It shouldn’t come as a huge surprise that the mortgage banking industry is in the midst of a hiring boom, given the hot real estate market. But new numbers out from Inside Mortgage Finance paints a pretty grand picture of the job market.
Mortgage banking firms added 4,200 full-time positions in June 2021, bringing employment in the sector to 269,700. According to the U.S. Bureau of Labor Statistics, that’s one of the best readings in several years.
In 2020, the industry employed 226,200—meaning some 43,500 positions have been added!
IMF notes that hiring particularly began picking up earlier this spring as rates hit record lows, leading to the purchase and refi frenzy, which in turn meant firms needed more person power.