Nonbanks Dominate Hirings in Mortgage Employment Index

DALLAS, March 25, 2015 /PRNewswire/ -- Mortgage industry staffing expanded during the fourth-quarter 2014, with non-bank lenders responsible for many of the hirings. Banks saw the biggest mortgage layoffs.

As of the end of last year, an estimated 577,800 people were employed in the mortgage industry. The total was based on a Mortgage Daily analysis of Department of Labor data and origination market share data.

Mortgage staffing increased from an estimated 567,500 in the third quarter. But headcount tumbled from an estimated 650,600 at the end of 2013.

The fourth-quarter 2014 total included approximately 228,200 mortgage jobs at banks. Credit unions employed 61,400, while non-bank mortgage employment was roughly 288,100.

Mortgage Daily tracked 6,651 mortgage layoffs and 2,952 mortgage hirings during the fourth-quarter 2014. Much of the hiring activity was at non-bank lenders and under the radar. Had the activity at the smaller firms been available -- there would likely have been a net gain in jobs reflected in the fourth quarter

Data was accumulated through a combination of lender surveys, filings with state employment agencies and publicly reported data.

For all of last year, 28,337 total job losses were tracked, modestly fewer than the net outflow of 31,931 jobs in 2013.

The most job losses were tracked in Missouri. Biggest Job Losses by State

Michigan saw the biggest gains of any state.

Biggest Job Gains by State

Big banks suffered the biggest mortgage job losses.

Biggest Job Losses by Company

Quicken was by far the biggest recruiter in the industry during the fourth quarter.

Biggest Job Gains by Company

Full Q4 2014 report is available to subscribers:www.MortgageDaily.com/stories/MortgageEmploymentIndex032515.asp?spcode=pr

Historical Mortgage Employment Index data is at:http://www.mortgagedaily.com/MortgageEmploymentIndex.asp?spcode=pr

Mortgage employment news:http://www.mortgagedaily.com/MortgageEmployment.asp?spcode=pr

About Mortgage Daily

Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, Mortgage Daily is a leading online source of mortgage news and mortgage statistics. Mortgage Daily also publishes the Mortgage Market Index, Mortgage Litigation Index, Mortgage Fraud Index and ranking of the biggest lenders. Visit Mortgage Daily at www.MortgageDaily.com.

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SOURCE Mortgage Daily