In June 2014, MortgageDaily.com updated its Mortgage Employment Index to reflect changes in mortgage staffing. After the surge and subsequent slowdown of the refinance boom, mortgage employers were recalibrating. Some large banks were still downsizing their mortgage units, while growing nonbank servicers and specialized vendors continued to recruit to meet servicing demands.
### Highlights from the June 9, 2014 index
– **Modest job growth**: Compared to earlier in 2014, there was a modest uptick in hiring among mid‑size lenders as purchase activity steadied.
– **Continued layoffs at big banks**: Large banks like Bank of America and JPMorgan continued to reduce mortgage headcount due to efficiency efforts.
– **Growth among servicers and vendors**: Servicing firms and vendors such as Ocwen and Nationstar kept hiring to handle loan servicing portfolios and compliance requirements.
– **Regional variations**: Job gains were most pronounced in the Southeast and Southwest, while layoffs persisted in parts of the Midwest.
### Factors driving the changes
– **Stabilized interest rates**: Steady rates encouraged cautious but ongoing home purchase demand.
– **Shift to purchase market**: Lenders adapted to a purchase‑driven market by reallocating resources and investing in purchase‑origination teams.
– **Regulatory environment**: Continued implementation of CFPB rules prompted investment in compliance and technology staff.
### Related resources
– [Mortgage Employment Index](/mortgageemploymentindex)
– [Mortgage Employment](/mortgageemployment)
– [Industry Change 062413](/industrychange062413)
– [Fundings](/fundings)
– [Servicer Ranking](/servicerranking)
– [Mortgage Lender Ranking](/mortgagelenderranking)
