In this section we take a analyze the Industry Payroll Analysis for the mortgage broker industry in Monroe county. This analysis contains three sections:
While analyzing the first section of the Industry Payroll analysis we find that the total annual payroll for mortgage broker establishments in Monroe county in the year 2000 was $6.5mil. Later at the industry was in its heyday we find that in the year 2006, this number incrrease to $14.5mil representing an increase of 123% over just 6 years. Later as the industry suffered a tremendous slowdown, we find that the total annual compensation for all the mortgage broker establishments in Monroe county for the year 2009 actually declined to just $4.7 million well below the 2000 figures. This decline represents a drop of 67% from the high of 2006.
The second part of our analysis deals with the total number of employees in the mortgage broker establishments of Monroe county. In 2000 the total number of employees working in mortgage broker establishments in Monroe county, increased until the year 2006 and after than there was a steep fall in the total number of employees being employed by these establishments. The numbers tell the story - in the year 2000 there were 160 employees working in mortgage broker establishments and by 2006 that number had grown to 242 representing an increase of 51%. Between 2006 and 2009 however, we find that the total number of employees working for mortgage broker establishments dropped 58% - an extremely steep decline.
Our final section of the annual payroll analysis for the mortgage broker industry of Monroe county deals with the average annual employee compensation. This number is a very important number since it reflects how much each employee on average has made annually while working in this industry - a large chunk of compensation in the mortgage brokering business is transaction driven - the higher the amounts of loans closed by the loan officers and processors, the higher their income and vice versa. The mortgage brokering business is a pay for performance business and if the business does not perform well, compensation will decline accordingly. Thus we can see that in the year 2000 the average annual compensation for each emplyee in the mortgage broker business in Monroe county was approximately $40k. This number rose to a maximum of $65k during 2005 which many consider to be the height of the prior real estate boom - after increasing almost 62% over these six years, the annual average compensation dropped back all the way to $39k in 2008 and then started ticking up slowly. Thus we can conclude the average annual compensation per employee in 2009 dipped back to levels seen back in 2000.
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