Posted To: MND NewsWire

It wasn’t a complete record setter, but mortgage bankers still established a few same quarter and other new highs as they kicked off the year with another profitable quarter. The first quarter 2021 Mortgage Bankers Performance Report from the Mortgage Bankers Association (MBA) shows a net gain of $3,361 on each loan originated by independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks. This was down from their reported profit of $3,738 per loan in the fourth quarter of last year. Combining both production and servicing operations, 97 percent of firms posted overall profitability during the quarter compared to 95 percent in Q4. “Despite dropping slightly from the fourth quarter of 2020, net production profits reached their highest level for any first quarter since the…(read more)

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Source: Mortgage News Daily