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SOURCE Mortgage Daily
DALLAS, March 4, 2013 /PRNewswire/ -- Mortgage industry staffing expanded last year more than any year since the mortgage crisis first erupted. But the outlook has demand weakening for mortgage employees.
The industry gained 2,571 jobs during the fourth-quarter 2012, according to the Mortgage Employment Index from Mortgage Daily. The findings are based on stories published by Mortgage Daily.
Fourth-quarter activity reflected 2,404 layoffs and 4,975 hirings.
Mortgage staffing expanded the most in Illinois, and Texas had the second-biggest gain.
Florida's job losses were the worst.
Guaranteed Rate grew its staff more than any other lender. With an estimated net loss of 1,098 mortgage jobs, Bank of America took the biggest hit.
During all of 2012, mortgage staffing expanded by 8,978, more than doubling the 4,320 jobs added in 2011.
The annual gain was greater than any year since 2006, when the index was launched.
But last year was likely the peak, according to Mortgage Daily Founder and Publisher Sam Garcia.
"With home loan performance consistently exhibiting improvement, mortgage servicers are beginning to reduce default staffing levels," Mr. Garcia explained. "At the same time, as the Fed's aggressive campaign to keep rates low draws to a close, the refinance wave which has bolstered mortgage employment over the past year will subside and reduce demand for production employees. Compliance staffing, however, will likely remain elevated."
About Mortgage Daily Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, Mortgage Daily is a leading online source of mortgage news and mortgage statistics. In addition to the Employment Index, Mortgage Daily also publishes the weekly Mortgage Market Index and the quarterly Mortgage Litigation Index, Mortgage Fraud Index and ranking of the biggest lenders and servicers. Visit Mortgage Daily at www.MortgageDaily.com.
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