Nonbank mortgage lenders and brokers cut employment to 2012 low
Updated
Updated · WOLF STREET · May 8
Nonbank mortgage lenders and brokers cut employment to 2012 low
5 articles · Updated · WOLF STREET · May 8
Combined payrolls fell 39%, or 163,000 jobs, to 257,100 in March; lenders alone dropped to 176,700 and brokers to 80,400.
Lender employment is down 40% from its mid-2021 peak and broker staffing 38% from April 2021, as home sales, originations and refinancing activity weakened sharply.
Existing home sales were 4.06 million in 2025, the lowest since 1995, while purchase mortgage applications were down 34% from 2019 and refinance applications 71% from 2021.
Is the 'mortgage lock-in' creating a permanently stagnant housing market for an entire generation?
As unregulated nonbanks now dominate mortgages, what hidden risks threaten the next housing crisis?
With AI running the mortgage industry, who is accountable when automated systems inevitably fail?