Posted To: MND NewsWire
Mortgage bank profits declined in the third quarter of 2017 when compared to the second quarter, but remained substantially higher than in the two rather disastrous quarters that preceded it. The Mortgage Bankers Association (MBA) says that independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $929 on each loan they originated in the third quarter of 2017. Per loan profits reported for the second quarter were $1,122 as lower interest rates boosted loan volumes. Rising rates in late 2016 had driven volumes, especially refinancing, down and per loan production expenses up. Fourth quarter 2016 profits dropped by about two-third to $575 per loan and dropped still further in the first quarter of 2017 to $224. "Production profits dropped slightly in the third...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2AqFV06
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