| Mortgage Employment Index down 8,145 jobs in Q1 2014
June 9, 2014 By Mortgage Daily staff
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| Job contraction in the mortgage industry slowed during the first three months of 2014. Total headcount in the mortgage business is estimated at more than 800,000.
Mortgage Daily tracked a net loss of 8,145 jobs in the mortgage industry for its First-Quarter 2014 Mortgage Employment Index. Job losses significantly slowed from the final quarter of last year, when there was a decline of 18,797. But the index swung from a 5,129 job gain in the first quarter of last year. The latest net total reflected 8,991 layoffs and 846 hirings.
Using residential origination data supplied by the Federal Deposit Insurance Corp., banks accounted for approximately 65.5 percent of U.S. mortgage originations in the first quarter. Data from the Department of Labor indicate that non-bank mortgage employment was 279,300 as of March 31, 2014. Based on the FDIC and Labor Department data, Mortgage Daily estimates that total mortgage employment stood at roughly 809,254 people as of the end of March. Non-bank mortgage job losses based on the Labor Department data was 12,700 from the end of the last year through the end of the first quarter, suggesting that total staffing in real estate finance — including mortgage jobs at banks and non-banks — contracted by around 36,797 in the first quarter. Mortgage headcount in the Mortgage Employment Index was down in excess of a thousand employees in California — more than in any other state. Biggest Job Losses by State
New Jersey fared best, though gains were only in the dozens. Biggest Job Gains by State
By company, Bank of America Corp. experienced the biggest decline in mortgage employees. JPMorgan Chase & Co. and Wells Fargo & Co. each cut staffing by more than a thousand jobs. Biggest Job Losses by Company
Several firms increased headcount by at least a hundred employees — with PennyMac Loan Services seeing the biggest gain. Biggest Job Gains by Company
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