Although some of the major lenders cut thousands of jobs, other firms brought in more employees during the third quarter for a positive net gain, according to the Mortgage Employment Index by Mortgage Daily.
Among the hiring influx, nearly half of the new employees come from Michigan. During the third quarter, the report finds that there were 2,926 more hires than layoffs, and the net change in mortgage jobs jumps from a second-quarter gain of 1,335.
Since the third quarter of 2011, hiring in the mortgage industry has surpassed layoffs during each quarter when the figure was up 2,738. Mortgage firms in 2012 have thus far recruited 7,230 more employees than they have cut. According to federal data, the total mortgage industry staffing hit 285,000 in September, up from 276,300 in June.
Recommended For You
Michigan added 1,442 mortgage jobs in the third quarter, which is more than any other state, the report finds. While second-ranked Iowa hired for 1,229 positions, Texas came in third after hiring for 609 jobs. If other states hadn't seen so many layoffs, third-quarter numbers could have been higher. Of the states that saw layoffs exceeding hiring are California by 528 jobs, Nebraska by 450 jobs and Indiana by 400 jobs.
Quicken Loans is the largest contributor to the third-quarter numbers as it brought in a net staffing gain of 2,500 jobs while No. 2 Wells Fargo added 2,043 jobs. Next is Nationstar Mortgage with a net gain of 600 jobs.
JPMorgan Chase laid off the most workers as it cut 2,123 jobs, followed by Aurora Bank with 922 fewer positions.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
