Spikes in production volume and secondary market income have independent mortgage banks whistling a happy tune this spring, according to a recent Mortgage Bankers Association (MBA) report. The trade association’s Quarterly Mortgage Bankers Performance Report found that net production profits among independent mortgage bankers nearly doubled from the fourth quarter of 2014 to the first quarter of this year. Independent banks and mortgage subsidiaries of chartered banks reported a net gain of $1,447 on each loan they originated in the first quarter of the year, up from a reported gain of $744 per loan in the fourth quarter of 2014. Average production volume was $473 million per company in the first quarter, up from $417 million per company in the fourth quarter of 2014. The volume by count per company averaged 1,917 loans in the first quarter, up from 1,769 loans in fourth-quarter 2014. The average production profit was 60 basis points in the first quarter, compared with an avera...
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