Mortgage companies reduced their payrolls by 1,600 full-time positions during May as refinancing activity ratcheted down from nearly 50% of originations in the first quarter.The U.S. Bureau of Labor Statistics reported that employment in the mortgage banker/broker sector fell from 501,600 in April to 500,000 in May. Employment in the mortgage sector hit a 12-month high of 504,800 in February, when refinancings were running at 49% of originations. In May, refi applications as a percentage of total originations dropped into the mid-30s, according to the Mortgage Bankers Association's mortgage application survey. The latest BLS employment report shows that the U.S. economy created 121,000 new jobs in June, compared with 92,000 in May. (There is a one-month lag in reporting mortgage industry employment data.) The BLS reported that construction employment was "essentially unchanged for the fourth consecutive month" and that there has been "little job growth" in the financial services sector for the second month in a row. The BLS can be found online at http://stats.bls.gov.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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