USA Today reported that financial firms are cutting jobs, partly due to a slowdown in the mortgage business. According to their article, there's been a reduction in the number of people refinancing their mortgages as rates rise and less people are delinquent on their payments. Earlier this week, we reported on hiring trends in finance and found that demand actually increased 16% when comparing October 2013 to October 2012. When we looked specifically at hiring for mortgage related jobs, we noticed that the number of job ads posted online during the same period also increased, up 24%.
Hiring Demand for Mortgage Related Jobs – 4-Year Trends
Sales Agent (Financial Services) was the most advertised occupation in mortgage related job ads. This occupation also experienced the greatest year-over-year growth, up 96%. Loan specific positions such as Loan Officers and Loan Interviewers and Clerks were also among the jobs with the highest number of ads. However, these occupations were less in-demand this year than last year, declining by 20% and 70% respectively, the greatest decrease among the jobs listed below.
|Occupation||Volume||Year to Year % Growth|
|Sales Agents, Financial Services||16580||96.40%|
|Financial Managers, Branch or Department||5844||23.80%|
|First-Line Supervisors of Office and Administrative Support Workers||1431||8.20%|
|Personal Financial Advisors||1395||47.00%|
|Customer Service Representatives||829||-1.20%|
|Loan Interviewers and Clerks||625||-70.00%|
|General and Operations Managers||530||21.60%|
With increasing demand for mortgage related positions, how difficult-to-fill are these jobs likely to be throughout the US? On average, mortgage related jobs score a 50 on our Hiring Scale (out of a possible 99, with 99 indicating hard-to-fill.) In New York, the location with the most demand, recruiting is likely to be less difficult because of the abundance of finance talent located in this area. On the other hand, hiring is likely to be hardest in Tuscaloosa (AL) and Macon (GA). Both of these locations score in the 80's because of a smaller available talent pool that can not support current demand.
Hiring Scales for Mortgage Related Jobs
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