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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.


Job Losses Accelerate in Mortgage Business

Estimated 626,500 people in mortgage jobs as of Q4

April 4, 2016

By Mortgage Daily staff




mortgage employment activity by state

mortgage employment activity by company


Quarterly layoffs outpaced hirings in real estate finance, with the net loss of jobs in the industry accelerating over the prior quarter. But the contraction in headcount slowed from a year earlier.

At the end of the fourth-quarter 2015, there were an estimated 626,500 people employed in the mortgage industry, according to a Mortgage Daily analysis of government and market share data.

Estimated mortgage staffing declined from a downwardly revised 640,400 three months earlier. But industry headcount expanded from an upwardly revised 621,800 a year earlier.

More recently, mortgage staffing fell to an estimated 617,700 as of February 2016.

The fourth-quarter 2015 total was comprised of 261,800 mortgage jobs at banks, 63,700 home-lending employees at credit unions and 301,000 people working for non-bank mortgage firms.

Estimated Mortgage Staffing by Quarter
Type Q4 2015 Q3 2015 Q4 2014
Banks 261,800 279,600 274,500
Credit Unions 63,700 59,000 58,200
Non-Banks 301,000 301,800 289,100
Total 626,500 640,400 621,800

In the Mortgage Daily Fourth Quarter 2015 Mortgage Employment Index report, 1,120 more layoffs were tracked during the final three months of the year than hirings.

Net job losses accelerated from 921 in the third quarter but slowed from 3,699 in the fourth-quarter 2014.

The most-recent total reflected 3,335 layoffs, fewer than the third-quarter's 4,797 and the fourth-quarter 2014's 6,651 layoffs.

Also factored in to the fourth-quarter 2015 total were 2,215 hirings, fewer than 3,876 in the previous period and 2,952 during the year-earlier period.

In New Jersey, there were 200 more hirings tracked during the fourth-quarter 2015 than layoffs, giving the Garden State the biggest net gain in mortgage jobs.

Biggest Job Gains by State - Fourth Quarter
State Layoffs Hirings Net
New Jersey 0 200 +200
Michigan 0 160 +160
Florida 0 149 +149
Wisconsin 0 133 +133
Missouri 0 68 +68

With 354 more layoffs than hirings tracked during the final three months of last year, North Carolina fared worst among all states.

Biggest Job Losses by State - Fourth Quarter
State Layoffs Hirings Net
North Carolina 354 0 -354
Iowa 287 0 -287
New York 202 13 -189
Indiana 80 18 -62
Utah 41 0 -41

Among mortgage-related companies, Freedom Mortgage Corp. reported plans to add 400 employees, giving it the biggest net improvement during the most-recent three-month period.

Biggest Job Gains by Company - Fourth Quarter
Company Layoffs Hirings Net
Freedom 0 400 +400
Movement Mortgage LLC 0 381 +381
Fairway Independent Mortgage Corp. 0 265 +265
United Shore Financial Services LLC 0 220 +220
ResMac Inc. 0 133 +133

With a fourth-quarter 2015 net loss of 1,100 mortgage jobs, Bank of America Corp. had the largest net loss.

Biggest Job Losses by Company - Fourth Quarter
Company Layoffs Hirings Net
BofA 1,100 0 -1,100
Wells Fargo & Co. 737 0 -737
Stonegate Mortgage Corp. 394 0 -394
Ocwen Financial Corp. 287 0 -287
Home Retention Services Inc. 255 0 -255


For all of 2015, Mortgage Daily tracked net mortgage job losses of 3,035, substantially lower than the 28,337 net outflow tracked in 2014.


Mortgage Employment Index 2015



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