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Mortgage Employment Index Jumps Most in Nearly 4 Years

sacbee.comJune 4, 2013

By Mortgage Daily

The first quarter proved to be the best since 2009 for jobs in real estate finance. Much of the gain was in the state of Michigan.

The mortgage industry had a net gain of 5,129 jobs in the first quarter, according to the Mortgage Employment Index from Mortgage Daily.

It was the best showing since the second-quarter 2009, when there was a net gain of 8,253 mortgage-related jobs over the prior period.

The net job gain was 2,571 three months earlier and a revised 2,969 a year earlier.

The findings were based on job activity covered by Mortgage Daily.

The most recent total reflected 2,930 layoffs and 8,059 hirings.

Period Layoffs Hirings Net
Q1 2013 2,930 8,059 +5,129
Q4 2012 2,404 4,975 +2,571
Q1 2012* 3,881 6,850 2,969

Thanks to aggressive growth at Quicken Loans, Michigan turned in the biggest increase of any state.

Hirings in Tempe, Ariz., helped land the Grand Canyon State in the No. 2 position.

Biggest Job Gains by State

State Net
Michigan +2,433
Arizona +1,150
Texas +607
Missouri +227
Georgia +200

At the other end of the scale were the Carolinas, which had more mortgage job losses than any other states.

Biggest Job Losses by State

State Net
North Carolina -314
South Carolina -298
Minnesota -210
California -200
Florida -117

Quicken had the biggest gain of any company, followed by Wells Fargo and Nationstar Mortgage.

Biggest Job Gains by Company

Company Net
Quicken +2,000
Wells Fargo +1,475
Nationstar +700
PHH Mortgage +450
Wingspan +400
Title Source +400

As they scaled back their massive default servicing staffs, JPMorgan Chase and Bank of America took the biggest hits.

Biggest Job Losses by Company

Company Net
Chase -821
BofA -651
HSBC -400


Back to June 2013 Archive

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