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South Florida

U.S. mortgage industry sheds over half its workforce in five years

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Employment in the U.S. home mortgage industry has plummeted by more than 50 percent since the market peaked, down to 248,000 jobs as of February from more than 500,000 in early 2006, the LA Times reported. The numbers come from the Bureau of Labor Statistics and were compiled by the Mortgage Bankers Association, which hasn’t recorded such low numbers in the industry since August 1997. Aside from the housing crash itself, new licensing requirements for employees of nonbank lenders, which were instated in the aftermath of the bust in an attempt to prevent future crises, are among the culprits for the dismal jobs report. The new licensing procedure is more expensive for independent brokers and for the mortgage bankers who hire them. [LA Times]