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Independent mortgage banks and mortgage subsidiaries of chartered banks profited an average of $1,654 on each mortgage they originated in the first quarter, elevating 51% from $1,093 in the fourth quarter of 2011, the Mortgage Bankers Association reported.
“For independent mortgage bankers, average production volume and the purchase share of that volume remained relatively constant in the first quarter, compared to the previous quarter,” said MBA Associate Vice President of Industry Analysis Marina Walsh.
“Independent mortgage bankers remained focused on purchase production while many larger banking institutions were handling significantly more refinancing activity," Walsh said.
Refinance activity by dollar volume captured 58% of total originations in the first quarter, following 57% in the fourth quarter. For the mortgage industry as whole, MBA estimates the refinancing share at 75% in the first quarter, slightly down from 78% in the fourth.
While per-loan production expenses increased, secondary marketing gains improved as primary-secondary spreads widened. Secondary marketing income rose from $4,355 per loan in the fourth quarter of 2011 to $5,011 per loan in the first quarter of 2012.
Average production volume totaled $301 million per company in the first quarter, from $313 million per company in the fourth quarter of 2012, the MBA reported.
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