MortgageReverse

With Reverse Exit, Wells Fargo Drives Mortgage Industry Job Losses

The effects of an uncertain housing market on mortgage employment are not yet fully known for 2012, but according to an industry job index, the second quarter saw a net loss, with hopes of hiring ahead. Some companies fared better than others.

The quarterly Mortgage Employment Index tracked by MortgageDaily.com reported today that in spite of nearly 5,000 mortgage hirings, new jobs weren’t enough to offset the 5,000-plus layoffs conducted in the second quarter.

Leading the pack for layoffs was Wells Fargo, which let 2,000 mortgage employees go over that time period. While the index does not specify reverse versus forward mortgage employees, Wells Fargo’s exit from the reverse mortgage business prompted 1,000 Wells Fargo employees to seek new jobs earlier this year. At the time, Wells Fargo said its reverse team members were provided with opportunities to apply for other open positions within its 80-plus businesses.

MortgageDaily.com noted that Wells Fargo cut fulfillment staffing in addition to closing its reverse business.

While the index shows job contraction in the second quarter was less severe than in the first quarter, the year-to-date loss is well below its year-earlier total.

Companies representing the greatest number of hires were JP Morgan, which added more than 2,500 jobs, US Bank, with a near-300-job gain, and MetLife, which added 200.

The site predicts that hirings could pick up in light of historic low rates, and that small- to mid-sized mortgage bankers and brokers are likely to quickly capitalize on the refinance wave.

View the full jobs index.

Written by Elizabeth Ecker

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