Employment in the overall mortgage industry hit a record 489,400 full-time positions in January, but broker jobs appear to be slipping.According to figures compiled by the Bureau of Labor Statistics, the number of "real estate credit" employees reached a record 366,300, but "mortgage and non-mortgage broker" jobs came in at 123,100 positions, the lowest reading since September of last year. (Added together, real estate credit employees and mortgage and non-mortgage brokers account for total industry employment.) In 2004 mortgage lenders funded $2.7 trillion in loans, according to National Mortgage News, the industry's second-best year ever. Employment in the industry is expected to remain strong as long as mortgage rates do not rise significantly. However, in the refinancing market -- where loan brokers play a more prominent role -- applications are continuing to decline. Two years ago the mortgage industry employed 421,000 full-timers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18