Mortgage Jobs on the Decline

Many professionals rushed to the mortgage industry in the past few years, riding on the wave of a booming housing market and low rates. But with present market conditions, many of these people are now out of jobs.

Florida was a state that was crazy for mortgages in the past few years. A hot housing market, low rates and new mortgage products enticed professionals into the industry, hoping to see six and seven figure incomes from the rush. Now that the housing market has stalled and rates are unpredictable, some mortgage professionals have to leave the business. Though refinances are still in demand (many due to exotic mortgages during the boom), the lack of interested homebuyers is being felt in many circles.

Many times in the mortgage industry, the holidays have proved to be a slower time of year. Homeowners chose to keep the money they have on hand and homebuyers slow their search until after the first of the year. This results in a normal drop in mortgage professionals. But this year, it looks like available mortgage positions may drop by as much as 30% before the next upswing in the second quarter of 2007. \r\n