IMB Mortgage Production Profits Jump In Q2

It was a big quarter for independent mortgage banks and mortgage subsidiaries of chartered banks. IMBs and subsidiaries reported a net gain of $4,548 on each loan they originated in the second quarter – up from a $1,600 per loan in the first quarter of the year, according to a report released by the Mortgage Bankers Association. “Fueled by a surge in borrower demand and record-low mortgage rates, mortgage production profits in the second quarter reached the highest level since the inception of MBA’s report in 2008,” said Marina Walsh, MBA’s Vice President of Industry Analysis. “Production volume averaged over $1 billion per company, and there was an ideal combination of higher revenues and lower costs.” The report also found:…

IMBs Report Strong First Quarter

Independent mortgage banks reported strong results on loans in the first quarter of the year even in the face of a reduction in volume as the coronavirus pandemic took hold in March, the Mortgage Bankers Association reported Thursday IMBs and mortgage subsidiaries of charted banks reported a net gain of $1,600 on each loan they originated in the quarter – up from $1,182 per loan in the fourth quarter of 2019, according to MBA’s Quarterly Mortgage Bankers Performance Report. “Mortgage production profits were strong in the first three months of 2020 – despite a decline in production volume from the fourth quarter and March’s severe market volatility sparked by the COVID-19 pandemic,” said Marina Walsh, MBA’s Vice President of Industry…