Mortgage applications in 2006 are running at a pace that is about one-third lower than the year-round average for 2003. One-third fewer mortgages should mean that revenue is roughly one-third lower. This would presumably translate into a substantial drop in employment in the industry, but not according to the Washington Post. Relying on industry sources, the article explains that mortgage bankers are cutting staff through attrition or simply allowing commision based pay to fall with the number of mortgage applicants. This could be the case for the moment, but it's hard to believe that employment will not adjust at least partly to the drop of revenue. Industries never like to tell reporters that business is bad and layoffs are soaring. It would have been a good idea to talk to an analyst not connected to the industry.
