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Independent mortgage banks report lower profit

Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $1,772 on each loan originated in the first quarter, dropping from an average income of $2,256 in the fourth quarter, MBA Newslink reported.

Additionally, the banks average production volume hit $442 million per company in the first quarter, falling from $488 million in 4Q of 2012.

Source: MBA NewsLink

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