Mortgage companies shaved 4,900 full-time employees off their payrolls in May after cutting 9,200 in April, according to the latest government report.The U.S. Bureau of Labor Statistics reported that employment in the mortgage banking/broker sector fell from 472,000 in April to 467,100 in May. The report indicates that 5,400 mortgage brokers exited the business in May -- the first significant decline since January. The employment numbers for other mortgage professionals stabilized in May after 17,400 job cuts since January. The BLS can be found online at http://stats.bls.gov.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
6h ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
6h ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
6h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
7h ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
9h ago -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
10h ago