Mortgage employment up in the field of real estate finance

Real estate finance jobs are up (Mortgage Daily)

A special press release from Mortgage News Daily. MND serves as a leading source of breaking news, information, expert commentary and opinion. 

DALLAS — (April 10, 2017) During all of last year, staffing in the mortgage industry expanded — though rising interest rates are likely to reverse recent gains. California experienced the biggest quarterly gain.

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As of year-end 2016, there were an estimated 742,600 people who were employed in real estate finance. The total increased from 677,400 as of the end of the third quarter.

Estimated industry headcount has expanded even more significantly when compared to the conclusion of 2015, when the number of mortgage jobs came to an upwardly revised 640,600.

The findings were based on an analysis of mortgage jobs data as part of the Mortgage Daily Fourth Quarter 2016 Mortgage Employment Index.

The latest quarterly estimate consisted of 339,300 mortgage jobs at banks, 68,700 home-lending positions at credit unions and 334,700 non-bank mortgage employees.

The following table shows estimated mortgage jobs by employer type as of the prior quarter and a year earlier.

Estimated Mortgage Staffing by Quarter

Type Q4 2016 Q3 2016 Q4 2015
Banks 339,300 292,900 267,700
Credit Unions 68,700 59,900 65,100
Non-Banks 334,700 324,600 307,800
Total 742,600 677,400 640,600

More recently, estimated mortgage employment has fallen to 736,000 people as of Feb. 28, 2017 — including 336,200 bank jobs, 68,000 credit union positions and 331,700 non-bank employees.

“We’ve begun to see softening in mortgage jobs this year as home lenders adjust staffing for slowing refinance originations,” Mortgage Daily Founder and Publisher Sam Garcia stated. “In addition, as mortgage servicers have seen loan performance improve and onboarding slowing due to fewer refinances, there has been less demand for employees. We expect to see industry headcount to diminish throughout the year.”

Mortgage Daily’s Mortgage Employment Index, which reflects specific rounds of layoffs and hirings tracked by Mortgage Daily, indicated that throughout 2016 there were 8,813 layoffs tracked and 16,715 hirings covered, putting the net gain on jobs tracked at 7,902. Last year’s job growth swung from a net loss of 3,035 positions in 2015.

During just the fourth-quarter 2016, tracked hirings exceeded layoffs by 3,243 — the best number since the first-quarter 2013’s net gain of 5,129.

Job Gains/Losses by Quarter

Layoffs/Hirings Q4 2016 Q3 2016 Q4 2015
Layoffs 886 2,198 3,335
Hirings 4,129 4,883 2,215
Net +3,243 +2,685 -1,120


In the Golden State, mortgage hirings outpaced layoffs by 543 jobs during the three months ended Dec. 31, 2016, the biggest net gain of any state during the quarter.

Biggest Gains by State – Q4 2016

State Net
California +543
Michigan +499
Texas +474
Virginia +200
Pennsylvania +182


But in the Sunshine State, layoffs exceeded hirings by 165 jobs — the biggest loss of mortgage jobs tracked in the Mortgage Employment Index report.

Biggest Losses by State – Q4 2016

State Net
Florida -165
New York -136
Illinois -54
Oklahoma -35
Georgia -18


Quicken Loans, which reports quarterly staffing in thousands, had the biggest gain in headcount of any mortgage banking firm during the fourth-quarter 2016: 1,000.

Biggest Gains by Firm – Q4 2016

Company Net
Quicken +1,000
Finance of America +479
loanDepot +318
Nationstar Mortgage +300
New American Funding +300


At the other end of the spectrum was Ocwen Financial Corp., where there were 483 more layoffs than hirings.

Biggest Losses by Company – Q4 2016

Company Net
Ocwen -483
Walter Investment -100
PHH -91
Seneca Mortgage Servicing -45
Guaranteed Rate -43

 

Luis Robert Vera, Jr. Law office

All Seasons Ground Care (CLICK) in San Antonio

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