As independent mortgage bankers’ quarterly lending slowed, income tumbled. Impacting earnings were personnel and direct-production expenses.

Average mortgage originations during the three months that ended on March 31 at independent home lenders were 2,005 loans for $0.470 billion.

Business tumbled compared to the final-three months of last year, when an average of 2,764 loans were closed for $0.679 billion.

Source: Mortgage Daily