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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.

MI Has Biggest Mortgage Job Gains, NC Most Losses

Q1 2016 Mortgage Employment Index

July 25, 2016

By Mortgage Daily staff

mortgage employment activity by state

mortgage employment activity by company

Quarterly hirings in the Motor City helped Michigan secure the biggest gains in mortgage employment, while the nation's biggest home lender was behind the state with the most mortgage job losses.

As of March 31 of this year, there were an estimated 624,800 people who were employed in the mortgage industry.

The total is based on a Mortgage Daily analysis of origination market share data and data reported by the Bureau of Labor Statistics.

Jobs in real estate finance were trimmed from year-end 2015, when an estimated 626,500 employees held jobs at mortgage firms.

But headcount expanded from the end of the first quarter of last year, when the estimated total was an upwardly revised 594,000.

More recently, the number of positions at mortgage employers totaled an estimated 631,100 as of May 2016.

The first-quarter 2016 total reflected an estimated 268,400 mortgage jobs at banks, 57,900 home-lending employees at credit unions and 298,500 positions at non-bank mortgage firms.

Estimated Mortgage Staffing by Quarter
Type Q1 2016 Q4 2015 Q1 2015
Banks 268,400 261,800 261,200
Credit Unions 57,900 63,700 47,000
Non-Banks 298,500 301,000 285,800
Total 624,800 626,500 594,000

Mortgage Daily tracked 3,816 layoffs as part of its First Quarter 2016 Mortgage Employment Index, while 3,978 hirings were tracked for the same period.

The job activity was collected through public company filings, announcements and statements from lenders, and filings made with state employment agencies as required by the Worker Adjustment and Retraining Notification Act.

There were 1,029 more hirings than layoffs tracked in Michigan, giving it the biggest mortgage job gains of any state.

Activity in Michigan was driven by Quicken Loans Inc., which is headquartered in Detroit.

Biggest Job Gains by State - First Quarter 2016
State Layoffs Hirings Net
Michigan 0 1,029 +1,029
South Carolina 0 350 +350
Rhode Island 0 35 +35
Arizona 0 25 +25
Utah 0 25 +25

In North Carolina, mortgage layoffs exceeded mortgage hirings by 551, the biggest first-quarter loss of any state.

Wells Fargo & Co., which picked up significant operations in Charlotte with its 2008 acquisition of Wachovia Corp., was behind many of the job losses in North Carolina.

Biggest Job Losses by State - First Quarter 2016
State Layoffs Hirings Net
North Carolina 551 0 -551
Colorado 550 135 -415
California 503 130 -373
Pennsylvania 76 0 -76
Indiana 31 18 -13

Quicken Loans, the nation's third-biggest home lender, had 2,000 more hirings than it did layoffs -- the best record of any U.S. company.

Biggest Job Gains by Company - First Quarter 2016
Company Layoffs Hirings Net
Quicken Loans 0 2,000 +2,000
Movement Mortgage LLC 0 358 +358
Fairway Independent Mortgage Corp. 0 277 +277
loanDepot LLC 0 200 +200
ResMac Inc. 0 133 +133

Wells Fargo, the largest mortgage originator and mortgage servicer in the country, had the biggest quarterly loss of mortgage jobs of any firm tracked: 743.

Biggest Job Losses by Company - First Quarter 2016
Company Layoffs Hirings Net
Wells Fargo 1,093 350 -743
Ocwen Financial Corp. 634 0 -634
W.J. Bradley Mortgage Capital LLC 500 0 -500
Bank of America Corp. 400 0 -400
Home Retention Services Inc. 255 0 -255

Mortgage Employment Index 2016

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