Posted To: MND NewsWire

While the profits were nowhere near 2020 levels, independent mortgage banks and mortgage subsidiaries of chartered banks reported their third quarter 2021 gains did improve on those in Quarter 2. The report from the Mortgage Bankers Association (MBA) on mortgage bankers’ performance showed an average net gain of $2,594 on each loan that was originated during the quarter. This was up from a reported gain of $2,023 per loan in the second quarter of 2021, Total production revenue (fee income, net secondary marking income and warehouse spread) increased to 396 basis points (bps) in the third quarter, up from 375 bps in the previous period. This equated to $11,734 per loan compared to $10,691 in Q2. Net secondary marketing income increased to 310 bps from 297 bps or $9,300 per loan compared to …(read more)

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Source: Mortgage News Daily