Over 15,000 Mortgage Jobs Lost in Third Quarter

DALLAS, Nov. 19, 2013 /PRNewswire/ -- It was the worst quarter since before the financial crisis for mortgage employment, which declined by more than 15,000 jobs. Even bigger losses are ahead.

With more than 17,000 layoffs and fewer than 2,500 hirings, the number of mortgage jobs contracted by 15,282 in the three months ended Sept. 30, according to Mortgage Daily's Third Quarter 2013 Mortgage Employment Index.

The index reflects data collected from employers as well as from state employment agencies, public filings and news announcements and reports.  

It was the worst quarter since 2007 -- a year that saw net loss of 88,817 jobs.

"The industry was hit with a double whammy during the period," said Mortgage Daily Publisher Sam Garcia. "Improving loan performance reduced demand for servicing employees, while rising rates dragged down refinance activity and eliminated the need for production employees."

Preliminary fourth-quarter data suggests that layoffs will be even higher in the next report. Elevated layoff activity will continue into at least Q1 2014.

Texas, which has become the country's mortgage servicing hub, saw more layoffs than any other state.

Biggest State Losses

Although Arizona had the biggest net gain, it is taking a beating in the current period.

Biggest State Gains

The country's three biggest lenders -- Wells Fargo, JPMorgan and Bank of America -- were responsible for much of the quarter's activity.  

Biggest Company Losses

Nationstar had the biggest net gain, though it has since disclosed plans to eliminate 1,100 positions as it consolidates offices.  

Biggest Company Gains

Full Q3 2013 report is available to subscribers:
www.MortgageDaily.com/MortgageEmploymentIndex111913.asp?spcode=pr

Historical Mortgage Employment Index data is available:
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, Mortgage Daily is a leading online source of mortgage news and mortgage statistics. Mortgage Daily also publishes the Mortgage Market Index, Mortgage Litigation Index, Mortgage Fraud Index and ranking of the biggest lenders. Visit Mortgage Daily at www.MortgageDaily.com.


CONTACT:
Holly Himelright
[email protected]  

SOURCE MortgageDaily.com

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