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Mortgage Employment News | Employment Index | Employment Statistics
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Broker Employment Edges Up

355,500 mortgage employees during June

Aug. 1, 2008

By Mortgage Daily staff


Mortgage employment eased in June, but the number of brokers actually edged higher.

The Bureau of Labor Statistics today reported that 355,500 people worked in mortgage-related jobs during June. Employment in the sector fell from a revised 358,000 in May and 441,500 during June 2007.

Included in the latest figures were 243,100 "real estate credit" employees, which fell from 245,800 in May. "Mortgage and nonmortgage loan brokers" accounted for 112,400, increasing from 112,200 jobs the prior month.

Impacting June's numbers were 251 mortgage-banking job cuts during the second quarter reported by National City Corp.; a second-quarter reduction of 171 mortgage sales jobs disclosed in First Horizon National Corp. earnings report; a headcount reduction of 50 employees at Lend America during the second quarter; Saxon Mortgage Co.'s termination of 50 Texas employees; and 250 layoffs at Quicken Loans Inc.

Some mortgage layoffs were included in the elimination of 1,200 jobs at Washington Mutual Inc., and an undisclosed number of employees were affected by the reorganization of Accredited Home Lenders Inc. In addition, the shut down of Wilmington Finance Inc. impacted 335 employees, while 118 employees were laid off as a result of the closing of an Illinois regional office at Freddie Mac.

During July, U.S. unemployment rose to 5.7 percent, climbing from 5.5 percent in June, according to today's report from the bureau, which is a division of the U.S. Department of Labor. The civilian labor force "was little changed in July," at 154.6 million.

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