Mortgage hirings outpace layoffs in 3Q
Hirings in the mortgage industry outpaced layoffs in the third quarter, according to a new report compiled by MortgageDaily. Total layoffs for the period hit 2,502, compared to 5,404 layoffs in the second quarter. Last year, the industry laid off 3,216 employees during the same period. Meanwhile, the segment hired 5,240 people in the third quarter, compared to 4,940 in the second quarter. MortgageDaily says JPMorgan Chase & Co. (JPM) continued recruiting, which contributed significantly to a gain in jobs, hiring at a rate that hugely outpaced any competitors. Indeed, several other, large mortgage businesses reduced staff (see chart). Texas performed the best, with the mortgage industry hiring 700 people in the state during the third quarter. MortgageDaily attributes Texas' gain to the low cost of living and business-friendly environment. The site even proclaimed Dallas the "mecca for mortgage servicers." No other state comes close (see chart). Other factors that contributed to hiring during the period included a spike in mortgage refinancings as rates plunged to record lows, keeping some demand for loan originators and processors, MortgageDaily said. Write to Kerri Panchuk.