Mortgage Jobs Hold Steady in July Data

Not a week goes by without some company announcing job cuts from its home loan business, but despite the grim news from many big companies, mortgage industry employment has been relatively stable in recent months, according to data from the Bureau of Labor Statistics.

Sure, lenders trimmed mortgage employment by 2,100 full time jobs in July, and the total tally of industry employment has remained below 360,000 jobs since April, when it fell below that threshold for the first time in six years.

But at 356,000 jobs, the July mortgage employment total was still near its April level. But that doesn't mean that it's a good time to be seeking a job in the industry. As anyone who's glanced at mortgage job bulletins over the years now, the pickings are slim at the moment, especially for those who focus on loan origination employment.

And a weak overall economy isn't helping matters much. The U.S. Bureau of Labor Statistics reported that the nation's unemployment rate jumped sharply in August to 6.1%, from 5.7% in July. The BLS said that earlier in the summer, unemployment rose because of an influx of young job seekers in their teens and twenties, but not so in August. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/