Mortgage lenders added 4,300 full-time employees to their payrolls in November, according to the December employment report released Jan. 7 by the U.S. Bureau of Labor Statistics.The BLS report shows that jobs in the mortgage banking/broker sector rose from 464,500 in October to 468,800 in November. (There is a one-month lag in BLS reporting of mortgage-sector employment data. The December data will not be released until Feb. 4.) Employment in the mortgage finance sector has been rising since August, and Friday's jobs report indicated that the hiring would continue in December. "Over the year, strength in the housing market continued to stimulate hiring in the [financial services] industry," the BLS said. "Credit intermediation added 9,000 jobs in December, bringing the total to 64,000 for all of the year." Meanwhile, the BLS report showed that the U.S. economy generated 157,000 new jobs in December, and the unemployment rate was unchanged at 5.4%. The BLS can be found online at http://stats.bls.gov.
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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.
April 24 -
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.
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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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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