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There are two sides to every story.

On one side, there are many Americans who were unable to pay their mortgage and are now in foreclosure.  The other side of the story, that rarely gets discussed, is the effect that high volume foreclosures have on mortgage workers.

The Mortgage Employment Index reported 4,940 hirings during the second quarter.  However, these gains were offset by the 5,404 layoffs reported during the same quarter. In total, more than 2,000 mortgage jobs have been lost this year, according to the second-quarter 2011 Mortgage Employment Index reports.

Second Quarter layoff numbers are up largely due to layoffs at Wells Fargo which reduced staffing in mortgage fulfillment and completely closed it’s reverse mortgage business.

There are some bright spots, though. Ohio proved to be in good standing in terms of mortgage employment with a reported gain of 800 jobs according to Mortgage Daily, which ranks the Buckeye State first in terms of hiring performance.  JPMorgan Chase helped Ohio hiring numbers surge by hiring hundreds of employees in Ohio during the 2^nd quarter of 2011.

And now for the really good news. Mortgage professionals have reason to be optimistic as reports surfaced today stating that Federal Reserve policy makers will replace some of their short-term securities with long-term debt in an effort to lower interest rates on everything from car loans to mortgages.

With lower mortgage rates, refinancing becomes more attainable and attractive to homeowners, as we’ve seen recently.  Reports from Mortgage Daily suggest that small to medium sized banks and brokers are most likely to be benefactors of a refinancing wave.

Finally, I want to point out that Quicken Loans is part of the mortgage industry that is definitely hiring. We have over 500 jobs available in Detroit alone. Several others are available in our other locations. For a full list of Quicken Loans jobs, check out our Quicken Loans Careers website.

Jonathan Slappey writes for Quicken Loans, ranked “Highest in Customer Satisfaction for Primary Mortgage Origination” by J.D. Power and Associates.  Check out what some of our amazed customers have to say at Epinions.

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