Bureau of Labor Statistics

Economists cautioned that October's employment report may not provide a fully accurate representation of the economy due to recent hurricanes.

The annual reconciliation shows nonbank cuts were deeper than the initial read suggested, and comes as the latest numbers for broader employment show a surge.

The new record in third-party originator hiring numbers adds to indications that some lenders have been leaning harder on the wholesale channel to address capacity issues amid the origination boom.

There was an estimated total of 333,100 people on nonbank mortgage banker and broker payrolls in August, and that's the highest recorded since at least 2010.

While employment typically ebbs as home buying slows in the fall, several nonbanks have ambitious hiring plans in the works, which call for them to add thousands of workers by year-end.

The rising number of positions appears to reflect an ongoing need to adjust capacity to address rate-driven demand.

While the new employment numbers bode well for housing and loan performance in the short term, concerns abound regarding how the unemployment rate and furloughs could affect prospects for the business later.

Nonbank mortgage hiring inched down when overall employment plunged in April. The subsequent recovery in overall jobs suggests the housing-finance industry is still bearing up well despite coronavirus-related strain.

Hiring by nonbank mortgage and brokers held up unusually well through the early days of the coronavirus outbreak in March, but April's all-time high in unemployment suggests that's unlikely to last.

Nonbank mortgage employment estimates show payrolls in February leveled off after an unusually strong winter, but anecdotal reports of selective hiring persisted through March amid a broader coronavirus-related drop in U.S. jobs.