Although the Obama adminstration’s plans for mortgage relief may not have sparked a new boom in housing, they seem to have been great for mortgage professionals. In the fourth quarter of 2008, there were just 925 new hires in the mortgage sector, while over 8000 people were laid off. In the first quarter of this year, however, 8,877 people were hired.
Interestingly, the growth of new mortgage sector hires is not taking place evenly across the banking sector. According to MortgageDaily.com, there were more than 10,000 mortgage sector layoffs last quarter, which means the industry is still shrinking. The biggest layoffs came from HSBC and JP Morgan Chase. Citi also continued to lay off mortgage professionals.
Wells Fargo, however, ramped up its mortgage operations, hiring more than 5,000 “operations team members” in the first quarter. Bank of America says it is also in the process of hiring 5,000 to work in mortgages.