Mortgage Employment Drops for First Time in Over a Year, Several Lenders Announce Layoffs
The mortgage industry recently saw its employment ranks shrink for the first time in 14 months as lenders anticipating a downturn in originations announced layoffs. Industry analysts predict tens of thousands more staff could be let go when the expected origination slowdown actually occurs. Mortgage companies dropped 200 positions in November to 533,700 employees, according to the latest figures from the U.S. Bureau of Labor Statistics. It was the first monthly decrease in total…