Which state axed the most mortgage jobs last quarter?

by Ryan Smith01 Apr 2014
California lost more mortgage jobs than any other state in the fourth quarter as big banks slashed staff across the country.

About 22,000 mortgage employees were fired in the fourth quarter of 2013. California led the pack in job losses, with 2,997 mortgage employees getting pink slips, according to the South Florida Business Journal. Ohio was second with 2,417 jobs slashed, and Florida saw 1,657 mortgage employees looking for work.

Mortgage employees were under the gun all last year after rates jumped nearly a full percentage point. The rate spike strangled the refinance boom and big lenders – many of whom had hired extra employees to meet refi demand – suddenly saw their business dry up. During all of 2013, some 31,931 mortgage jobs were cut.

Big lenders like Wells Fargo, JPMorgan Chase and Bank of America cut thousands of jobs each. Wells Fargo eliminated the greatest number of mortgage jobs, the Journal reported.
 

COMMENTS

  • by Stan J | 4/1/2014 1:11:42 PM

    Real Estate of any sort is not the thing for anyone seeking stability.

  • by Angelo | 4/3/2014 11:51:35 AM

    How many of those who were laid off were Loan Officers? Bank Executives? LO's were laid off much more as the Bank Executives try to save there jobs and eliminate knowledgeable LO's. Who have been convicted more of fraudelent crimes? LO's ... even though the executives set policy, fraud guidlines, and knew of the fraud they were promoting to support their HUGE bonuses!! Finally, who gets paid 100% commission, Loan Officers or Bank Executives? Of course, Loan Officers get paid 100% Commission and Bank Executives get paid ridiculous bonuses and salaries!! This is why I am actively working to get out of this horrendous business!! LO's get screwed everyday!!

  • by Debbie Logan | 4/10/2014 12:50:31 PM

    The large companies operate on easy come easy go on hiring and firing. They have cast out hiring loyal staff and knowledge for the 'bottom line' Which today bottom line for executive's pay is extremely high, if they don't make a million then they are hurting. Isn't greed one of the seven deadly sins?

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