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Bankers’ Per-Loan Profits Fall on Higher Product Costs
Dec 18, 2009Borrowers applied for more purchase mortgages than refinance loans, and the higher per-loan production costs meant declined profits for independent mortgage bankers and subsidiaries in Q309, the Mortgage Bankers Association (MBA) said. The MBA’s quarterly mortgage bankers performance report put the average per-loan profit at $902 in Q309. That’s down from Q209, when the average profit was $1,358 per loan. The report is a survey of 306 independent mortgage bankers and subsidiaries of banks, thrifts and hedge funds.
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