MBA: Independent mortgage banker profits rise in 3Q
Average loan production volume was $450 million per company in the third quarter, up from $371 million from last quarter. The average volume by count per company rose to 2,010 loans, compared to 1,700 loans in the second quarter, according to the Mortgage Bankers Association.
Independent mortgage banks and mortgage subsidiaries posted an average profit of $2,465 on each loan originated in the third quarter, up from $2,152 per loan from last quarter.
"Both purchase volume and refinancing volume increased in the third quarter, resulting in higher net production profits among independent mortgage bankers,” said MBA Associate Vice President of Industry Analysis Marina Walsh. “Secondary marketing gains improved by 14 basis points over the second quarter. However, per loan expenses remained flat despite higher volumes.”
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