[Update 1: An earlier version of this article stated loan officer production income, when the intention is to mean mortgage banker production income.]
Mortgage bankers eagerly welcomed a bigger paycheck at the start of this year after the end of 2015 significantly shorted the income of many in the business.
The average $825 net production income per loan during the first quarter looked a lot better than the $493 witness at the end of 2015 when the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule when into effect in October.
It’s all about perspective though, and if you look beyond the past two years, mortgage profit still has a good amount of ground to make up.
To show exactly how mortgage banker profit has changed, this week's factsheet shows mortgage banker profit over the course of the past two years, using data from the Mortgage Bankers Association’s Quarterly Performance Report.
The chart even includes average loan productivity per employee, the cost per loan and average loan balance.
Here it is, feel free to copy, download and share away!
Click to enlarge