Nonbank Mortgage Lenders Shed 40% of Jobs as Housing Market Freezes

Employment at nonbank mortgage lenders in the US has plunged by 40% from its cycle peak in mid-2021 to 176,700 workers in March 2026, the lowest level since 1997, according to the Bureau of Labor Statistics. Mortgage brokers have shed 38% of their employees since April 2021, with 80,400 workers in March, the lowest since 2015. Combined, nonbank lenders and brokers lost 163,000 jobs, a 39% decline, bringing employment to the lowest since May 2012. The job losses reflect a collapse in demand: existing home sales fell 24% from 2019 to 4.06 million in 2025, the lowest since 1995, and mortgage applications to purchase a home are down 34% from 2019. Refinance applications plunged 71% from 2021 peaks. The housing bubble of 2020-2022, fueled by Fed policies suppressing mortgage rates below 3%, led to a hiring surge that reversed as rates rose. Home prices have dropped in many cities, including 25% in Oakland and Austin. The largest four nonbank lenders wrote 1.08 million of 5.4 million total mortgages in 2025.