Quicken Loans Leads Mortgage Employment Index Up
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DALLAS — Detroit’s Quicken Loans Inc. led the nation in hiring among mortgage lenders according to the third quarter 2012 Mortgage Employment Index from the trade publication Mortgage Daily.
In fact, nearly half of the gain in mortgage industry employment in the entire nation from July 1 to Sept. 30 was attributable to hirings in Michigan.
During the quarter, Mortgage Daily tracked 2,926 more hirings than layoffs at mortgage-related companies. The net change in mortgage jobs improved from a second quarter increase of 1,335. So far during 2012, mortgage-related firms have recruited 7,230 more people than they have laid off.
In Michigan, mortgage jobs grew by 1,442 positions during the third quarter — better than any other state. Iowa saw an increase of 1,229 positions, and the third-best performing state was Texas, where mortgage employment expanded by 609 jobs.
Third-quarter numbers might have been stronger if it weren’t for states like California, where layoffs exceeded hirings by 528 jobs; Nebraska, which lost 450 mortgage employees; and Indiana, which saw its net drop by 400.
With a net staffing gain of 2,500, Quicken Loans was the biggest contributor to the third-quarter numbers. Wells Fargo followed with a gain of 2,043, and Nationstar Mortgage had a net gain of 600 jobs — landing it in the No. 3 position.
At JPMorgan Chase, mortgage staffing was reduced by 2,123 jobs — the worst of any lender. Aurora Bank, which previously sold its servicing portfolio, eliminated 922 positions, while Bank of America had the third-worst record.
The complete Mortgage Employment Index report — including full tables by state, quarter and company — is available at: