Now that mortgage rates are nearing historic lows, lenders are struggling to keep up with demand from people who want to refinance their mortgage. The demand has prompted hiring at some.
Refinancing requests have soared 83% from February, overwhelming the banks' capacity to handle all the paperwork. Earlier this year and last fall, lenders laid off thousands of employees when mortgage rates increased and demand for refinancing fell.
The number of mortgage-sector jobs decreased to 239,100 on June 30 from 259,700 at the end of last year. That's down from more than 500,000 in 2003. Both Bank of America and Wells Fargo cut staff.
Now the lenders need to plug the holes. Like an ashamed ex, Wells Fargo is crawling back to workers it fired as well as holding job fairs to recruit new talent. It plans to hire 90 for permanent positions, including underwriters, processors and closers in the Minneapolis-Saint Paul region.
Not all lenders are hiring: BofA expects to manage the influx of refinancing requests with current staff levels.
Mortgage modification, which differs from mortgage refinancing, is also seeing demand. Chase Bank said last week it will hire 700 for its Lewisville, Tex., mortgage modification operations.
Financial Slump (FINS)
The finance sector gained jobs last month, but the good fortune won't last. Less deal-making and lending activity will contribute to fewer jobs across the industry for the next few months.
Related: The Bright Spots of the Jobs Report
Wealth Hiring (WealthBriefing)
RBC Wealth Management moved to new offices in London yesterday. Besides getting a different view, the firm will also increase headcount.
A Goldman Cipher (Bloomberg)
One Goldman partner who shuns the limelight pulls strings behind the scenes. How did John F.W. Rogers survive multiple leadership changes at the firm and still command impressive control?
Fitting In (Forbes)
What happens when you're just not cut out for the culture at a firm? If late nights with clients and drinks with your MD don't sound appealing, there are two options: Get over it or get out of there.
September Resolutions (AOL Jobs)
Sending your kids off to school is a good reminder of your own job to-do list. Now's the time to sign up for finance courses, find a mentor, get that MBA, etc.
Coming for You (DealBook)
Some lawmakers are unhappy with Dodd-Frank's approach to the credit ratings agencies and want to get rid of the issuer-pays model for good. If Senator Al Franken could gin up an SNL routine about it, we think it would reach a lot more people.
Career Fair Hopefuls (Vault)
Have you ever lined up around the block for a career fair? Before going to another one, make sure the companies you want to work for actually hire from the event.
Spending It (Here is the City)
Keep bristly facial hair in check with this $100,000 razor, replete with hypoallergenic white sapphire blades and iridium handle. There are only 99 in existence, which means in addition to a clean shave you could gain a group of new best friends who pick up the other 98.
Bulletproof Evidence (YouTube)
For the record, you probably shouldn't try this at work, either.
List of the Day: 8 Traits Employers Really Want In You
It's easy to overlook the fundamentals of landing a good job, like the right personality, outlook and demeanor, especially when you're constantly going over your strategy, previous experience and industry knowledge (of course, those are equally important). Here's a quick run-down on what employers like to see.
1. Comfortable confidence
2. Willingness to listen and learn