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Mortgage Jobs Tread Water

458,600 mortgage jobs in September, BLS says

November 8, 2004

By MortgageDaily.com staff


Mortgage sector jobs were barely changed in September.

The number of people working in mortgage-related jobs totaled 458,600, off by just 100 from August's revised figure, according to the latest employment report by the Bureau of Labor Statistics. The total, however, is above the 455,600 a year ago.

The Bureau is a division of the U.S. Department of Labor and reports employment numbers about 30 days following the end of each month.

September's total was made up of 333,200 people working in Real Estate Credit and 125,400 mortgage and nonmortgage loan brokers, according to the report.

Mortgage companies that have recently reported staff reductions include Temple-Inland, which said it's mortgage arm Guaranty Residential Lending Inc. will cut 1,500 origination and servicing employees with the sale of an $8 billion servicing portfolio this quarter, and Bank One, which cut 44 employees from its mortgage collections unit in Wisconsin.

The unemployment rate in October was 5.5%, or 8.1 million people, the Bureau said, up from the prior month's 5.4%.



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