Mortgage Lenders Pick Up Hiring Pace in September

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Mortgage industry hiring accelerated in September after a slow August, according to the latest data from the Bureau of Labor Statistics.

The BLS reported Friday that mortgage companies hired 2,700 full-time employees in September, compared to just 500 in August. It marks the fifth consecutive month that lenders added new personnel to their payrolls.

Overall, employment in the nonbank mortgage banking/broker sector rose to 289,000 in September from 286,300 in August.

This increase in hiring comes as Fannie Mae and Freddie Mac reported higher loan volumes for the third quarter. Fannie acquired $102 billion in single-family loans in the third quarter, up from $85 billion in the prior quarter, according to its 3Q earnings report released Thursday. Freddie acquired $77 billion in single-family loans in the third quarter, up from $59 billion in the second quarter.

Friday’s jobs report also shows that residential specialty contractors hired 10,000 new workers in September. New-home sales jumped 15% in August but where flat in September.

Meanwhile, the U.S. economy created 214,000 new jobs in October and hiring in September was revised upward to 256,000. The unemployment rate edged down to 5.8% in October from 5.9% in prior month.

(There is a one-month lag in the Bureau of Labor Statistics reporting of mortgage employment data.)

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