]In early May 2009, major mortgage lenders bucked the national trend of layoffs by up hiring to handle a surge in refinance applications. MortgageDaily.com reported that thousands of new positions were being filled across the industry as homeowners sought to lock in historically low interest rates.
### What happened
– **Wells Fargo**, **Bank of America** and **JPMorgan Chase** announced large-scale hiring initiatives to staff up their mortgage divisions.
– **Loan processors, underwriters and call-center staff** were in especially high demand to handle loan files and customer inquiries.
– Smaller lenders and servicers also added employees to capitalize on government programs like HARP and FHA streamlined refinances.
### Why it mattered
– **Refinance boom:** Falling mortgage rates prompted millions of borrowers to refinance, requiring more personnel to process and close loans quickly.
– **Economic bright spot:** The wave of hiring provided a rare source of job growth during the Great Recession when most sectors were cutting staff.
– **Service quality:** Lenders that invested in personnel were better able to deliver timely closings and customer service, strengthening their reputations.
### Related resources
– [Mortgage Employment Index](/mortgageemploymentindex)
– [Mortgage Employment](/mortgageemployment)
– [Fundings](/fundings)
– [Industry Change 062413](/industrychange062413)
– [Fraud Index](/fraudindex)
– [Mortgage Lender Ranking](/mortgagelenderranking)
