home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.

What Unemployment?

Mortgage industry jobs swell to 413,000

February 10, 2003


Rates, refis, and the overall mortgage industry aren't the only things that rolled into 2003 at high speed -- broker and banker jobs didn't show signs of slowing down in January, either. Experts say other factors will have to play in for this to be a trend and not a blip on the flat economic radar.

About 413,000 people held those mortgage positions last month, according to the seasonally adjusted report by the Bureau of Labor Statistics.

That's an increase from the 407,000 jobs in December and the 400,000 during November. January's number is also a 16% jump from the number of mortgage broker and banker jobs during the same time last year.

The nation's general unemployment rate took a surprising yet welcomed dip to 5.7% in January from the 6.0% of December. December's rate was the highest unemployment rate of 2002, shared with November and April.

Everyone wonders how and when the economy will get back to its old self, and two experts at the Commercial Real Estate Finance/Multifamily Housing Convention & Expo (CREF) in San Diego on Monday had some ideas.

Anthony Pierson, managing director of TimesSquare Real Estate Fund and Research, said at a CREF luncheon to look at simple demographics when wondering where jobs will manifest as the economy recovers.

"Look where the youth are. That's where the jobs will generate," he said.

He added that as soon as the dollar cheapens and more hands exchange money in the marketplace, the economy will recoup. Doug Duncan, chief economist at Mortgage Bankers Association of America, said he agrees, but that theory works only for the short run.

Pierson said the commercial side's sluggish office sector will recover when general employment begins to significantly rise. Duncan replied that not only the number of jobs must increase for this to happen, but also the quality of jobs. Other factors have played into the epidemic of empty office space, Duncan said, such as families being reduced from two wage-earners to one.

The employment figures reported are based on preliminary estimates, which the bureau doesn't consider complete until two successive revisions. The bureau doesn't report the final figures until later in the month.

Christy Robinson is the editor of MortgageDaily.com. She received a bachelor's degree in news-editorial journalism from The University of Texas at Arlington. Her work has previously been published in The Dallas Morning News.

email Christy at: [email protected]

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders