Earnings at independent mortgage banking firms plummeted more than 50 basis points on a quarter-over-quarter basis. Secondary marketing gains and expenses hurt income.

From Oct. 1, 2016, through the end of last year, average originations for independent mortgage bankers and mortgages subsidiaries of banks were 2,971 loans for $0.730 billion.

Average production slipped from the third quarter, when 3,179 loans were closed for $0.787 billion, but rose from 2,265 loans for $0.538 billion in the fourth-quarter 2015.

Source: Mortgage Daily