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Mortgage industry job losses ease

June 09, 2014

The mortgage industry recorded 8,991 layoffs in the first quarter, a sharp decline from a six-year high of nearly 22,000 layoffs in the fourth quarter of 2013, according to an index released by Mortgage Daily. Mortgage industry layoffs in the first quarter exceeded hirings by 8,145.

Layoffs in the first quarter were down by 59 percent compared to the fourth quarter and up 207 percent from a year earlier.

New Jersey had the biggest increase of the states, with a net of only 63 jobs, followed by Kansas and Massachusetts at 56 and 35, respectively.

The states with the biggest job losses include:

  • California: -1,055
  • Michigan: -300
  • South Carolina: -288
  • Missouri: -286
  • Iowa: -238

The biggest job losses by company include:

  • BofA: -2,974
  • Chase: -1,500
  • Wells Fargo: -1,267
  • Ocwen Financial: -844
  • Citigroup Inc.: -830

Several firms increased headcount by at least a hundred employees. PennyMac Loan Services added the most with 144 jobs, followed by Stonegate Mortgage and Freedom Mortgage at 138 and 125, respectively.


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