National Mortgage News reported Friday that mortgage companies hired a net of 2,900 full-time workers in September, even as companies in all industries cut 284,000 workers. Here’s more:
According to the government, 352,200 workers made their living from mortgages (lending, servicing, brokerage) in September, compared to 349,300 in August. Employment in the mortgage industry has been relatively stable since January with most of the new jobs being added in servicing and loan modifications.
So all those loans going bad, means folks are getting hired to work with the delinquent borrowers. I wonder if the people getting hired used to work at subprime companies?
By the way, the mortgage figure lags the national data from the U.S. Bureau of Labor Statistics by a month. For October, the Bureau said the unemployment rate spiked to a 14-year high of 6.5% as another 240,000 jobs were cut.
And in related items…
- O.C.’s conforming loan limit drops 14%
- Another risk expert finds a new job
- Confused about mortgages?
- We print money!
- Some foreclosures get multiple bids, others languish
- Schwarzenegger proposes 90-day foreclosure moratorium
- Ditech.com parent may fail
- New York Fed hires risk expert from … Bear Stearns
- Credit crunch eases on Election Day
- Some can’t borrow as much on their plastic
- 1st rise in O.C. distressed homes for sale since July
- Our financial system ripe for more disasters
- Chase-WaMu to help 400,000 avoid foreclosure
BFD ….
The index of signed purchase agreements, or pending home resales, fell 4.6 percent, more than forecast, to 89.2, the National Association of Realtors said today in Washington.
The housing slump may extend well into a fourth year as banks turn away borrowers, foreclosures worsen the glut of unsold homes and job losses climb. Lower property values will keep eroding home-equity, causing consumers to retrench further and reinforcing the risk of a deeper recession.
“The outlook has deteriorated,”
http://bloomberg.com/apps/news?pid=20601213&sid=ai7PX36RigYI&refer=home
The figures indicated a 3.7% rise in the Western Region.
I know plenty of people working at mortage companies doing loan modifications. Yes, they have jobs. But, their income has been cut in half!
Why don’t mortgage brokers earn big commissions on loan modifications? Pushing paper on a loan modification is the same as pushing paper on a mortgage loan?
JOB STATS:
Don’t worry Matt, the statistics from the Labor Department as to the residential real estate mortgage lending industry are and have been meaningless for some time!
The preponderance of those that work in the biz this past decade, have been the entry level piosition called ‘Loan Officer’ and most have been taken on unlawfully as 1099 individuals by most industry outfits (who have been to cheap and clueless to pay them with proper deuctions/protections).
As 1099 people come and go, the Labor Department knows nothing about their numbers whatsoever - you need to take their numbers with a grain of salt when it come to this industry. A fact the NMN should know, but have ignored for years as they continue to publish and remark on these numbers witout this 1099 caveat.
Y’All hop on the peace train,Obama sez loans for one and all….
LOL Helen, 3.7% less dreary than last years #s which were abysmal.
My company has been hiring. It’s true that most of the hiring is for loan modifications and other default personnel, but there has been some hiring of loan officers as well. The companies that remain are trying position themselves for the next housing upswing.
Lian Loan Says: ” … the next housing upswing.”
Chances are 8 to five you won’t even be in the industyry when that day comes around again - don’t hold your breath pal! :-]
Peter-
If I’m not in the industry in 5 years, it’s because I’ve moved on to bigger and better things, but I do have mortgage contacts throughout the country and could stay in the industry even if my current job went away. The key thing I’ve learned is to diversify your skills and realize what employers will pay for. In my case a mix of finance knowledge and IT skills has served me well.
The industry is already done with major layoffs. It can’t get much smaller than it is now, so I’m not sure why you think Matt’s numbers are so misleading. Most of the mom and pop broker shops you’re talking about already bit the dust when all these companies closed their wholesale divisions.