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Mortgage industry jobs growth benefits from growing firms

October 06, 2015

Mortgage industry employment increased in the second quarter on a sequential basis, fueled by growing firms, according to an index released by Mortgage Daily. However, mortgage industry employment declined year over year compared to the second quarter of 2014.

The report found the mortgage industry employed an estimated 578,800 people at the end of the second quarter, up from an estimated 544,700 positions in the first quarter but a decline from a downwardly revised estimate of 586,800 from the second quarter of last year.

Compared to a year earlier, mortgage jobs at financial institutions have contracted, while nonbank employment expanded.

The latest estimate included 225,400 jobs at banks, 59,500 employees at credit unions and 293,900 nonbank jobs.

More recently, an estimated 585,100 people worked in real estate finance as of August: 227,800 in banks, 60,200 at credit unions and 297,100 in nonbank positions.

The states with the biggest job gains include:

  • Virginia: +272
  • California: +229
  • Wisconsin: +128
  • Illinois: +97
  • Michigan: +67

The states with the biggest job losses include:

  • New York: -482
  • Florida: -287
  • Washington: -266
  • North Carolina: -216
  • Pennsylvania: -177

The biggest job gains by company include:

  • PennyMac: +307
  • loanDepot: +300
  • Movement Mortgage: +267
  • Fairway Independent Mortgage: +256
  • United Wholesale Mortgage: +113

The biggest job losses by company include:

  • BofA: -1,800
  • Chase: -455
  • Trulia: -297
  • Wingspan: -250
  • FHLB Seattle: -109