Mortgage companies trimmed 1,400 full-time employees from their payrolls in December, following 2,000 job cuts in November.The U.S. Bureau of Labor Statistics reported that employment in the mortgage banker/broker sector declined to 500,900 in December from 502,300 in November. BLS previously reported that mortgage firms shed 200 employees in November. But a year-end benchmark revision now shows that companies actually were more aggressive in cutting their payrolls. Overall, industry employment averaged 489,900 in 2005, compared with 467,700 in 2004. In the past few weeks, MortgageWire has reported on layoffs at prime and subprime lenders alike, including Ameriquest Mortgage, Argent Mortgage, Aurora Loan Services, BNC Mortgage, ECC Capital Corp., and Countrywide Home Loans. (See the Feb. 6 issue of National Mortgage News for more employment-related stories.) The BLS can be found online at http://stats.bls.gov.
-
Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
34m ago -
New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
1h ago -
Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
2h ago -
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28