Despite Larger Loans and More of Them, Mortgage Profits Dip

By Jann Swanson

Posted To: MND NewsWire

Mortgage bankers reported a slight decrease in profits during the third quarter of 2014, with gains per loan decreasing even as volume grew and the size of the loans reached the highest level since the Mortgage Bankers Association (MBA) started keeping track. MBA said that independent mortgage banks and mortgage subsidiaries of chartered banks responding to its survey reported a net gain of $897 on each loan originated during the quarter. This was down from the $954 per loan reported in the second quarter. MBA said a decrease in secondary market income offset the benefits derived from higher production volume and bigger loans. The average production profit was 42 basis points (bps) compared to 46 bps in the second quarter. MBA said that since it began publishing is Quarterly Mortgage Bankers…(read more)

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