|
|
|
|
|
|
Complete list of specialty news sections.
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
Free e-mail newsletter with the latest headlines from MortgageDaily.com.
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.
Archive of MortgageDaily.com stories by month going back to 1999.
Reports and announcements from MortgageDaily.com.
Data and statistics for real estate finance.
Directories of lenders, branch operators and mortgage service providers.
Directories of lenders, branch operators and mortgage service providers.
|
|
|
|
|
|
| Lenders Continue Cutting Jobs
Mortgage employment down 3,600 in November
Jan. 10, 2014
By Mortgage Daily staff
|
Staffing in real estate finance continued to contract as lenders reduced human resource expense. Among all industries, job growth slowed dramatically -- sending bond yields sharply lower. One good piece of news was a five-year low for the unemployment rate.
Mortgage firms employed 280,600 people during the month of November, according to preliminary data released Friday from the Bureau of Labor Statistics.
While BLS figures include jobs at employers classified as mortgage companies, they exclude home lending jobs at non-mortgage firms like banks and credit unions -- which account for a majority of originations and servicing.
Mortgage Daily estimates that total industry headcount is actually between 1 million and 2 million employees.
The BLS total was down from 284,200 in October. The prior-month figures were revised up from 284,000 originally reported.
In November 2012, U.S. mortgage staffing stood at 286,400. The year-earlier number was revised up from 284,900 in the original report.
Among companies with a large number of mortgage layoffs in November were Citigroup Inc., JPMorgan Chase & Co., Nationstar Mortgage and Wells Fargo & Co.
The most recent BLS figures reflected 206,500 employees working in "real estate credit." This category was down from 209,000 a month earlier and 209,800 a year earlier.
"Mortgage and nonmortgage loan brokers" accounted for another 74,100 people, falling from 75,200 in October and 76,600 in November 2012.
Among all U.S. industries, total nonfarm payrolls were up 74,000 during December, according to the BLS, a division of the Department of Labor.
Employment growth plummeted from the previous month, when 203,000 jobs were added.
The dismal report had an immediate impact on rates, with the price of the 10-year Treasury jumping 24/32 in early trading. Treasury yields move lower when prices rise.
The good news from the BLS, however, was that the U.S. unemployment rate dropped to 6.7 percent last month from 7.0 percent in November.
The last time the unemployment rate was this low was in October 2008, when it was 6.5 percent. |
next story
back to current headline
|
Mortgage Broker News | Originator Newsletter
Stories about mortgage brokering and broker programs. Profiles of successful mortgage brokers. Articles about mortgage brokers who excel at other activities. Broker lawsuits and criminal broker activity.
|
Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.
|
|
|
