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The mortgage industry added 8,978 jobs in 2012, more than double the 4,320 jobs added in 2011, according to the mortgage employment index from Mortgage Daily. The annual gain was greater than any year since the index launched in 2006.
However, the fourth quarter’s gain of 2,571 jobs was less than the prior quarter’s 2,926 new jobs and a 1,280-drop from 3,851 new jobs in the fourth quarter of 2011.
And last year was likely the peak, said Mortgage Daily Founder and Publisher Sam Garcia.
“With home loan performance consistently exhibiting improvement, mortgage servicers are beginning to reduce default staffing levels,” Garcia said. “At the same time, as the Fed’s aggressive campaign to keep rates low draws to a close, the refinance wave which has bolstered mortgage employment over the past year will subside and reduce demand for production employees. Compliance staffing, however, will likely remain elevated.”