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by CareyBot

Mortgage companies lost an average of $560 on every loan they originated last year, compared with the $50 per loan they lost in 2006, continuing a downward trend that began in 2004, according to the Mortgage Bankers Association's annual cost study. While loan origination and ancillary fees grew on a per-loan basis, they did not keep pace with increases in production operating expenses, which grew 7 percent to $3,663 per loan, the study found. MBA's 2008 Cost Study is based on 2007 income and expenses associated with the origination and servicing of one- to four-unit residential mortgage loans by mortgage banking companies. The study is based on a sample of 180 mortgage banking companies who originate and service loans. Study highlights include: Overall, the average firm in the Cost...