Mortgage Firms Staffed up in November, But Not By Much

Strong refinancing activity spurred mortgage companies to add new loan officers and processors to their payrolls in November for the second consecutive month.

Mortgage banking and brokerage firms hired 800 full-time employees in November after adding 1,400 in October, according to Friday’s job report. 

The U.S. Bureau of Labor Statistics reported that employment in the mortgage banker/brokerage sector rose to 237,200 positions in November from 236,400 in October. (Numbers on residential finance hiring trail the national figures by one month.)

Roughly one-quarter of the new hires came from mortgage brokerage firms. 

Meanwhile, BLS reported that total nonfarm payroll employment rose by 200,000 positions in December following a 100,000 increase in November.

Over the past 12 months, economy has created 1.6 million jobs, BLS said, despite the loss of 280,000 state and local government positions.

The government reported that the national unemployment rate edged down a tick to 8.5%, from 8.6% in November. 

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