"Mortgage banking and brokerage shops trimmed 3,600 full-timers from their payrolls in July," reports Inside Mortgage Finance, citing the most recent BLS data. "Hardly anyone is immune. If a lender isn't cutting staff, it's offering early buyout packages."Mortgage companies hired like crazy over the past couple of years, as low-interest rates
drove a surge in refinancing. For a while, things were great for workers in the industry — some companies were paying seven-figure signing bonuses, Fratantoni toldSteele says she was earning around six figures at Better.com, her first job at a lender after working as a real estate agent. She's now working in the small business lending space, making 50% less.For those getting financial crisis flashbacks, this is different.
Though banks have made cuts to their mortgage businesses, too, in recent months, they're much less exposed to housing overall. And there's far less likelihood of the kind of systemic spillover we saw nearly two decades ago. Improved underwriting standards mean borrowers have better credit , and most of them have mortgagesAxios on facebook
Lots of people paying obscene amounts of dollars for houses over the past few years will be waking up soon to just what a bad idea that was.
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