first half of this year.

According to the story, while 19,000 employees were added in the 12 months ended June 30, that was well below the 36,150 average annual pace of the prior four years.

Lending jobs in Orange County were up just 200 jobs this year versus the 1,900 annual pace from 2012 through 2016.

"Higher interest rates means this 42,200-worker niche has cooled as loans like mortgage refinancings dry up," the story said.

An Aug. 4 news release from Wells Fargo Co. said a $108 million settlement resolves allegations it originated refinances guaranteed by the Department of Veterans Affairs that were ineligible.

The announcement from the San Francisco-based bank-holding company indicated that since 2012, Wells Fargo has hired more than 6,700 veterans.

Wells Fargo previously reported a company-wide staff of 270,600 as of mid-2017.

In Tempe, Arizona, Freedom Financial Network reported that it during all of this year, it expects hire nearly a thousand employees. Through its Bills.com subsidiary, the San Mateo, California-based company says it helps homeowners better understand their loan options and make smarter mortgage decisions.

Information about open jobs at Freedom is online at www.freedomfinancialnetwork.com/join_our_team.

Churchill Mortgage Corp. announced last month that it added 16 new employees in branches across Arizona, Colorado, Michigan, Tennessee, Texas and Virginia. Staffing at Brentwood, Tennessee-based Churchill, which was previously reported at 362 people as of June 30, has jumped past 400 as of last month.

Read more about the firm's current job openings at Churchill Mortgage careers.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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