Mortgage Jobs Halved Since Crisis Began

November 29, 2010 No Comments »

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In October 2005, before the mortgage boom turned to mortgage crisis, there were a record high 535,400 mortgage brokers, loan officers, mortgage underwriters, loan processors, and others working in the mortgage industry.

But just five years later, only 246,400 remain, according to government data digested by MortgageDaily.com.

The publication, which has its own Mortgage Employment Index, said 87,131 mortgage jobs were lost in 2007 alone, when scores of banks and mortgage lenders consolidated or folded entirely.

In the latest quarter, 3,216 mortgage layoffs were tallied by the website, worse than the 2,028 job losses seen a quarter earlier, but far fewer than the 5,401 recorded last year.

Mortgage job hirings also declined, from 2,768 in the second quarter to just 2,286 in the latest quarter – Chase, MetLife, and Neighborhood Assistance Corp. were the firms picking up new employees.

But the closure of Wells Fargo Financial, along with layoffs at First Mortgage Corp. and Wealthbridge Mortgage, more than offset those gains.

By state, California saw the highest number of mortgage-related layoffs, followed by Maryland, Illinois and Oregon.

North Carolina saw a net gain of more than 500 mortgage jobs, beating out the other 49 states.

Expect even more mortgage job losses as the refinance wave slows and those brought on temporarily to perform things like loan modifications exit the workforce.

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