Published June 3, 2013
South Carolina reported the second-largest loss of jobs in the mortgage business during the first quarter, according to Mortgage Daily, an online industry news publication.
The state's mortgage business shed 298 positions during the first three months of 2013, second only to North Carolina, which lost 314 positions.
Minnesota was third with 210 job losses, followed by California, 200, and Florida, 117.
Most of the reduction in South Carolina was due to cutbacks at JPMorgan Chase’s office in Florence. About 300 workers lost their jobs in January, and another 550 were notified in March that they were being laid off in 90 days.
A JPMorgan Chase spokeswoman said the company needed to trim its staff because there’s less business at the Florence office, which specializes in handling delinquent loans and foreclosures.
Five years ago, JPMorgan Chase opened the Florence office after buying out Washington Mutual.
Nationally, JPMorgan had the largest cutback for the quarter, shedding 821 positions, Mortgage Daily reported.