| Mortgage industry employment down nearly 19,000 in Q2
Sept. 15, 2014 By Mortgage Daily staff *After this report was published, it was discovered that total Chase layoffs were erroneously reported. The correct number of Chase Q2 mortgage job losses was confirmed at 3,500, down from 11,500 originally reported.
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| Total mortgage industry employment was lower in the latest quarter as a result of a sharp drop at banks. Home lending jobs moved up, however, at credit unions and non-banks. North Carolina suffered more than any other state.
Nearly 19,000 real estate finance job losses were tracked in the Second-Quarter 2014 Mortgage Employment Index. Staff reductions in the industry soared from the previous quarter’s more than 8,100. Findings were based on Mortgage Daily news coverage of hirings and layoffs in the sector as well as research conducted on public filings made by mortgage employers with state employment departments. The second-quarter decline was even more dramatic compared to the same three-month period last year, when industry headcount was off by less than 3,000 positions. The second-quarter 2014 net reflected 20,569 layoffs and 1,653 hirings.
A separate Mortgage Daily analysis of market-share data for banks, credit unions and non-banks indicates that total mortgage industry employment was around 669,500 as of June 30, dropping from a revised approximation of 692,700 as of March 31. Industry employment 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 in the neighborhood of 47,400, while home lending jobs at non-banks inched up to 282,900 from 279,300. North Carolina had the biggest net loss of any state, though California’s losses were sizable. Biggest Job Losses by State
Job gains were slim, with the strongest state, Utah, seeing mortgage employment rising by a little more than 140 positions. Biggest Job Gains by State
Four of the firms with the biggest mortgage job losses were banks, with JPMorgan Chase &Â Co. leading the drop. Biggest Job Losses by Company
All of the five mortgage lenders with the biggest gains were non-banks. Walter Investment Management Corp. grew its staff by more than any other company tracked. Biggest Job Gains by Company
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