Employment in the mortgage industry edged down in March after lenders added 6,500 full-time employees to their payrolls in February.The U.S. Bureau of Labor Statistics reported that employment in the mortgage banker/broker sector slipped by 400 jobs to 504,400 in March. During March, the 30-year mortgage rate inched up to 6.4%, but mortgage applications held fairly steady compared to the previous month. Friday's jobs report also shows that hiring in the construction trades has come to a halt after large gains in January and February. As previously reported, single-family housing starts fell 11.2% in March. Meanwhile, the U.S. economy created 138,000 new jobs in April compared to 200,000 in March. The unemployment rate remained unchanged at 4.7%.
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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.
April 24 -
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.
April 24 -
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.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24