Mortgage Employment Index Gains in Q2

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Sep 04, 2012, 07:00 ET

DALLAS, Sept. 4, 2012 /PRNewswire/ -- Layoffs grew and hirings softened, according to the Second-Quarter 2012 Mortgage Employment Index from Mortgage Daily. Still, mortgage firms managed another quarterly gain in staffing. Texas was pounded with layoffs but able to absorb displaced workers and come out with a gain. Mortgage jobs are pouring out of New Jersey and into Michigan.

Mortgage Daily tracked approximately 4,245 mortgage-related layoffs between April 1 and June 30. But hirings were greater at 5,580, giving the industry a second-quarter net gain of 1,335 jobs. It was the fourth consecutive quarter of mortgage job gains.

Employment in real estate finance was weaker than in the first quarter, when the revised net was better at a positive 2,969 jobs. The net in the second-quarter 2011 was a negative 464 mortgage jobs.

Quarter	U.S. Net
Q2 2012	+1,335
Q1 2012 (revised)	+2,969
Q2 2011	-464

In the latest period, layoffs at Saxon Mortgage helped pushed Texas' layoffs higher than any other state. But with the most hirings, Texas was able to absorb the losses and managed a net gain.

New Jersey's layoffs were the second-highest -- giving the Garden State the worst net activity. California's layoffs followed, then New York.

Fueled by recruiting at Quicken Loans, Michigan's 711 hirings and no layoffs gave it the biggest net gain.

State	Net Gain/Loss
Michigan	+711
Florida	+528
Pennsylvania	+292
California	-343
New Jersey	-356

Florida's hirings were the second-most of any state, then New Jersey and Pennsylvania.

MetLife, which previously announced plans to exit the mortgage business, drained the industry of the most jobs.

Citigroup had the biggest second-quarter gain followed by Nationstar Mortgage.

Company	Net Gain/Loss
Citigroup	+637
Nationstar	+600
Quicken	+500
Saxon	-680
MetLife	-1,090

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 by 20-year mortgage industry veteran Sam Garcia, MortgageDaily.com is a leading online source of mortgage news and mortgage statistics for the mortgage industry. In addition to the quarterly Mortgage Employment Index, Mortgage Daily also publishes the weekly Mortgage Market Index and the quarterly Mortgage Litigation Index, Mortgage Fraud Index and ranking of the biggest lenders and servicers. Visit Mortgage Daily at www.MortgageDaily.com.