Employment in the mortgage industry appeared to stabilize in October as lenders cut their work force by 1,600 positions after purging their payrolls of 25,600 full-time employees in September.The U.S. Bureau of Labor Statistics reported that employment in the mortgage banker/broker sector declined from 403,100 in September to 401,500 in October. Since February (the high point in mortgage employment this year), the industry's work force has been reduced by 18%, and 88,300 employees have lost their jobs. There is a one-month lag in breaking out the mortgage banker/broker sector data. But Friday's jobs report points to more job losses when next month's report is released. BLS acting Commissioner Philip Rones said employment in credit intermediation declined by 13,000 in November, "reflecting weakness in housing and mortgage lending." The BLS can be found online at http://stats.bls.gov.
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The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
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The top five depositories have a combined wholesale volume of more than $15 billion at the end of Q4 2023.
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Among opportunities to be offered to the program's fifth class of startup entrepreneurs are bank-provided mentorships and sessions with technology leaders and regulatory experts within home finance.
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Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.
March 18 -
The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
March 18 -
The racial gap in first-time buyers' ability to maintain their status as owners has also narrowed over the last two decades, the agency's researchers reported.
March 18