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.

Massive Mortgage Job Decline

428,300 August employment count

October 5, 2007

By MortgageDaily.com staff

Mortgage jobs are down by more than 70,000 from a year ago, according to government data released today. But the number of mortgage brokers actually increased from the prior month.

People working in real estate finance positions numbered 428,300 during August, according to a report from the Bureau of Labor Statistics. Mortgage jobs were down by 27,200 from July and tumbled 72,000 from August 2006.

Jobs by industry are reported on a one-month lag.

Impacting August's figures were 300 eliminated positions at both Delta Financial Corp. and National City Corp.; 350 lost jobs at Impac Mortgage Holdings Inc.; 351 layoffs at 1st National Bank Holding Co.; over 500 layoffs at Countrywide Financial Corp.; 550 layoffs at CIT Group Inc.; 640 layoffs at First NLC Financial Services; 1,200 employees let go from BNC Mortgage LLC; 1,500 people at Aegis Mortgage Corp. which closed; around 1,600 layoffs at Accredited Home Lenders Holding Co.; 1,900 job losses when GreenPoint Mortgage shut down; 5,500 employees who became unemployed when First Magnus Financial Corp. collapsed; and 6,000 lost jobs from the collapse of American Home Mortgage Investment Corp.

Accounting for all of August's decline were people employed in "real estate credit," which fell to 294,600 from 323,000 the prior month, according to the report.

"Mortgage and nonmortgage loan brokers" actually increased to 133,700 from 132,500 in July, the bureau, a division of the Department of Labor, reported. The increase likely reflects a migration from the ranks of unemployed mortgage executives to mortgage brokers -- a common career move after being laid off from a mortgage company.

Unemployment, reported shortly after the end of each month, was 4.7 percent during September, unchanged from August, the report said.

Likely to impact September's numbers are 110 layoffs at ResMAE Mortgage Corp., 144 job cuts at Impac Mortgage Holdings Inc., layoffs at First Franklin Financial Corp., the elimination of 1,000 positions at Washington Mutual, 1,500 layoffs at First Horizon Home Loans, 575 more job cuts at Option One Mortgage Corp., 57 Lennar Corp. layoffs, Countrywide Financial Corp.'s warning it will lay off as many as 12,000 this year, 1,000 planned job cuts at IndyMac Bancorp Inc., 1,000 announced layoffs at National City Corp., the elimination of 850 positions at Lehman Brothers and NovaStar Financial Inc.'s reorganization resulting in 275 layoffs.

In addition, next month's report will also reflect the collapse of Aapex Mortgage Corp., the bankruptcy of Personal Financial Management, Nationstar Mortgage LLC's closing of its wholesale operations, HSBC Finance Corp.'s winding down of its Decision One Mortgage subsidiary, the failure of Expanded Mortgage Credit, E*TRADE Financial Corp.'s exit from wholesale lending, the closing of Colony Mortgage Corp., the collapse of CFIC Home Mortgage and LownHome Financial's failure.

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