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Third Quarter Profits Up for Independent Mortgage Bankers
Mortgage News > Third Quarter Profits Up for Independent Mortgage Bankers
The Mortgage Bankers Association (MBA) released new information stating independent mortgage banks/subsidiaries of chartered banks averaged a profit of $2,465 on each originated loan in the third quarter, compared to $2,152 in the second quarter.
Marina Walsh, the MBA’s Associate VP of Industry Analysis, attributes the profit increase to the fact that “both purchase volume and refinancing volume increased in the third quarter, resulting in higher net production profits among independent mortgage bankers. Secondary marketing gains improved by 14 basis points over the second quarter. However, per loan expenses remained flat despite higher volumes.”