The company is offering buyout packages to selected employees, a fact con-firmed by the Federal Housing Finance Agency. Is Freddie Mac going to do the same? Hard to say. The company didn’t respond to a media inquiry.
Interest rates are falling, refis are increasing and optimism abounds among many mortgage professionals. However, hiring has not been robust this spring but all that may soon change.
Mortgage banking firms trimmed 1,100 posi-tions during January, ending the month with 239,900 full-timers on their payrolls, according to figures compiled by the Bureau of Labor Statistics. Loan brokers, on the other hand, added 500 positions, bringing employment in the sector to 86,300.
Impac Mortgage Holdings is putting a strong emphasis on originating non-qualified mortgages as the product offers attractive margins. But the shift also has prompted large layoffs and employee turnover as non-QM volume hasn’t completely replaced production of conforming mortgages.
Although employment in the mortgage industry has been fairly robust the past few years, it’s been a dicey proposition for real estate appraisers. According to figures compiled by the Appraisal Institute, a national trade group that represents the sector, there were 82,208 active license holders at last count, down 8.1% from four years earlier.
Changes to the Department of Labor’s overtime rule are anxiously anticipated as they may finally answer, among other things, whether mortgage loan officers are excluded from overtime pay.
Mortgage banking firms employed 245,800 full-timers as of the end of November, the worst reading in 10 months, according to figures compiled by the Bureau of Labor Statistics. Mortgage brokerage firms — listed separately in the BLS tracking system — employed 89,100 workers, a loss of 900 positions from October. A year ago, the broker segment had 92,000 full-timers. The seasonally adjusted figures, which trail the national employment numbers by a month, portend uneasiness ahead for ...
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