Hirings outnumbered layoffs in the mortgage sector in the third quarter, marking the first time in five quarters that the mortgage industry workforce experienced a net gain. According to MortgageDaily.com's employment index, third-quarter hirings totaled 5,240, compared to 2,502 layoffs.
The quarter's net gain of 2,738 jobs compared to net losses of 464 jobs in the second quarter and 930 jobs in the third quarter of 2010. Increased refinance levels have spurred high demand for loan originators and processors, while elevated levels of distressed loans has kept staff levels high in servicing departments.
According to the report, JPMorgan Chase & Co. led the charge in the third quarter, adding 3,314 employees. MetLife and CashCall Mortgage added 351 and 230 new jobs, respectively.
The report also notes losses at Wells Fargo (686), CoreLogic (600) and Bank of America (364). Earlier this month, CoreLogic disclosed that it reduced its U.S.-based workforce by roughly 6% in the third quarter. The Santa Ana, Calif.-based service and technology provider expects to further shrink its U.S.-based workforce by another 5% this quarter.