Nonbank Mortgage Employment Dips As Buying Season Comes To A Close
Nonbank mortgage lenders are scaling back on hiring new employees as the home buying season comes to a close. According to research from the Bureau of Labor Statistics, the number of nonbank mortgage brokers and lenders employed is down 1,600 jobs from a month ago.
"A number of bank and nonbank mortgage companies have announced job cuts in the face of lower-than-expected demand this year. JPMorgan Chase, USAA and Wells Fargo are among those scaling back their mortgage and lending operations," according to National Mortgage News.
"Also, Movement Mortgage announced an elimination of 180 back office positions in early October, a month which historically decreases from September's employment numbers.
Despite the drop in employment, the report revealed that overall industry employment is up 3,700 jobs from a year ago, showing job stability in the industry.
"Growing wages and a declining nationwide unemployment rate factored into the increase," according to the report.
To learn more about the nonbank employment numbers as the home buying season winds down, click on the image above.
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