Employment Declines in Mortgage Industry

By Kyle Chezum Updated on 11/29/2010

11/29/2010

In October 2005, over 500,000 people were employed in the mortgage industry.  Today, that number rests around 246,400.  The third quarter of 2010 saw a decrease in employment numbers due to the closure of Wells Fargo’s Financial Inc. division.

Mortgage industry employment had actually been increasing slowly throughout 2010 and would have seen a gain in the third quarter as well if not for the Wells Fargo layoffs.  Still, a decrease is a decrease.  California was the hardest hit, according to data tracked by MortgageDaily.com.

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