Mortgage Employment on the Rise

Mortgage companies ramped up hiring in October, adding 1,500 full-time employees to their payrolls, according to government figures released Friday morning.

All of the new hires came from mortgage brokerage firms, according to the U.S. Bureau of Labor Statistics.

The agency reported that employment in the mortgage banker/broker sector rose to 236,500 in October from 235,000 in September.

New data from the National Mortgage Licensing System shows that the number of state-licensed loan officers rose by 6,470 during the third quarter to 113,350 as of September 30. 

The NMLS has entered the phase where nearly all existing LOs are now registered and a majority of newly listed 6,470 LOs are either entering the mortgage profession or returning after a hiatus. 

Meanwhile, Friday’s jobs report shows total nonfarm payroll employment rose 120,000 in November, up from 100,000 in the previous month.

The unemployment rate declined to 8.6% from 9% in October. (There is a one-month lag in BLS reporting of employment data in the mortgage industry.)

Fannie Mae chief economist Doug Duncan said the 120,000 increase in new jobs “confirms that the economy has strengthened” since the summer.

Placed within the context of a weak and slow healing housing market, this report is a net positive, but certainly not the game changer needed to drive up housing demand in the near term,” he said.

Mortgage Employment

Daily Briefing | Friday, December 2, 2011

  • GMAC/Ally to Halt Residential Lending in Massachusetts

    GMAC Mortgage on Friday said it will no longer purchase loans originated by mortgage correspondents or brokers in Massachusetts, citing the regulatory environment in the state.

  • B of A Begins Shedding Warehouse Clients

    Over the past week or so Bank of America began telling a select group of its warehouse lending clients that their lines would terminate within 30 to 90 days.

  • It’s Official: Fannie Inked Deal to Buy MSRs From B of A

    For several months Fannie Mae has insisted that it’s not in the servicing business, but a recent 10-Q filing by the government-owned GSE reveals that it agreed to buy $74 billion of MSRs from Bank of America in the third quarter. No purchase price was disclosed.

  • Title Premiums Almost Flat, but Fitch Upgrades Sector

    Title insurance firms wrote $2.35 billion of new business in the third quarter, down slightly from the same period last year, according to new figures compiled by the American Land Title Association.

  • Treasury Launches Task Force to Fight HAMP Fraud

    The Treasury Department this week unveiled a new joint task force to fight mortgage scams aimed at struggling homeowners seeking payment relief under the government’s Home Affordable Modification Program.

  • Trepp: Commercial Delinquencies Drop, but May Not be a Trend

    Delinquency rates on securitized commercial mortgages fell sharply in November for the first time in three months, but analysts at Trepp LLC don’t see it as a trend.

  • Amazing: Developers Keep Planning Condo Towers in So. Fla.

    Although some 4,700 units remain unsold from the last condo boom in South Florida, developers are now proposing to build 20 more towers in the tri-county area of Miami-Dade, Broward and Palm Beach.

  • Consumers Still Not Ready to Increase Borrowing

    Confidence surveys suggest consumer borrowing might be stabilizing as the economy shows signs of recovery, but it remains unlikely to increase in the short run, according to a Moody’s conference call on the outlook for consumer finance.

  • In a Sea of Bad Housing News, A Bit of Good

    Looking for some decent housing news for a change? Try this: A major land developer with 22 master planned communities in 14 states has already equaled last year’s sales.

Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_488/unemployment-mortgage-rise-1027687-1.html

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