Skip to main content

BofA Leads the Way With 6,500-Plus Mortgage-Related Layoffs in Q3
Nov 21, 2013

It was the worst quarter since before the financial crisis for mortgage employment, which declined by more than 15,000 jobs, with even bigger losses forecasted ahead. With more than 17,000 layoffs and fewer than 2,500 hirings, the number of mortgage jobs contracted by 15,282 in the three months ended Sept. 30, according to Mortgage Daily's Third Quarter 2013 Mortgage Employment Index. The index reflects data collected from employers as well as from state employment agencies, public filings and news announcements and reports.  Period Layoffs Hirings Net Q3 2013 17,683 2,401 -15,282 Q2 2013 9,950 6,969 -2,981 Q3 2012 5,785 8,711 +2,926 It was the worst quarter since 2007 - a year that saw net loss of 88,817 jobs. "The industry was hit with a double whammy during the period," said Mortgage Daily Publisher Sam Garcia. "Improving loan performance reduced demand for servicing employees, while rising rates dragged down refinance activity and eliminated the need for production employees." Preliminary fourth-quarter data suggests that layoffs will be even higher in the next report. Elevated layoff activity will continue into at least Q1 2014. Texas, which has become the country's mortgage servicing hub, saw more layoffs than any other state. Biggest State Losses ►Texas: -1,406 ►Florida: -1,114 ►Ohio: -600 Although Arizona had the biggest net gain, it is taking a beating in the current period. Biggest State Gains ►Arizona: 350 ►Missouri: 250 ►Kansas: 216 The country's three biggest lenders—Wells Fargo, JPMorgan and Bank of America— were responsible for much of the quarter's activity.   Biggest Company Losses ►Bank of America: -6,575 ►Wells Fargo: -5,300 ►Chase: -1,810 Nationstar had the biggest net gain, though it has since disclosed plans to eliminate 1,100 positions as it consolidates offices.   Biggest Company Gains ►Nationstar: 420 ►ELM Services: 160 ►AMS: 150
Nov 21, 2013
Williston Financial Group, Doma Strike Deal

WFG is set to acquire Doma’s title operations, including operation centers in the Northern and Central California.

May 24, 2023
Mat Ishbia Takes A Charge At NBA Playoff Game

UWM CEO and majority owner of the Phoenix Suns involved in scuffle with Denver center Nikola Jokic

May 08, 2023
The Pitfalls Of Cash-Out Refinancing In A Rising Interest Rate Environment

Second-lien home equity loans are a far better way to take out cash

May 02, 2023
NEW YORK: How To Conquer - Not Fear - The Empire State

Roadblocks are many but payoff is worth it

May 01, 2023
RCN Capital Opens LA Office

Expansion marks lender's continued success.

Apr 26, 2023
Trigger Lead Legislation Renews Debate Over Consumer Choice

Borrowers can protect themselves from unsolicited lenders, but they could be doing themselves a disfavor

Apr 20, 2023