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Mortgage Jobs Rise

352,200 mortgage jobs in September

November 7, 2008

By MortgageDaily.com staff

Despite a bigger-than-expected drop in U.S. employment, mortgage lending saw a monthly gain. MortgageDaily.com tracked more than 10 firms that may have contributed to the latest improvement.

During September, 352,200 people were employed in the mortgage sector, data from the Bureau of Labor Statistics today indicated. The agency is part of the Department of Labor.

Mortgage jobs increased from a revised 349,300 in August. Compared to revised numbers a year earlier, however, jobs were down 30,700.

September's figures reflected 238,400 people in "real estate credit," rising from a revised 236,200 the prior month. "Mortgage and non-mortgage loan brokers" made up 113,800, edging higher than 113,100 in August.

Among companies impacting September activity were Chase, which plans to modify a total of $110 billion in loans by 2011 -- a move that has so far pushed the staff of loan counselors to 2,500; the U.S. Department of Housing and Urban Development, which said in July it plans to add 300 employees; and IBM Lender Business Process Services, which announced in April plans to add 600 jobs over the next four years.

Also affecting the latest data were Residential Finance Corp., which reported in June that it expected to hire between 75 and 100 people during the third quarter; Mortgage Contracting Services, which expected 2008 hirings to total more than 120; and NetMore America Inc., which said in August it had already hired 117 people this year and planned to add another 100 employees over the following 12 months.

Other hirings tracked by MortgageDaily.com impacting August's increase included:

Company # Hirings Period
Alpine Mortgage Planning 100 12 months ended Aug. 31, 2008
Alternative Mortgage Express 70 between July 2008 and Dec. 31, 2008
Fidelity Reverse Mortgage 70 2008
Mortgage Network Inc. 100 12 months ended June 2009
USA Mortgage 107 2008 and 2009

Mortgage sector activity during September, which is reported on a one-month lag, contrasted overall U.S. employment during October. The bureau reported that nonfarm payroll employment fell by 240,000 jobs last month, bringing 2008 job losses to 1.2 million. Some analysts had forecast around 200,000 jobs would be lost last month.

Unemployment was 6.5 percent in October, up from 6.1 percent in September. The number of unemployed people last month was 10.1 million.

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Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.


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