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Mortgage Employment News | Employment Index | Employment Statistics
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Mortgage Jobs Maintain Growth

August mortgage employment up 9%

Oct. 5, 2012

By Mortgage Daily staff

The monthly increase for the country's mortgage workforce was 1 percent, while staffing in the sector has expanded by 7 percent over the past year. Beyond real estate finance, U.S. unemployment fell to the lowest level in more than three years.

Mortgage industry jobs climbed past 280,000 to end August at 280,500.

Industry headcount grew from a revised 277,700 in the prior month. August's increase was even bigger compared to the same month in the prior year, when there were 261,600 people employed in the real estate finance sector.

Contributing to the strong August performance were Nationstar Mortgage, Quicken Loans Inc. and PHH Corp. -- which collectively added around 1,700 employees during the third quarter. In addition, appraisal service providers StreetLinks LLC and Solidifi Inc. projected a combined 250 hirings in August, while FBC Mortgage LLC planned to recruit 50 people during the month.

Jobs labeled as "real estate credit" by the Bureau of Labor Statistics numbered 214,900 in August. A month earlier, the total was a revised 213,700, and it stood at a revised 209,000 in August 2011.

"Mortgage and nonmortgage loan brokers" accounted for 65,600 of the August total, expanding from a revised 64,000 in July. The number of brokers has jumped from a revised 52,600 a year prior.

At 7.8 percent, there was much-needed relief for the U.S. unemployment rate -- which fell below 8 percent in September for the first time since January 2009 when the rate was also 7.8 percent, according to historical data from the bureau, a division of the Department of Labor. The unemployment rate was a revised 8.1 percent in August and 9.0 percent in September 2011.

Last month saw nonfarm payroll employment increase by 114,000, improving on the 96,000 jobs added in August.

The positive news had the 10-year Treasury trading down 12/32 near midday. Bond yields move higher when their prices fall.

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