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Q3 Hiring Spree Trumps Layoffs for Mortgage Professionals

More mortgage professionals received a desk and day job as hiring rose and layoffs fell over the third quarter, according to a recent study.


In releasing the ""_Third-Quarter 2011 Mortgage Employment Index_"":http://www.mortgagedaily.com/MortgageEmploymentIndex.asp, ""MortgageDaily.com"":http://www.mortgagedaily.com/PressRelease111411.asp reported a net gain of 2,738 jobs for mortgage lenders and other professionals.

The Web site attributed the payroll increase largely to a hiring spree by ""JPMorgan Chase"":http://www.jpmorganchase.com/corporate/Home/home.htm, which added 3,314 jobs over the third quarter.

New hires leapt ahead to 5,240 over the third quarter, offering considerable contrast to 2,502 layoffs over the same time frame.

The numbers reflect a sharp turnaround from the second quarter this year, which yielded 5,404 layoffs among


mortgage professionals ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a net loss of 464 jobs when paired with 4,940 payroll gains over the same time frame.

The seesaw between layoffs and new hires nevertheless remains a positive over the stretch of time from the third quarter last year, which observed 3,216 layoffs trump 2,286 hires ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô about 930 job losses.

With JPMorgan Chase the exception, most other mortgage lenders slashed their payrolls over the third quarter. This included ""Wells Fargo"":https://www.wellsfargo.com/, ""CoreLogic"":http://www.corelogic.com/, and ""Bank of America"":https://www.bankofamerica.com/ at 686, 600, and 364, respectively, in terms of overall losses.

""MetLife"":http://www.metlife.com/ ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô which recently announced that it plans to sell its Home Loans division ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô said that it had added 351 jobs, just above ""CashCall Mortgage"":http://www.cashcallmortgage.com/Home.aspx, which hired about 230 new faces.

Of these last third-quarter gains, Texas emerged as the state with the most at 699 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a rapid advance in job gains that MortgageDaily.com attributed in a ""statement"":http://www.mortgagedaily.com/PressRelease111411.asp to a ""low cost of living and business-friendly environment"" that continues to attract mortgage firms and lenders.

Missouri and Michigan ranked far behind Texas at 183 and 107 in terms of job gains overall, according to the Web site, with Iowa, Washington, and New Jersey all seeing a few hundred job losses.

""Some of the growth was attributable to a spike in refinances as interest rates hovered near all-time lows,"" MortgageDaily.com added. ""This has kept demand up for production employees such as loan originators and processors.""

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.

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