Mortgage Daily

Published On: January 9, 2009
Mortgage Jobs Lower337,600 mortgage employees in November

January 9, 2009

By staff

The mortgage industry saw a net job loss in November, though the tide may have turned.The Bureau of Labor Statistics reported today that 337,600 people were employed in mortgage lending during November 2008. Jobs in the sector were lower than a revised 341,900 in October and 374,600 in November 2007.

“Real estate credit” employees numbered 228,400 in November, down from 231,700 the prior month. A year earlier, the total was 256,500.

Employment for “mortgage and nonmortgage loan brokers” fell to 109,200 from 110,200 in October and 118,100 in November 2007.

The net outflow of positions in real estate finance during the latest month was impacted by layoffs at the following companies:

November 2008 Mortgage Layoffs

Company Location Number of layoffs
Citigroup Inc. national 52,000 (“near-term”
including non-mortgage)
Fortes Financial Inc. national 400 (est.)
Washington Mutual Inc. Calif. and Fla. 396
HSBC Mortgage Corp. national 325
Popular Mortgage Cherry Hill, N.J. 167
Wachovia Corp. Fla. 165
Equity One Marlton, N.J. 147
Land America San Bernardino, Calif. 130
Wachovia Corp. Boynton Beach, Fla. 69
Wachovia Corp. Waterbury, Conn. 65

But declining rates have pushed up refinance demand — leading many mortgage firms to begin recruiting new employees last month. December mortgage employment data will be announced in early February.

Overall U.S. employment declined by 524,000 in December from the prior month, while unemployment increased to 7.2 percent from 6.8 percent in November, the report said.

“Lob losses were large and widespread across most major industry sectors,” the bureau — a division of the U.S. Department of Labor — said in the report.

next story

back to current headlines

Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator


Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Date with Today’s Latest Rates


Today’s rates starting at


5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at


$200,000 LOAN

Home Equity

Today’s rates starting at


$200,000 LOAN


Today’s rates starting at


$200,000 LOAN