Mortgage Daily Logo

Mortgage Employment Expands 10%

Mortgage News

Staffing among mortgage lenders and mortgage brokers has expanded by more than 10 percent over the past year. Meanwhile, positive government data about overall U.S. employment took an immediate toll on mortgage rates.

The government’s monthly tally had mortgage industry employment totaling 288,900 in March. The preliminary numbers are subject to adjustment.

Lender payrolls grew from February, when a revised 287,300 people were employed in real estate finance. Mortgage jobs have expanded each month since December 2012, when a revised 289,100 mortgage jobs were reported.

More people were employed in the business during the most recent period than in March 2012, based on historical data from the Bureau of Labor Statistics, which reports the employment numbers each month. A revised 277,000 employees were classified as mortgage a year earlier.

March’s growth came from employees who are categorized as “real estate credit.” This group’s numbers rose to 212,300 from 210,400 in February.

Among the companies that fueled the growth in “real estate credit” jobs were Quicken Loans Inc., which grew by 2,000 jobs in the first quarter; Wells Fargo & Co., where at least 1,595 hirings were tracked for the first quarter; and Walter Investment Management Corp., which has expanded its staffing by 2,200 people between September 2012 and April 2013.

“Mortgage and nonmortgage loan brokers,” however, saw a decline among their ranks, with headcount slipping to 76,600 from the previous month’s 76,900.

In April, non-farm payroll employment among all U.S. sectors was up 165,000, quite a recovery from the meager 88,000 jobs added in March.

Unemployment for all industries was 7.5 percent, falling from 7.6 percent a month earlier. The unemployment rate hasn’t been this low since December 2008, when it was 7.3 percent.

The price on the 10-year Treasury bond, which is a benchmark for interest rates on fixed-rate mortgages, was down 27/32 in earlier trading as bond investors shifted their money to equities in light of the positive employment data. Bond prices move down as bond yields increase — indicating that mortgage rates are on the rise.

Related Posts

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

There is No Such Thing as a Free House …

Over the past several years, those who service loans in the State of Washington(1) have seen a dramatic rise in the number of lawsuits in which delinquent borrowers seek to quiet title to their homes on the grounds that lenders are barred from foreclosing based on...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Mortgage Servicer Portfolios

servicing news | mortgages outstanding statistics | foreclosure news   Servicing Portfolios as of 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 Residential Servicing Portfolios by Servicer Last Updated December 14, 2018...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC filings | execs | m&a | production   Government Takes Over Fannie, Freddie Sept. 8, 2008 The government has seized control of Fannie Mae and Freddie Mac. The move --...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Freddie Mac Profile

Government Takes Over Fannie, Freddie Sept. 8, 2008 The government has seized control of Fannie Mae and Freddie Mac. The move -- which is likely to push mortgage rates lower and provide a sense of stability for the more than 10,000 employees at both companies -- is a...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam