Mortgage lenders added 3,000 full-time employees to their payrolls in June, according to the July employment report released Aug. 6 by the U.S. Bureau of Labor Statistics.The BLS report shows that jobs in the mortgage banking/broker sector rose from 454,300 in May to 457,300 in June. (There is a one-month lag in BLS reporting of mortgage sector employment data.) But after five consecutive months of employment gains, BLS economists estimate that the mortgage sector lost jobs in July. The credit intermediation industry shed 16,000 jobs in July, and mortgage banking makes up a large piece of that interest-rate-sensitive industry, according to BLS economist Michael Stropel. Although the actual mortgage banking numbers for July will not be released until next month, Mr. Stropel said the estimate is based on what "we have seen in the past versus what we are seeing right now," including a "stark" decline in refinancings. The BLS can be found online at http://stats.bls.gov.
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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.
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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 -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24