The nonbank mortgage sector lost more than 4,000 jobs in the first two months of the year – possibly in reaction to the difficulties posed by TRID
The mortgage industry cut more than 2,000 employees in February, according to new data from the Bureau of Labor Statistics.
Nonbank mortgage lenders pink-slipped 2,200 fulltime employees in February, the BLS reported. That follows the layoff of 2,000 employees in January. Total jobs in the nonbank mortgage space fell from January’s 299,000 to 296,800 in February. However, that’s still 4.3% higher than total nonbank mortgage employment in 2015.
The decline in mortgage employment could be a response to difficulties faced by the imposition of TRID, according to a National Mortgage News report. It may also be a reaction to the recent stock market slide.
But there is reason to be hopeful that the slide may reverse. Pending home sales hit their highest level in seven months in February, according to the National Association of Realtors. And steady job growth and relatively low mortgage rates have prompted an increased demand for single-family homes, National Mortgage News reported.
The BLS reported that 215,000 new jobs were created last month.
Nonbank mortgage lenders pink-slipped 2,200 fulltime employees in February, the BLS reported. That follows the layoff of 2,000 employees in January. Total jobs in the nonbank mortgage space fell from January’s 299,000 to 296,800 in February. However, that’s still 4.3% higher than total nonbank mortgage employment in 2015.
The decline in mortgage employment could be a response to difficulties faced by the imposition of TRID, according to a National Mortgage News report. It may also be a reaction to the recent stock market slide.
But there is reason to be hopeful that the slide may reverse. Pending home sales hit their highest level in seven months in February, according to the National Association of Realtors. And steady job growth and relatively low mortgage rates have prompted an increased demand for single-family homes, National Mortgage News reported.
The BLS reported that 215,000 new jobs were created last month.
