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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 Job Gains Plunge

Further deterioration likely in hirings

Nov. 6, 2017

By Mortgage Daily staff

mortgage employment activity by state Q2

mortgage employment activity by company Q2

The number of people working in the mortgage business moved down on a quarterly basis. Hiring activity has significantly slowed, and the contraction is likely to continue.

An estimated 655,600 people were employed in the mortgage industry as of June 30, 2017. The estimate was based on a Mortgage Daily analysis of Bureau of Labor Statistics data and origination market share.

Included in the estimated total were 250,300 mortgage jobs at banks, 64,000 home-lending jobs at credit unions and 341,300 non-bank mortgage jobs reported by the BLS.

Overall staffing in real estate finance declined from a downwardly revised 657,800 as of the end of the first quarter and a downwardly revised 609,800 as of mid-year 2016.

Estimated Mortgage Staffing by Quarter
Type Q2 2017 Q1 2017 Q2 2016
Banks 250,300 259,600 243,500
Credit Unions 64,000 64,900 50,300
Non-Banks 341,300 333,300 316,000
Total 655,600 657,800 609,800
(might not add up due to rounding)

More recent data indicate that mortgage staffing has expanded to an estimated 657,100 as of Sept. 30, 2017.

As part of its Second Quarter 2017 Mortgage Employment Index, Mortgage Daily tracked 1,649 mortgage layoffs, more than the thousand tracked three months earlier.

In addition, 1,955 mortgage hirings were tracked during the most-recent period. Hirings have slowed considerably from over 3,700 one year earlier.

The second-quarter 2016 net gain of 306 jobs was less than 1,122 in the first quarter and 1,812 in the second-quarter 2016.

Mortgage Employment Index
Job Gains/Losses by Quarter
Layoffs/Hirings Q2 2017 Q1 2017 Q2 2016
Layoffs 1,649 1,000 1,913
Hirings 1,955 2,122 3,725
Net Gain/(Loss) 306 1,122 1,812

Wisconsin was the state where the biggest mortgage job gains were made during the latest period, though the Grand Canyon State and the Lone Star State were close behind.

Biggest Job Gains by State - Second Quarter 2017
State Layoffs Hirings Net
Wisconsin 0 314 +314
Arizona 0 250 +250
Texas 0 217 +217
New Jersey 0 41 +41
Missouri 0 38 +38

A preliminary review of third-quarter 2017 activity indicates that hiring activity has plummeted to fewer than 500 jobs -- indicating substantial deterioration is likely with net gains from the current three-month period.

In the Sunshine State, mortgage job losses came to nearly 500 during the second-quarter 2017. That turned out to be the largest decline of any state and more than double No. 2.

Biggest Job Losses by State - Second Quarter 2017
State Layoffs Hirings Net
Florida 484 0 -484
New York 225 0 -225
Ohio 100 0 -100
Illinois 150 70 -80
California 260 185 -75

With in excess of 600 jobs added to its payroll, Fairway Independent Mortgage Corp. had the biggest net gain in staffing of any home lender during the three months ended June 30, 2017. It was the second consecutive quarter Fairway topped the list. Also significantly beefing up its staff was Caliber Home loans Inc.

Biggest Job Gains by Company - Second Quarter 2017
Company Layoffs Hirings Net
Fairway 0 628 +628
Caliber 0 434 +434
Freedom Financial Network 0 250 +250
Guild Mortgage Co. 0 240 +240
PennyMac Financial Services Inc. 0 110 +110

At HSBC, the payroll contracted by more than 500 people -- by far the biggest net loss of any company during the quarter. The activity reflects HSBC's winding down of its consumer mortgage business.

Biggest Job Losses by Company - Second Quarter 2017
Company Layoffs Hirings Net
HSBC 507 0 -507
PHH Corp. 252 0 -252
Ocwen Financial Corp. 200 0 -200
loanDepot LLC 174 0 -174
Banc of California, N.A. 139 0 -139

Further deterioration likely in hirings

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