2,200 mortgage jobs lost in February

by Ryan Smith04 Apr 2016
The mortgage industry cut more than 2,000 employees in February, according to new data from the Bureau of Labor Statistics.

Nonbank mortgage lenders pink-slipped 2,200 fulltime employees in February, the BLS reported. That follows the layoff of 2,000 employees in January. Total jobs in the nonbank mortgage space fell from January’s 299,000 to 296,800 in February. However, that’s still 4.3% higher than total nonbank mortgage employment in 2015.

The decline in mortgage employment could be a response to difficulties faced by the imposition of TRID, according to a National Mortgage News report. It may also be a reaction to the recent stock market slide.

But there is reason to be hopeful that the slide may reverse. Pending home sales hit their highest level in seven months in February, according to the National Association of Realtors. And steady job growth and relatively low mortgage rates have prompted an increased demand for single-family homes, National Mortgage News reported.

The BLS reported that 215,000 new jobs were created last month.

COMMENTS

  • by disgusted | 4/4/2016 12:36:43 PM

    Mr. Ryan Smith
    please inform us of the 215000 jobs .. what were they .. what kind of jobs? .. also can these jobs support a family , allow one to pay rent or a mortgage on their own with out subsidy from another individual, whether a spouse or roommate?

    as for home sales .. plate spinning is all over the place , and if there is a surge then this is due to consumers feeling rates are about to increase .. I wish journalist would start writing about real life and not candy coated fluff

  • by | 4/4/2016 1:13:15 PM

    A significant number of small to medium size non-bank lenders closed shop or sold to bigger lenders due to TRID. Big banks will get bigger, costs continue to increase and with less competition rates will also increase. ALL BAD for the general public.

  • by Rod M | 4/6/2016 3:19:49 PM

    That's right Mr. Smith..90 percent of jobs in previous report were food service/bar and retail sales. They failed to mention 535000 dropped out of the labor force calculation altogether in that report. News can be so misleading if you only grab Obama/Hillary talking points that fool the masses. We still see a ton of foreclosure sales. Maybe it's because we are good at closing them...idk...but i suspect it's a sign our markets aren't as grand as economist say. I think they are way off base on figures they've been publishing for at least a decade. Inflation is way higher than they say for instance. Me and one other lady are the only two remaining independents mortgage firms in my area when we use to have one on every corner. They forced the small guys out through regulation/compliance type cost and by changing the rules so often since 2008. I have a real hard time giving them kudo's for anything after what we have witnessed.

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