Skip to main content

Mortgage employment expands in 2009

NationalMortgageProfessional.com
Feb 15, 2010

Following three years of job losses when more than 100,000 positions were eliminated, mortgage employment expanded last year, according to the MortgageDaily.com Fourth-Quarter 2009 Mortgage Employment Index. During 2009, net mortgage employment increased by 8,321 jobs, based on the index--which reflects mortgage-related hirings and layoffs tracked by MortgageDaily.com. Last year was a vast improvement from 2008 and 2007. Year Net 2009  +8,321 2008 -36,766 2007  -88,817 2006 -2,746 Hirings during 2009 were 30,899, outpacing 22,578 U.S. layoffs. Mortgage hirings were strongest last year in Texas, where lenders added 1,722 jobs. U.S. layoffs amounted to 22,578 in 2009. In Illinois, 2,797 layoffs occurred--higher than any other state. The biggest net increase--factoring in both hirings and layoffs--was in Texas, where mortgage employment expanded by 1,600. But the biggest decline was in Illinois, where jobs in real estate finance contracted by 2,392. Florida and Washington also had job losses in excess of 1,000. Looking at just the fourth quarter, 2,995 U.S. layoffs were exceeded by 5,849 mortgage hirings -- leaving the fourth-quarter net up by 2,854. The latest quarterly activity was substantially better than the prior quarter and year. Period Layoffs Hirings Net Q4 2009  2,995  5,849 +2,854 Q3 2009 5,401 4,691 -710 Q4 2008 8,708 925 -7,783 Fourth-quarter hirings were strongest in California at 1,300. New York's 600 layoffs were more than any other state. California's strong level of hirings pushed the state's quarterly net employment up by 987 jobs--again, more than any other state. But Iowa wasn't far behind. New York's net contraction of 500 positions during the fourth quarter was the worst performance of any state. By company, Bank of America Corp.'s 2,500 fourth-quarter hirings were more than any other U.S. lender. Wells Fargo & Co. wasn't far behind. The closure of Lend America represented the biggest number of fourth-quarter layoffs.
Published
Feb 15, 2010
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Industry News
Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Industry News
Jan 26, 2023
Housing Prices Across Texas Likely Hobbled In 2023

But you’re getting a lot less for $1 million

Industry News
Jan 23, 2023
UWM Adds 'Control Your Price' To 'Game On' Pricing

New program provides 125 basis points in price enhancements for loan orignators.

Industry News
Jan 11, 2023
Rocket Pro TPO Relieves Brokers Of Credit Fee Burden

Will provided free credit reports to brokers if they get their loan closed with the Detroit lender.

Industry News
Jan 10, 2023
Former Employees Sue Rocket Mortgage Over OT Pay

Claim company failed to properly calculate & pay OT for working beyond 40 hours a week.

Operations
Jan 09, 2023