In October 2005, before the mortgage boom turned to mortgage crisis, there were a record high 535,400 mortgage brokers, loan officers, mortgage underwriters, loan processors, and others working in the mortgage industry.

But just five years later, only 246,400 remain, according to government data digested by MortgageDaily.com.

The publication, which has its own Mortgage Employment Index, said 87,131 mortgage jobs were lost in 2007 alone, when scores of banks and mortgage lenders consolidated or folded entirely.

In the latest quarter, 3,216 mortgage layoffs were tallied by the website, worse than the 2,028 job losses seen a quarter earlier, but far fewer than the 5,401 recorded last year.

Mortgage job hirings also declined, from 2,768 in the second quarter to just 2,286 in the latest quarter – Chase, MetLife, and Neighborhood Assistance Corp. w

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The Lowest Price we could find is $238.95 $6.38

PRINCIPLES OF ECONOMICS continues to be the most popular and widely used text in the Economics classroom. The 4th edition features a strong revision of content in all 36 chapters while maintaining the clear and accessible writing style that is the hallmark of the highly respected author. The 4th edition also features an expanded instructor’s resource package designed to assist instructors in course planning and classroom presentation and full integration of content with Aplia, the leading online Economics education program. In the 4th edition Greg Mankiw has created a full educational program for students and instructors — Experience Mankiw 4e. “I h

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The ever-popular 30-year fixed-rate mortgage could be scooped up for as low as 3.98 percent in the state of New York this week, according to Zillow.

It actually fell 30 basis points from a week earlier in the Empire State, when it stood at 4.28 percent.

In California, the 30-year fixed averaged 4.04 percent, down from 4.15 percent last week.

And in Florida, you could snag a 30-year mortgage for 4.02 percent, after it dropped from 4.13 percent a week earlier.

Nationwide, the popular loan program averaged a record low 4.07 percent during the week ending November 9, down from 4.14 percent last week.

The 15-year fixed fell to 3.51 percent from 3.60 percent, and the five-year adjustable-rate mortgage averaged 2.91 percent, down from 2.96 percent.

Zillow’s real-time mortgage rates come from thousands of mortgage quotes submitted anonymously to borrowers, so they’re actual mortgage rates, not a weekly survey or simply marketing rates.

It’s unclear, however, what the average loan origination fee is on the loans, and what the average loan-to-value ratio and credit score is.

Obviously all of these factors can and will shift your mortgage rate up or down accordingly (pricing adjustments) and affect APR.

Either way, it’s amazing to see 30-year fixed mortgage rates in the 3% range.  It certainly makes things more affordable for both those looking to purchase a home or refinance their current mortgage.

Here is yet another item to add to the list of what is influenced by your credit health: your insurance.

How much you’ll pay for insurance premiums, as well as your access to homeowner and car insurance, is directly affected by your credit history.

It’s called your insurance score, and while many are unaware that insurance companies use your credit history when making insurance decisions, now is the time to start paying attention.

What is an insurance score?

Just like credit scoring models, insurance scoring models produce a unique numerical insurance score that insurers use to predict risk and calculate your premiums.

Similar to the way lenders use credit score models, insurance scores also 1) look at your credit history, 2) use a scoring formula based on aspects of your credit report and history, and 2) predicts the level of insurance risk you represent.

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Some Florida homeowners facing foreclosure are taking out second mortgages to cover attorney fees, according to a report in the NY Times.

The second mortgage only takes effect if the homeowner’s foreclosure filing is dismissed and the mortgage balance is reduced.

Ever since the robosigner debacle, homeowners have been pounding down lawyers’ doors to see if they too can spare their homes from foreclosure by exploiting the mistakes and potential fraud carried out by lenders and loan servicers.

But most of these homeowners aren’t in the best financial shape (obviously), so second mortgages seem to be the best way to ensure lawyers are actually paid for their work.

The method is being employed by the Ticktin Law Group in Deerfield Beach, Florida – and Peter Ticktin calls it a “new model, a new paradigm.”

The second mortgages work just like normal mortgages – mortgage payments are due each month and the house is used as collateral.

If the lawyers are successful in saving the home and reducing the mortgage balance, the homeowner must take out a mortgage for 40 percent of the savings.

So if a $500,000 mortgage is reduced to $200,000, the homeowner would owe the law firm $120,000, less legal fees paid by the losing bank or mortgage lender.

Ticktin, who has 3,000 clients in foreclosure, said his method has already been copied by other law firms.

But you have to wonder how great an idea this is, considering the clients failed to make their mortgage payments to get into the mess to begin with – not exactly the ideal borrower.

It’s mortgage Q&A Friday!

Today’s question: “What is a mortgagee?”

No, it’s not a typo. I didn’t leave an extra “e” on the word mortgage by mistake, though it may appear that way.

A “mortgagee” is the entity that originates (makes) and holds the mortgage, otherwise known as the bank or the mortgage lender.

The mortgagee extends financing to the “mortgagor,” who is the homeowner or borrower in the transaction.

The property acts as collateral for the mortgage, and the mortgagee obtains a security interest in exchange for providing financing to the mortgagor.

If the mortgagor doesn’t make their mortgage payments, the mortgagee has the right to take back the property in question, typically through foreclosure.

It can eventually be sold by the mortgage lender to a third party to pay off any attached liens, or mortgages.

What about a mortgagee clause?

You may have also heard the term “mortgagee clause” when going through the loan process.

It refers to a legal document that protects the lender’s interest in the property in the event of any damage or loss.

It contains important information about the mortgagee/lender, including name, address, etc. so the insurance company knows

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