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Mortgage industry jobs losses rise

September 15, 2014

Mortgage industry employment was lower in the latest quarter as a result of a sharp jobs drop at banks, though jobs moved up at credit unions and non-banks, according to an index released by Mortgage Daily.

The mortgage industry recorded 20,569 layoffs in the second quarter, a sharp increase from 8,991 layoffs in the first quarter, according to Mortgage Daily. Mortgage industry layoffs in the second quarter exceeded hirings by 18,916.

Layoffs in the second quarter were up 129 percent compared to the first quarter and up 107 percent from a year earlier.

Utah had the biggest job gains of the states, with a net of only 142 jobs, followed by New Jersey and Washington at 96 and 58, respectively.

The states with the biggest job losses include:

  • North Carolina: -2,764
  • California: -1,314
  • Texas: -563
  • Florida: -362
  • South Carolina: -358

The biggest job losses by company include:

  • Chase: -11,500
  • BofA: -3,900
  • Citi: -2,200
  • Wells Fargo: -1,197
  • RFC: -260

Several firms increased headcount by at least a hundred employees. Walter Investment Management added the most with 300 jobs, followed by PRMI and New American at 284 and 189, respectively.