Mortgage Lenders Back in Black After Earlier Losses

Posted To: MND NewsWire

In the first quarter of 2018, independent mortgage banks and mortgage subsidiaries of chartered banks posted only their second period of financial losses in the ten years the Mortgage Bankers Association (MBA) has covered the issue. This week MBA was able to report better news. The Association's Quarterly Mortgage Bankers Performance Report says respondents to its quarterly survey had a net gain of $580 on each loan they originated in the second quarter compared to a loss of $118 per loan in the prior period. The only other loss was in the first quarter of 2014 , $194 per loan. The average pre-tax production profit was 21 basis points (bps) in the second quarter of 2018, up from an average net production loss of eight bps in the first quarter of 2018, but down 24 bps from the second quarter...(read more)

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from Mortgage News Daily https://ift.tt/2PLr0SZ