The number of people working in real estate finance grew on a monthly basis, and a disappointing report on the total number of U.S. jobs could increase pressure for the mortgage sector to add more jobs. In addition, home lending jobs for a year earlier were revised up by nearly 25,000 positions.
Industry-wide headcount in mortgage lending was 265,300 during the month of February.
Mortgage staffing expanded from a 262,100 jobs in January.
Helping to fuel the growth were companies like Digital Risk, which is adding a thousand employees this year; Quicken Loans Inc., which earlier this year said it was recruiting 500 interns and 300 “technology all stars;” and ServiceLink, where nearly 500 employees in Pennsylvania had been hired so far this year as of mid-March.
Also impacting mortgage job growth was Wingspan Portfolio Advisors, which has quadrupled its headcount over the past 12 months and added 300 jobs just between February and March; Adecco Staffing US, where a recruiting campaign is ongoing for 400 people at large national banks, nationwide mortgage companies and local finance companies; and JPMorgan Chase &Â Co., which is recruiting 165 California loan officers.
In February 2011, there were a revised 272,800 people working in a job tied to home loans, according to the Bureau of Labor Statistics — which originally reported the number at just 248,000.
February 2012’s mortgage headcount included 210,300 people working in “real estate credit” positions, rising from the previous month’s 208,000.
The number of “mortgage and nonmortgage loan brokers” was up to 55,000 from January’s 54,100.
Nonfarm payroll employment grew by 120,000 jobs in March for all U.S. industries, a disappointment given the more than 200,000 jobs added each of the prior three months.
The lackluster growth is likely to place downward pressure on interest rates and help spur refinancing activity — potentially increasing demand for production employees. In early morning trading, the price of the 10-year Treasury note was up a whopping 28/32. Treasury yields fall when Treasury prices rise.
The weakening U.S. growth also dampens the economic environment, putting upward pressure on delinquency and the need to maintain servicing staffing.
U.S. unemployment was lower, falling to 8.2 percent last month from 8.3 percent in February. But the decline, some speculate, could be the result of some job seekers giving up on a job search.
