Mortgage Job News from MortgageDaily.com
DALLAS, September 18 /PRNewswire/ Despite pockets of growth, mortgage employment is headed for rough waters, according to MortgageDaily.com, the dominant source of online news for the mortgage industry.
CitiMortgage is working on tripling its Arizona staff, a spokeswoman told MortgageDaily.com. Citi decided to expand there because “we have had success hiring and retaining qualified employees in Tucson.” (https://www.mortgagedaily.com/JobAdditionsCit091506.asp)
California-based ComUnity Lending has brought 50 wholesale account executives and 10 support employees on board during the first part of 2006, an executive told MortgageDaily.com. “By this time next year, we will absolutely have at least 50 more.” (https://www.mortgagedaily.com/JobAdditionsCommunityLending083006.asp)
Ace Holding Company LLC announced it will add 200 new financial services jobs in the Indianapolis area over the next five years. (https://www.mortgagedaily.com/JobAdditionsAce082906.asp)
But the news isn’t all good for real estate finance employees.
The acquisition of 21 retail mortgage lending offices by NovaStar Mortgage Inc. will leave about 200 Oak Street Mortgage LLC employees without a job, according to a spokesman. (https://www.mortgagedaily.com/NovastarAcquisition091206.asp)
Mortgage industry employment will come to a halt during 2007, according to Freddie Mac’s chief economist. In a Webinar covered by MortgageDaily.com, he said none of the 1.7 million U.S. jobs expected to be created next year will come from the mortgage sector. (https://www.mortgagedaily.com/MortgageOutlook090606.asp)
In July, there were 502,100 mortgage-related jobs, the Bureau of Labor Statistics reported. The latest numbers were off from June but 8,600 better than a year prior. (https://www.mortgagedaily.com/Employment090106.asp)
An Ohio-based mortgage broker owes 211 employees $239,000 in back pay, the U.S. Department of Labor claims. Inside loan officers often either received no monthly wages or received less than the federal minimum wage, an investigation found. The agency also alleges the broker violated the recordkeeping provisions of the Fair Labor Standards Act by not adequately making and preserving records of the employees’ wages and hours. (https://www.mortgagedaily.com/DolLawsuit091506.asp)
The Department of Housing and Urban Development is requiring FHA-approved lenders to pay originators and underwriting and servicing employees via W-2s. The requirement is part of a recently released updated FHA handbook. (https://www.mortgagedaily.com/FhaW2s082806.asp)
Read all stories about mortgage employment at https://www.mortgagedaily.com/MortgageEmployment.asp
Founded in 1998, MortgageDaily.com is the dominant online news source for the mortgage industry. Around one million mortgage business news pages are viewed monthly at MortgageDaily.com and its affiliate publications.
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