Mortgage Employment Down 4%, Bucks National Trend

While the U.S. economy has posted several months of consecutive jobs growth, employment in the mortgage industry has fallen nearly 4% year-over-year.

The industry saw the number of jobs shed more than 3,000 jobs to 262,100 in January from 265,300 in December, according to the Bureau of Labor Statistics.

Reports following the jobs data attributed some of the losses to cuts at Bank of America, which has cut thousands of staff as a result of its deeply troubled mortgage unit. MetLife has also shed mortgage jobs on a national basis in recent months.

Overall employment has increased in the U.S. according to the latest jobs report, announced Friday, with 227,000 new jobs created during February. The national unemployment rate remains steady at 8.3%.

Read the original article at National Mortgage News.

Written by Elizabeth Ecker

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