Employment in the mortgage sector grew for the third consecutive month. But a wave of consolidation currently rolling through real estate finance may change things.
Mortgage jobs totaled 507,400 in October, 2,900 more than in September and 2,700 higher than the same month a year earlier, the Bureau of Labor Statistics reported today.
Real estate credit workers represented 71 percent of the month's mortgage labor force, and the remainder consisted of mortgage and non-mortgage brokers, who were the main contributors to the monthly rise, according to Bureau's data.
Mortgage companies that recently announced they are recruiting staff include CJ Mortgage, ditech.com, Washington Mutual and Parsec Interact Inc.
But recent layoffs at Saxon Capital Inc. and Wachovia Corp. as well as the closure of Ownit Mortgage Solutions and Sebring Capital Partners LP will hurt mortgage sector numbers in upcoming employment reports.
In November, total employment was 145.6 million and the unemployment rate edged up from the previous month to 4.5 percent, the division of the U.S. Department of Labor said.