Independent mortgage bankers and subsidiaries made an average $1,135 on each mortgage originated in 2009, compared with $305 per loan in 2008, according to survey results today by the Mortgage Bankers Association (MBA). Profits-per-origination grew by $830 -- or 272% -- in one year. MBA attributed the sharp increase to a drop in loan production expenses to $3,685 in 2009, from $4,717 in 2008. At the same time, however, total origination income dropped to $4,820 per loan, from $5,023 per loan in 2008. "Production profits increased in 2009 over 2008 as higher origination volumes, particularly in refinancing, reduced per-loan production expenses," said Marina Walsh, MBA associate vice president of industry analysis. Walsh added: "It was also clear bank and thrift subsidiaries had an advantage over independent mortgage companies because of lower loan officer compensation per loan and higher net interest spread due to lower warehouse funding costs and the ability to keep loans in warehouse longer." Mortgage bankers improved the pull-through rate of loan closings versus applications, to 68.44% in 2009 from 56.59% in 2008. The net warehousing income -- or the net interest spread between the mortgage rate and the interest paid on a warehouse line of credit -- dropped for the third consecutive year, the MBA said. Net warehousing income slipped to $116 per loan in 2009, from $148 per loan in 2008 and $175 per loan in 2007. The average number of days in warehouse dropped to 14 in 2009, from 15 in 2008 ad 20 in 2007. Write to Diana Golobay.