Mortgage Jobs Expand

June 7, 2004

Mortgage employment now at 448,900

By staff

Mortgage jobs increased for the third consecutive month even as mortgage activity continued to take a pounding.

In April, there were 5,200 more people working in the mortgage industry than in March, according to the latest employment report by the Bureau of Labor Statistics. The boost was reflected in the non-seasonally adjusted number of mortgage-related jobs totaling 448,900, compared to the previous month's revised figure of 443,700.

At this time a year earlier, the total was 430,400.

The Bureau, a division of the U.S. Department of Labor, reports employment numbers about 30 days following the end of each month.

Companies that have recently announced plans to increase mortgage staff include online lender Quicken Loans Inc., which will add 1,200 jobs over the next five years, and also Wells Fargo& Co., which will hire 1,000 new mortgage employees in Iowa.

Since January, the reports show the mortgage employment number has grown by over 16,000.

The latest total was comprised of 319,500 people working in Real Estate Credit and 129,400 mortgage and nonmortgage brokers, the report said.

The announcement comes as mortgage application activity has reportedly fallen for four straight weeks due to rising rates.

The unemployment rate of 5.6% was reportedly unchanged over the month.


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