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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.

Mortgage Staffing Faces Increased Layoffs

Q1 Mortgage Employment Index up 1,122 jobs

Aug. 7, 2017

By Mortgage Daily staff

mortgage employment activity by state Q1

mortgage employment activity by company Q1

Compared to a year earlier, employment in the mortgage industry has expanded. But as quarter-over-quarter headcount was down, some signs point to an increase in layoffs for the sector.

At the conclusion of the first quarter, an estimated 723,900 people worked in real estate finance. The estimate was based on an analysis of Bureau of Labor Statistics data and origination market share.

Estimated industry staffing consisted of 312,400 mortgage jobs at banks, 78,100 home-lending positions at credit unions, and 333,300 non-bank employees at mortgage banking firms.

Total industry headcount has declined from an estimated 742,600 people at the end of 2016. But significant growth has been noted since March 31, 2016, when it was an upwardly revised 643,700.

Estimated Mortgage Staffing by Quarter
Type Q1 2017 Q4 2016 Q1 2016
Banks 312,400 339,300 276,500
Credit Unions 78,100 68,700 59,700
Non-Banks 333,300 334,700 307,500
Total 724,000 742,600 643,700
(might not add up due to rounding)

More recently, Mortgage Daily estimates that mortgage industry staffing has climbed to 740,800 as of mid-2017.

Mortgage Daily tracks quarterly hirings and layoffs in the residential lending sector. In the three months ended March 31, 2017, there were 1,000 layoffs tracked, while hirings were 2,122. That left a gain of 1,122 jobs during the first quarter.

Mortgage Employment Index
Job Gains/Losses by Quarter
Layoffs/Hirings Q1 2017 Q4 2016 Q1 2016
Layoffs 1,000 886 3,816
Hirings 2,122 4,129 3,978
Net +1,122 +3,243 +162

But while layoffs were modest in the most-recent three-month period, preliminary data for the second-quarter indicates there have been more than 1,300 layoffs tracked so far for that period, while 1,071 have so far been tracked for the current quarter.

With nearly 220 more mortgage hirings than layoffs during the latest quarter, Wisconsin had the biggest net gain of any state during the first-quarter 2017.

Biggest Job Gains by State - First Quarter 2017
State Layoffs Hirings Net
Wisconsin 0 219 +219
California 185 396 +211
Pennsylvania 0 153 +153
South Carolina 0 115 +115
Virginia 21 95 +74

Texas, which had been a model of growth during the era of elevated foreclosure activity, was the biggest net loser during the latest three-month period with a net loss of 168 jobs.

Biggest Job Losses by State - First Quarter 2017
State Layoffs Hirings Net
Texas 219 51 -168
Florida 100 0 -100
Illinois 178 90 -88
Tennessee 13 0 -13
Maryland 10 0 -10

With a net gain of more than 400 jobs in the first-quarter 2017, Fairway Independent Mortgage Corp. had the biggest staffing growth from the year-end 2016.

Biggest Job Gains by Company - First Quarter 2017
Company Layoffs Hirings Net
Fairway Independent Mortgage 0 437 437
Finance of America Holdings LLC 0 305 305
New American Funding 0 300 300
loanDepot LLC 0 260 260
Movement Mortgage 0 195 195

More mortgage jobs were lost at Walter Investment Management Corp. than any other mortgage-related organization: 400.

Biggest Job Losses by Company - First Quarter 2017
Company Layoffs Hirings Net
Walter Investment Management 400 0 -400
PennyMac Financial Services Inc. 181 0 -181
Prospect Mortgage LLC 94 0 -94
Guaranteed Rate Inc. 178 90 -88
Nationstar Mortgage LLC 38 0 -38

Q1 Mortgage Employment Index up 1,122 jobs

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