For the January to March 2014 quarter, job contraction, or, in simpler terms, the rate in which the mortgage workforce shrinks, had slowed down, with the total headcount in the broader U.S. mortgage space now estimated at over 800,000. This was revealed in a new report released on Monday by Mortgage Daily.
Mortgage Daily’s First Quarter 2014 Mortgage Employment Index shows that the mortgage space experienced a net loss of 8,145 jobs in quarter one 2014. Though this is a huge drop-off from the net loss of 18,797 in the December 2014 frame, this is still a much higher figure than the 5,129 net loss recorded in the March 2013 quarter.
Breaking down the stats even further, Mortgage Daily revealed that California had the biggest job loss with a net loss of 1,055 for quarter one 2014, while New Jersey had the biggest gain with a net gain of just 63 jobs. Bank of America, Corp. (NYSE: BAC) incurred the biggest job losses among individual financial institutions, with its headcount decreasing by 2,974 in the March 2014 quarter.
Conversely, PennyMac Investment Trust (NYSE: PMT) boosted its headcount by 144 last quarter, leading the list of companies with the biggest job gains.
In other takeaways from Mortgage Daily’s analytic report, banks took up approximately 65.5 percent of all U.S. mortgage originations last quarter, while non-bank mortgage employment was estimated at 279,300 at the end of the March 2014 quarter. In all, roughly 809,254 individuals were employed in the mortgage space as of March 31, 2014.