Mortgage Industry Posts Job Gains for Fourth Straight Quarter

For the fourth consecutive quarter, the mortgage industry posted a net gain in jobs, according to _Mortgage Daily's_ ""Second Quarter 2012 Mortgage Employment Index."":http://www.mortgagedaily.com/MortgageEmploymentIndex090412.asp However, the net gain reported in the second quarter is well under the gain reported for the first quarter of the year.

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According to the report, 1,335 jobs were added to the mortgage industry in the second quarter, down from 2,969 added in the first quarter but up from a net loss of 464 jobs a year ago.

The net gain is the result of 5,580 hirings and 4,245 layoffs in the sector over the second quarter.

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Texas experienced more layoffs than any other state ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô driven by 680 layoffs at Saxon Mortgage Service Inc. after its acquisition by ""Ocwen."":http://www.ocwen.com/ However, with 843 hirings, the state still ended the quarter with a net gain, adding 74 jobs over the quarter.

New Jersey posted the second-highest number of layoffs over the quarter and ranked highest in net job losses. The state's net loss was 356 jobs. New York ranked third in net job losses at 343.

As of the end of June, the mortgage lending sector employs 276,600 people in the U.S.

At the other end of the spectrum, Michigan posted the strongest net gain over the quarter with 711 hirings and no layoffs. Michigan's hirings were fueled by ""Quicken Loans."":http://www.quickenloans.com/online-mortgage-application/apply-now?gclid=CL2YidfcnLICFUheTAodZkcA1Q&qls=GBR_K0009869.0000542706&ef_id=V@NPfMxwYBwAAMKw:20120904200623:s

Florida and Pennsylvania followed with net gains of 528 and 292 jobs, respectively.

The industry participants driving the most movement over the second quarter include ""Citigroup"":http://www.citigroup.com/citi/ and ""MetLife."":https://www.metlifetermlife.com/Pages/LandingI.html?ref=0a785f6f-ae61-49c4-a31f-a0c20109f5b4&afid=18104&cid=27239&fid=flowI Citigroup posted the greatest net gain with 637 jobs added in the second quarter, while MetLife posted the greatest net loss with 1,090 jobs lost in the second quarter.

""Nationstar"":https://www.nationstarmtg.com/ and Quicken posted strong gains, adding 600 jobs and 500 jobs, respectively.