Thousands of employees of nonbank mortgage companies lost their jobs in March as mortgage bankers and brokers reduced their payrolls by more than 10,000 from the previous month, according to new Department of Labor data.
Total employment in the mortgage banking and broker sector dropped from 283,700 in February to about 270,000 in March, says the Bureau of Labor Statistics in the most recent mortgage employment report. Thousands of job losses have come from the nonbank mortgage sector in the past few months, including 4,700 in March.
While that’s down from January’s 6,100 reduction in payroll among nonbank mortgage companies, it’s up sharply from the 1,200 jobs cut in February, notes National Mortgage News.
Total non-farm payroll employment increased by 288,000 in April for an unemployment rate of 6.3%, down four basis points from March. Growth sectors included professional and business services, retail trade, healthcare, and mining.
Written by Alyssa Gerace