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Bureau of Labor Statistics Reported Higher Employment in the US Nonbank Lending

Nonbank mortgage lenders and brokers added 900 new employees to their payrolls in March after cutting 2,100 in the month prior. The Bureau of Labor Statistics (BLS) reported that employment in the nonbank mortgage sector rose slightly to 297,800 in March compared to February. The estimate for February was also revised upward to 296,900. A year ago, employment in this sector stood at 285,800.

Fannie Mae economists are forecasting that the total mortgage originations will jump to US$ 444 billion in the second quarter, up from US$ 331 billion in first quarter, as home buying picks up. Meanwhile, the BLS also reported that the U.S. economy created 160,000 jobs in April, which is below most forecasts and down from 208,000 in March. The unemployment rate was unchanged at 5%. There is a one-month lag in BLS reporting of industry jobs data.

News Characteristics

Date : May 08, 2016
Region : North America
Industry : Mortgage Companies
Function : Mortgage Processing
Sub-Function : Loan Origination