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Mortgage Employment Strengthens

502,500 people in mortgage-related jobs

June 3, 2005

By MortgageDaily.com staff


Jobs in the mortgage industry continued to climb, again reaching a new record.

The number of people working in mortgage lending was 502,500 during April, the Bureau of Labor Statistics reported today, up from a revised 501,000 in March and 469,700 at the same time last year.

The latest number is the highest level ever.

Mortgage employment for April consisted of 374,800 people working in "real estate credit," according to the report, and 127,700 "mortgage and nonmortgage loan brokers."

The bureau, a division of the U.S. Department of Labor, reported May unemployment was unchanged at 5.1%.

Mortgage jobs have maintained their numbers even as mortgage production has fallen over the last two years. But a recent decline in interest rates combined with the fact that many borrowers who previously opted for interest-only loans may be ready to move into fully amortized fixed rates could provide an opportunity for a small refinance boom -- and a temporary surge in mortgage employment.



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