Earnings at independent mortgage servicers deteriorated as loans serviced per employee moved lower. Small servicers were hurt the most.
Fourth-quarter 2017 servicing income at independent mortgage servicers and mortgage banking subsidiaries of chartered banks was one basis point.
Servicer earnings sank from the previous three-month period, when they were 5 BPS. Income plunged from 21 BPS in the final quarter of 2016.
Source: Mortgage Daily