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Mortgage Jobs Grow

Number of mortgage employees up 0.5% during July

Sept. 7, 2012

By staff

Despite disappointing data on the U.S. job market, monthly mortgage employment expanded. As markets reacted to the weak U.S. numbers, bond yields fell -- setting the stage for more growth in home lending.

Government data released Friday indicate that 277,600 people were employed in the mortgage industry during July.

In June, a revised 276,300 employees worked in real estate finance. A year earlier, the revised total was a national collective staff of 264,400.

The data was delivered from the U.S. Department of Labor's Bureau of Labor Statistics.

Among the companies contributing to July's strength were Nationstar Mortgage, where 800 people have been added in the third quarter; PHH Corp., which is bringing on 400 people in the third quarter; and Quicken Loans Inc.'s planned hiring of a thousand people in the second half of this year.

Also having a significant impact on July mortgage employment numbers were JPMorgan Chase & Co., where a thousand originators are being added during the last three quarters of 2012, and Digital Risk, which is hiring nearly 300 people during the third quarter.

Employees categorized as "real estate credit" accounted for 213,700 of July's total. The category inflated from 213,400 a month earlier and 210,700 a year earlier.

"Mortgage and nonmortgage loan brokers" saw their ranks swell to 63,900 from June's 62,900. In July 2011, there were just 53,700 people in this category.

Beyond the mortgage industry, U.S. nonfarm payroll employment increased by 96,000 jobs in August.

The number was less than economists and markets had hoped for -- prompting speculation of more Federal Reserve action and pushing the price of the 10-year Treasury note up 16/32 near midday. The 10-year Treasury price moves inversely to the 10-year Treasury yield -- a benchmark for fixed mortgage rates.

Meanwhile, U.S. unemployment fell to 8.1 percent last month from 8.3 percent in July. The number of people unemployed in August was 12.5 million, off from 12.8 million the prior month.

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