Mortgage industry employment continues decline
Forecast calls for more of the same ahead
The Bureau of Labor Statistics’ monthly real estate credit and mortgage brokerage employment statistics through December 2013 shows employment in real estate is declining.
As we've seen, December and January were poor months for employment in general despite the decline in the official unemployment rate.
It appears as though the mortgage industry is not immune. Data culled from the BLS monthly report shows a steady and regular decline in employment in both the residential credit and brokerage sides.
Notably, just today Bank of America confirmed it was cutting 450 mortgage servicing jobs following a slowdown in mortgage applications.
But here's how Compass Point Research & Trading see the trendlines. (Charts courtesy Compass Point.)
According to the BLS numbers, there are 218,100 real estate credit employees working in the field, a 1.9% decrease over last year and 0.8% decrease from last month.
Digging further, the report showed 73,800 mortgage brokerage employees, a 2% decrease over last year and 1.2% decrease from last month.
Overall, Compass continues to expect a downward trend in mortgage employment to persist over the next couple of quarters.