Mortgage industry employment was lower in the latest quarter as a result of a sharp drop at banks, though jobs moved up at credit unions and non-banks.
Nearly 19,000 mortgage job losses were tracked in the Second Quarter 2014 Mortgage Employment Index. Staff reductions soared from the previous quarter’s more than 8,100 and the second quarter of 2013’s nearly 3,000.
Findings were based on Mortgage Daily news coverage of hirings and layoffs as well as research conducted on public filings made with state employment departments.
|
Period |
Layoffs |
Hirings |
Net |
|
Q2 2014 |
20,569 |
1,653 |
-18,916 |
|
Q1 2014 |
8,991 |
846 |
-8,145 |
|
Q2 2013 |
9,950 |
6,969 |
-2,981 |
A separate Mortgage Daily analysis of market-share data for banks, credit unions, and non-banks indicates that total industry employment was around 669,500 as of June 30, dropping from a revised approximation of 692,700 as of March 31.
Headcount stood much higher 12 months earlier at roughly 971,000.
Mortgage jobs at banks fell to approximately 337,400 from around 366,000 at the end of the first quarter.
But credit union mortgage jobs rose to around 49,200 from around 47,400, while jobs at non-banks inched up to 282,900 from 279,300.
North Carolina had the biggest net loss of any state.
Biggest Job Losses by State
|
State |
Net |
|
NC |
-2,764 |
|
CA |
-1,314 |
|
TX |
-563 |
|
FL |
-362 |
|
SC |
-358 |
Job gains were slim, with the strongest state, Utah, a little more than 140-job increase.
Biggest Job Gains by State
|
State |
Net |
|
UT |
142 |
|
NJ |
96 |
|
WA |
58 |
|
KS |
56 |
|
IL |
19 |
Four of the firms with the biggest job losses were banks.
Biggest Job Losses by Company
|
Company |
Net |
|
Chase |
-11,500 |
|
BofA |
-3,900 |
|
Citi |
-2,200 |
|
Wells Fargo |
-1,197 |
|
RFC |
-260 |
All five of the lenders with the biggest gains were non-banks.
Biggest Job Gains by Company
|
Company |
Net |
|
Walter Investment Management |
300 |
|
PRMI |
284 |
|
New American |
189 |
|
Freedom Mortgage |
125 |
|
PennyMac |
100 |
About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, Mortgage Daily is a leading online source of mortgage news and mortgage statistics. Mortgage Daily also publishes the Mortgage Market Index, Mortgage Litigation Index, Mortgage Fraud Index, and ranking of the biggest lenders. Visit Mortgage Daily at www.MortgageDaily.com.
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