Low interest rates causing swells in mortgage industry

Filed under: Daily News | Tags:, ,

Record low interest rates are having a positive effect on mortgage hiring.

The number of mortgage jobs was up  2,300 positions in July compared to the same time last year,according to data released Friday by the Bureau of Labor Statistics.

Headcount in the real estate finance sector climbed to 246,700 employees from June’s revised 244,400.

Most industry’s employment growth is happening on the East Coast.

In related news, home-equity conversion mortgage business, which enables older homeowners to withdraw some of the equity in the home either as monthly payments for life, a lump sum or a line of credit, rose 13 percent last month and has been up each of the past three months.

Mortgagedaily.com publisher Sam Garcia who tracks mortgage industry trends said the country’s biggest retail reverse mortgage lender saw volume soar by more than a third.

The U.S. Department of Housing and Urban Development reported last week that HECM originations climbed to 5,901 loans for a maximum claim amount of $1.5 billion in July from 5,304 loans endorsed for $1.3 billion during June.

It was the second month in a row of gains.