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U.S. Mortgage Jobs Expand

247,700 people in mortgage lending during October

Dec. 3, 2010

By staff

More people were employed in real estate finance in October than a month earlier. But compared to a year ago, the sector has contracted.

A report out Friday from the Bureau of Labor Statistics indicated that 247,700 people worked in mortgage lending during October. Industry headcount expanded from a revised 246,600 in September.

But the bureau, a division of the Department of Labor, reported that mortgage employment was lower than a revised 252,600 in October 2009.

The latest improvement was fueled by growth at both mortgage bankers and mortgage brokers.

People in "real estate credit" increased to 188,200 during October from 188,000 a month earlier.

"Mortgage and nonmortgage loan brokers" rose to 59,500 from 58,600.

Helping October's numbers were mortgage hirings at The PNC Financial Group Inc., First California Mortgage and Gold Star Mortgage Financial Group. Other mortgage firms that have been recently recruiting include LendingTree LLC, Skyline Financial Corp. and loanDepot.

Even big players like GMAC Mortgage LLC, JPMorgan Chase & Co. and U.S. Bank have been busy adding mortgage jobs.

Across all U.S. industries, nonfarm payroll increased by 39,000 during November.

The government said last month's unemployment rose to 9.8 percent from 9.6 percent in October.

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