When the housing bubble burst, it took the economy down with it. Housing prices plummeted, investors got hosed, banks went under and jobs got cut. But you already know this.
It may surprise you to hear that the mortgage industry is adding headcount again. Mortgage rates are the lowest they’ve been since the 70s, which is starting to spur activity. According to a recent Bloomberg article, however, the industry is ill-equipped to process the $3.1 trillion in mortgages that are due to course through the system.
Banks and brokers shed so many jobs last fall that they are understaffed. Bloomberg claims Bank of America just added 5,000 to the ranks. Nobody else seems to back up the story, but it makes sense. Community lenders didn’t fire so many people, so they are less likely to be adding people. National banks and thrifts, on the other hand, are running lean.
If you can get past the irony and the bitter taste in your mouth, retail lending might be a a decent industry to find a job.
