Mortgage Daily Logo

Mortgage Jobs Retreat Despite Broker Growth

Mortgage News

An increase in the number of mortgage brokers wasn’t enough to offset a drop in mortgage banking employees. But bad news for overall U.S. employment could be good news for mortgage employment.

The Department of Labor reported Friday that there were 237,300 people employed in real estate finance during July.

Mortgage industry headcount eased from a revised 238,800 in June.

However, despite the month-over-month decline, recently plunging mortgage rates have sparked a refinance rally and boosted hirings. The strengthening is likely to be reflected in subsequent reports.

When compared to the 260,900 industry staff level a year ago, the decline was more pronounced. The government significantly revised last year’s total from the 247,700 originally reported.

July’s total included 188,300 people working in “real estate finance,” down from the previous month’s 190,200. Helping to drive this number lower were firms like Bank of America Corp. and Wells Fargo & Co. — where thousands of mortgage jobs have been eliminated this year.

But the number of “mortgage and nonmortgage loan brokers” was higher, rising to 49,000 from June’s 48,600.

The increase likely reflects the ability of the broker sector to respond more quickly to changes in local demand for refinances.

Based on employment in all industries, there were no jobs added in the country during August versus a 117,000 gain previously reported for July. The lackluster results were impacted by a strike at Verizon.

The poor showing for U.S. jobs dragged down stocks, with the Dow Jones Industrial Average trading down more than 200 points in early trading. Investors scrambled for the perceived safety of the Treasury market — driving down the 10-year Treasury yield by around 15 basis points.

The bad news could help push mortgage rates lower and potentially strengthen refinance demand and mortgage hirings.

U.S. unemployment was unchanged at 9.1 percent.

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