Daily Real Estate News  |  October 6, 2008  |   More than 9,000 Mortgage Jobs Slashed
Employers slashed more than 9,000 mortgage jobs in the third quarter, according to employment data tracked by MortgageDaily.com.

From July 1 to Sept. 30, MortgageDaily.com tracked 10,131 U.S. mortgage layoffs and 996 mortgage hirings. Layoffs exceeded hirings by 9,135.

The findings were based on an analysis of 38 companies that either added or eliminated employees in the latest quarter. The report also reflected jobs lost when companies collapsed. California had the biggest mortgage job losses of any state.

Top 5 States for Mortgage Job Losses
1. California: -1,914
2. New Jersey: -495
3. Pennsylvania: -266
4. Illinois: -245
5. Iowa: -190

Top 5 Companies for Mortgage Job Losses
1. Residential Capital LLC: -3,239
2. IndyMac Bank FSB: -3,050
3. Wachovia Corp.: -625
4. Mid Atlantic Capital LLC: -600
5. Carteret Mortgage Corp: -400

Government reports indicate that mortgage employment this year has decreased from 358,500 on June 30 to 349,100 on Aug. 31. The organization with the biggest net job increase was HUD, which indicated it would add 300 jobs to meet growing FHA demand.

Not included in the third-quarter figures were potential layoffs from JPMorgan Chase & Co.'s acquisition of failed Washington Mutual Bank, which has more than 43,000 employees; Wachovia, which had disclosed plans to eliminate around 5,000 mortgage jobs before a battle erupted between Wells Fargo & Co. and Citigroup Inc. over who will take it over; or Bank of America Corp., which said it would eliminate 7,500 positions after acquiring Countrywide Financial Corp.

Source: MortgageDaily.com