An increase in mortgage broker jobs was not enough to offset a decline in headcount at mortgage banking firms. Across all U.S. industries, employment managed a meager expansion. But U.S. unemployment was lower.
A report Friday from the Department of Labor put the number of people working in the mortgage industry at 234,500 during September.
Headcount in the sector was off from a revised 234,800 mortgage jobs during August, according to the report, which is distributed by the department’s Bureau of Labor Statistics. However, the number was actually up from the 234,400 jobs originally reported.
In September 2010, the revised total was 260,100 people working in real estate finance. The year-prior headcount was originally reported at just 246,400.
The most recent figures included 186,100 people in “real estate credit.” The total eased from 187,100 in August.
The outlook for “real estate credit” staffing is mixed given that servicing jobs have already been beefed up to cope with elevated delinquencies and foreclosures. Delinquency has recently stabilized, likely curbing demand for further staff expansion.
But refinances remain strong and could prompt growth in production jobs, though cutbacks at Bank of America Corp. and Wells Fargo &Â Co. — the nation’s two largest mortgage lenders — could offset such hirings.
“Mortgage and nonmortgage loan brokers” represented 48,400 of September’s total, higher than the previous month’s 47,700.
The country as a whole didn’t fare so well, adding just 80,000 nonfarm jobs in October versus the 103,000 jobs added a month earlier.
But U.S. unemployment was lower last month, falling to 9.0 percent from 9.1 percent in September.
