Posted To: MND NewsWire
Financial concerns continued for independent mortgage banks and mortgage subsidiaries of chartered banks as they reported, on average, declining profit margins in the third quarter. The Mortgage Bankers Association's (MBA's) newly released Quarterly Mortgage Bankers Performance Report shows that the 342 banks that responded to its third quarter survey reported a net gain of $480 on each loan they originated compared to $580 in the second quarter. "These are very challenging times for independent mortgage bankers, with the average pre-tax net production income per loan reaching its lowest level for any third quarter since inception of our report in 2008," said Marina Walsh, MBA's Vice President of Industry Analysis. "Profitability continues to be hindered by high costs and low productivity....(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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