Mortgage companies cut 1,500 full-time employees from their payrolls in July, according to new government figures released Friday morning.
However, the mortgage brokerage segment added jobs for the first time since October 2010.
The U.S. Bureau of Labor Statistics reported that employment in the entire residential finance sector fell to 237,000 positions in July from 238,800 in June.
Brokerage firms added 400 employees to their payrolls in July. Total employment at mortgage brokerage firms stood at 49,000 as of July 31, down 18% from a year ago.
Overall, employment in the mortgage industry is down 9% from a year ago. (The mortgage jobs numbers lag the national figures by one month.)
Separately, a report from the Conference of State Bank Supervisors shows that the number of state-licensed loan officers rose nearly 7% in 2Q from 1Q.
According to the Nationwide Mortgage Licensing System, there were 106,880 nonbank loan officers as of June 30, compared to 100,100 LOs in 1Q.
Nearly 350,000 loan officers at banks and their mortgage subsidiaries registered with NMLS for the first time in second quarter.
Some believe the number of bank LOs is inflated and includes many bankers who have little involvement with mortgage lending.
One banker from a large nationwide depository said he registered as a loan officer because he sometimes is asked to facilitate a home equity loan. This banker told National Mortgage News that he never makes first mortgages and doesn't solicit clients to take out a mortgage.
Mortgage Employment
