3 quick takeaways from the mortgage conference happening right now

3 quick takeaways from the mortgage conference happening right now

Tidbits from SourceMedia Mortgage Servicing conference

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Items Tagged with 'job cuts'

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Financial sector continues bleeding jobs

Sector records 60,962 job cuts for 2013
January 9, 2014
Despite overall improvement in the 2013 jobs market, the financial sector took a beating this past year, becoming the industry where employers cut the most. The sector recorded 60,962 job cuts for 2013, up 49% from 41,008 in 2012.
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BAC reduces staff as delinquent loan count improves

Bove: Mortgages are not profitable for big banks
October 24, 2013
While Bank of America would not elaborate on reports of the banking giant slashing 3,000 jobs in its legacy asset servicing group, it admits the number of delinquent loans the bank services has drastically declined to less than one-third of peak levels.
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Mortgage industry flooded with layoffs

October 21, 2013
A hike in interest rates continues to squeeze mortgage industry growth, with roughly 10,000 job cuts occurring in the third quarter of 2013 alone.
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JPM's mortgage business remained solid despite falling revenue

Mortgage banking income rose 13% in 3Q
October 11, 2013
A growing mortgage business wasn’t enough to improve JPMorgan Chase’s revenue during the third quarter, with the lending giant's revenue dropping from $25.9 billion to $23.9 billion.
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Monday Morning Cup of Coffee: Government freeze close to reality; Housing nears a bubble

September 30, 2013
If lawmakers on Capitol Hill can't come to an agreement by Monday at midnight, housing agencies will be forced to shut their doors for the most part. Meanwhile, the recent spike in home prices has some market analysts convinced another bubble is in the making.
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Blame Citi layoffs on shifting mortgage landscape

Institutions reduce staffing levels to match lending demand
September 24, 2013
In response to decreased demand for mortgage originations and refinancing, as well as rising mortgage rates, banking institutions are eliminating workers in mortgage-related units.
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Citigroup slashes jobs on heels of refinancing slowdown

1,000 employees cut from the bank's mortgage ranks
September 24, 2013
Banks continue to downsize to adjust mortgage staffing levels as the refinancing boom ends. Citigroup announced plans to cut 1,000 workers within its mortgage business Monday.
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Wells Fargo cuts 150 positions in Charlotte

September 18, 2013
Wells Fargo cuts another 150 workers in the Charlotte region in North Carolina on top of the 284 employees the company said it was laying off last month. This follows the banks initiative to downsize its workforce as loan refinancing demand falls.
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A dire forecast: Additional job cuts could hit the mortgage industry

Falling refi volumes, mortgage apps spark layoff fears
September 16, 2013
There is a significant chance the mortgage industry could reach new employment level lows over the next year. This lack of staffing creates a new negative feedback loop that further tightens mortgage credit availability, mortgage experts claim.
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Employers announced 50,462 layoffs in August

Planned cuts reach a six-month high
September 5, 2013
Planned layoffs jumped 33.8% from July to August, with employers announcing 50,462 cuts last month, the highest level reached in six months.
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