Mortgage Bank Profits Rise Over $300 Per Loan

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Posted To: MND NewsWire

Profits of independent mortgage banks and mortgage subsidiaries of chartered banks rose by more than $300 per loan in the third quarter of 2012 the Mortgage Bankers Association ( MBA ) said today. Increased volumes of applications for both purchasing and refinancing and secondary market gains resulted in an average profit of $2,465 on each loan originated in the quarter compared to $2,152 in the second quarter. In basis points, the average production profit (net production income) was 120 basis points in the third quarter, compared to 107 basis points in the second quarter. Secondary marketing income increased to 271 basis points in the third quarter, compared to 257 basis points in the second quarter. There was only a small increase in total loan production expenses, from $5,128 in the second...(read more)

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Source: www.mortgagenewsdaily.com

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