Nonbank mortgage jobs hit 3-year low

by Ryan Smith11 Apr 2019

Non-bank mortgage employment sank to its lowest level in nearly three years in February, according to data from the Bureau of Labor Statistics.

Non-bank mortgage companies slashed 2,900 jobs in February, bringing total employment in the sector down to about 320,000, according to the BLS.

Both banks and non-banks have announced large job cuts in the mortgage space over the past several months. Earlier this month, Ditech Holdings, which is undergoing bankruptcy for the second time, announced that it would shutter a Minnesota office, cutting more than 200 jobs.

In March, Ocwen Financial Corp. announced that it would close six of its 10 domestic offices this year, laying off 2,100 mortgage employees. The company said the cuts were a cost-saving move in the wake of its acquisition of PHH.

“As you can imagine, two large servicers coming together, that’s going to impact (operations,” Dico Akseraylian, Ocwen senior vice president of corporate communications, told The Waterloo-Cedar Falls Courier when the cuts were announced.

In February, Provident Financial Holdings announced that more than 120 mortgage employees would lose their jobs in the closing of its Provident Bank Mortgage unit.