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Mortgage Employment News | Employment Index | Employment Statistics
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Mortgage Jobs Expand

267,200 mortgage jobs during July

Sept. 4, 2009

By staff

Despite a decline in the broker population, the number of people working in real estate finance rose for the first time in 10 months. Servicing hires fueled the expansion. Overall U.S. employment, however, worsened.

There were 267,200 employees in mortgage-related positions during July, the Bureau of Labor Statistics reported today. Headcount in the sector increased from a revised 265,500 the prior month.

It was the first time mortgage jobs have expanded since September 2008.

In July 2008, a revised 308,800 people worked in the mortgage industry.

The latest activity was fueled by a jump in "real estate credit" jobs, which rose to 197,100 from June's revised 193,500, according to the government.

The increase was impacted by thousands of servicing jobs being added at CitiMortgage, Neighborhood Assistance Corporation of America and Wells Fargo Home Mortgage. In addition, more than a thousand servicing hires have been reported by JPMorgan Chase & Co.

"Mortgage and non-mortgage loan brokers" declined, however, to 70,100 from 72,000. Broker contraction likely reflects the loss of wholesale lenders and an emphasis on the retail channel by big institutions.

The bureau, which is a division of the U.S. Department of Labor, reported that overall U.S. employment during August declined by 216,000 jobs. The U.S. unemployment rate increased to 9.7 percent from 9.4 percent in July.

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