Mortgage Industry Jobs Continue to Tumble
Further consolidation in the bad credit home loan sector, as well as outsourcing, contributed to a sharp decline in home mortgage jobs, according to mortgage employment coverage from the industry.
The number of people working in mortgage finance during April fell by more than 10,000 from March, government data indicates.
Contributing to the latest monthly decline were layoffs at ABN AMRO Mortgage Group, Mortgage Investment Lending Associates - or MILA, and Residential Capital LLC.
Recently, bad credit mortgage lender ACC Capital Holdings Inc. completed the layoff of approximately 2,600 people across six states. The parent of Ameriquest Mortgage Co. and Argent Mortgage Company LLC, made many cuts in Illinois.
Option One Mortgage Corp. notified approximately 600 employees last month that their jobs will be eliminated by September 3. By that date, 12 home loan processing centers will close down.
California mortgage employees bore the brunt of recent layoffs at Impac Mortgage Holdings Inc. Driven by loan originations that have fallen by half, the Alt-A lender reduced its workforce by 10 percent.
National City Mortgage Co. will be offshoring more Ohio jobs.
Several employees at the company’s Miamisburg headquarters were informed that their jobs will be eliminated. Their work, which consists of back-office functions, will be transferred to India.
Nearly half of workers who requested redeployment in a previous round of offshored jobs to India were accommodated in other jobs at National City.
NetBank Funding Services has stopped taking business from mortgage brokers and mortgage bankers - leading to 120 South Carolina layoffs.
Despite weak employment, one mortgage company is still hiring.
Countrywide Financial Corp.’s CEO recently said the company will add 2,000 salespeople this year as it continues to capture an increasing portion of the market.
The new loan officers will have a growing menu of home loan products to sell, including reverse mortgages, multi-family loans, fixed-rate pay-option loans, commercial mortgages, and builder finance loans.
All have been added during the past six months.
SOURCE: Earthtimes.org