The Real Deal Miami

U.S. mortgage industry layoffs pick up speed

November 30, 2010 03:44PM

With the shuttering of Wells Fargo Financial last quarter, employment in the U.S. mortgage industry netted a 930-person loss from the second quarter of 2010, according to a new report from MortgageDaily.com, released today. First Mortgage Corp. and Wealthbridge Mortgage were additional sources of mass layoffs, which, overall, outpaced hiring sprees at JPMorgan Chase, MetLife Bank and Neighborhood Assistance Corp. The report notes that the U.S. mortgage lending industry has shrunk to 246,400 employees — less than half of its 535,400-person headcount in October 2005, when employment in the sector peaked. TRD