Mortgage Jobs Rose in June

Mortgage companies added 2,200 full-time employees to their payrolls in June, which could be an indication that mortgage originations are holding up better than expected.The U.S. Bureau of Labor Statistics reported Friday that employment in the mortgage banker/broker sector rose from 500,900 in May to 503,100 in June. (The May employment number was revised upward from 500,000.) Overall, mortgage industry employment is up 3% since the housing market peaked in June 2005. Four quarters later, existing-home sales are off 8.9% and new-home sales are off 11.1%. But refinancings have remained surprisingly strong and represented 42% of originations in the second quarter, according to Freddie Mac. Preliminary survey figures compiled by National Mortgage News show that second-quarter residential fundings are down about 2% from those of the second quarter of last year. The 2% decline is based on data from 30 companies, and the actual results could change dramatically as more lenders file survey figures. See the Aug. 7 issue of NMN for the full story.