Mortgage Banker Production Volumes, Profits and Per Loan Costs All Higher in 3Q

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Posted To: MND NewsWire

While origination costs increased again in the third quarter, independent mortgage banks and subsidiaries saw a substantial increase in per-loan profits during the same period. The Mortgage Bankers Association's 3rd Quarter 2010 Mortgage Bankers Performance report states that bankers saw profits increase from $917 per loan in the second quarter to an average of $1,423 in the third quarter. Better profits were generated by increased secondary marketing gains (gain on sale) which rose to $4,069 per loan compared to $3,455 a quarter earlier. Low interest rate-driven refinancing brought the volume of loans up to an average of $237 million per month from $197 million in the second quarter, but this higher volume did not translate, as it usually does, to a lower cost to originate each loan. According...(read more)

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Source: www.mortgagenewsdaily.com

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