The third quarter of 2011 saw a net increase of 2,738 mortgage-related jobs, according to recent industry data. This increase is the first recorded in five quarters.
The recent increase in refinances Ã¢â‚¬" encouraged by remarkably low interest rates Ã¢â‚¬" sparked a demand for loan originators and processors, while continuing high levels of delinquencies and foreclosures bolstered the need for servicing staff.[IMAGE] [COLUMN_BREAK]
The third quarter saw 2,502 layoffs countered by 5,240 hirings, according to the Third-Quarter 2011 Mortgage Employment Index released by ""MortgageDaily.com"":http://www.mortgagedaily.com.
The 2,738 gain compares to a net loss of 464 jobs in the previous quarter and a loss of 936 jobs a year ago.
JPMorgan Chase was a major source of the rise in hirings in the third quarter with 3,314 hirings of its own.
MetLife added 351 jobs, and CashCall Mortgage added 230.
Wells Fargo (-686), CoreLogic (-600), and Bank of America (-364) all lost jobs during the quarter.
California-based CoreLogic anticipates about 1,000 layoffs during the second half of 2011, according to MortgageDaily.com.
With an increase of 699 mortgage-related jobs, Texas posted the largest increase, and according to the index, ""[t]he Dallas area has become a Mecca for mortgage servicers.""
Iowa, on the other hand, saw a decrease of 159 positions, largely due to Wells Fargo's downsizing.
So far, the fourth quarter is seeing more hirings than layoffs.