More than 14,000 Mortgage Layoffs in First Quarter

April 7, 2008 No Comments »


According to a report unveiled today by, from January 1 to March 31, a total of 14,727 mortgage layoffs took place.

At the same time, 343 jobs were created, putting the net job loss for the first quarter of 2008 at 14,384.

That said, mortgage job losses are expected to reach around 57,500 this year, a significant decline from the 86,071 net job losses in 2007.

California saw the worst of it, with 4,470 net job losses, followed by Florida with 1,539 losses, New Jersey with 684 losses, Iowa with 415, and Indiana with 294.

By mortgage lender, IndyMac led the way with 2,403 layoffs, followed by First Franklin Financial with 1,650, Aurora Loan Services with 1,602, and First National Mortgage Sources and Morgan Stanley with 1,000 each.

Five companies actually bucked the trend with net job gains during the quarter, including First Houston, Lend America, Primary Residential Mortgage Inc., Secured Bankers Mortgage Co. and WSB Mortgage.

But that doesn’t guarantee success, as a related company named Millennium Mortgage Corp. said it was adding 150 account executive jobs during the first half of 2008, only to shut down the unit one month later.

(photo: jaycoxfilm)

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