3 Consecutive Quarters of Mortgage Employment Growth
DALLAS, May 21, 2012 /PRNewswire/ -- Mortgage industry staffing has expanded each of the past three quarters, according to the First-Quarter 2012 Mortgage Employment Index from Mortgage Daily.
Hirings outpaced layoffs by 2,146 during the first three months of 2012.
Mortgage employment swung from a first-quarter 2011 net loss of more than 1,800 jobs.
| Quarter |
Layoffs |
Hirings |
Net |
| Q1 2012 |
3,881 |
6,027 |
+2,146 |
| Q4 2011 |
2,349 |
6,200 |
+3,851 |
| Q1 2011 |
4,318 |
2,513 |
-1,805 |
The statistics were determined based on activity tracked by Mortgage Daily.
First-quarter layoffs jumped by nearly two thirds from the second quarter and were heavily impacted by MetLife Home Loans' decision to shut down.
Hirings, meanwhile, slipped 3 percent from the prior period but more than doubled from a year earlier.
The biggest recruiters were JPMorgan Chase & Co. and Quicken Loans LLC -- both which reported around a thousand hirings.
Wingspan Portfolio Advisors reported a gain of roughly 660 jobs. The distressed-loan servicer has thrived during the foreclosure crisis as primary mortgage servicers have sought help resolving defaulted loans.
| Company |
Net Gain/Loss |
| Quicken |
+1,000 |
| JPMorgan |
+917 |
| Wingspan |
+660 |
| Adecco Staffing |
+500 |
| ServiceLink |
+470 |
| MetLife |
-2,007 |
Fueled by hirings at ServiceLink, Pennsylvania saw the biggest gain in mortgage jobs: 720. Michigan was close behind thanks to a recruiting campaign by Quicken.
Robo-signing casualties left New York with the most mortgage-related job losses.
| State |
Net Gain/Loss |
| Pennsylvania |
+720 |
| Michigan |
+654 |
| Texas |
+585 |
| Florida |
+310 |
| Illinois |
+295 |
| New York |
-675 |
"Loan delinquency and foreclosures have recently been on the decline, which will likely lead to leaner staffs at mortgage servicers," said Mortgage Daily Founder and Publisher Sam Garcia. "But the expansion of the Home Affordable Refinance Program is driving up refinance demand and the need for production staffing -- especially in states with deeply underwater borrowers."
Data from the Department of Labor indicates that the number of people employed in the mortgage industry climbed to 267,600 as of March 31 from 265,300 at the end of last year.
The complete Mortgage Employment Index report -- including full tables by state, quarter and company -- is available at: http://www.mortgagedaily.com/MortgageEmploymentIndex.asp?spcode=pr
Mortgage employment news: http://www.mortgagedaily.com/MortgageEmployment.asp?spcode=pr
About Mortgage Daily
Founded in 1998, MortgageDaily.com is a leading online source of mortgage news, statistics and analysis for the mortgage industry. Visit us online at www.MortgageDaily.com.
CONTACT:
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214.521.1300
SOURCE MortgageDaily.com
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