Independent mortgage banks showed net production profits for the first time in two years last quarter. IMBs and mortgage subsidiaries of chartered banks reported a pre-tax net profit of $693 on each loan they originated in Q2 2024, up from a loss of $645 per loan in the first quarter. That’s according to the Mortgage Bankers…
The Mortgage Bankers Association responded to comments by U.S. Treasury Secretary Janet Yellen who said that independent mortgage banks require regulatory oversight as they navigate commercial real estate debt. In a hearing for the Senate Banking Committee, Yellen said the Financial Stability Oversight Council is focusing on nonbank mortgage companies because they “lack access to…
Banking platform Blend is betting on IMBs with its latest offering, a bare-bones, low-cost product for small lenders. Blend IMB Essentials, a stripped-down version of Blend’s mortgage suite, provides the features necessary for retail independent mortgage banks to succeed in today’s market. Small lenders can pay for just the features most critical to their banking…
Mortgage credit availability fell in July, sinking to its lowest level since 2013, according to the Mortgage Bankers Association’s Mortgage Credit Availability Index. The MCAI dropped by 0.3% to 96.3. Declines indicate that lending standards are tightening, while increases show loosening credit. The index was benchmarked to 100 in March 2012. The Conventional MCAI fell…
For the first time since at least 2008, independent mortgage banks and mortgage subsidiaries of chartered banks lost money every time they originated a loan. The Mortgage Bankers Association’s Annual Mortgage Bankers Performance Report found that IMBs lost an average of $301 on each loan in 2022. This puts production profits down 15% YOY, a…
Mortgage Lenders lost money on every loan originated for the first time since 2018 in Q2, according to the Mortgage Bankers Association’s (MBA) Quarterly Mortgage Bankers Performance Report. Independent mortgage banks and mortgage subsidiaries of chartered banks lost an average of $82 on each loan they originated in the second quarter of 2022, down from…
Good Morning! Today is Wednesday, March 23. Russia extended a law banning criticism of the government, and a court sentenced the opposition leader Aleksei Navalny to nine more years in prison. At least one person died last night after a tornado in the New Orleans area damaged homes and knocked out power. The Mortgage Note Reports Digital…
Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks made $1,099 on each originated loan in Q4 2021, dropping from Q3’s $2,594, according to the Mortgage Bankers Association’s (MBA) Quarterly Mortgage Bankers Performance Report. More than three-fourths (76%) of firms analyzed made a net profit in Q4, especially firms with servicing operations. Those benefited…
It was a record year for independent mortgage banks. IMBs and mortgage subsidiaries of chartered banks made an average of $4,202 on each loan they originated in 2020 – up from $1,470 per loan the year before, according to a new report released Tuesday by the Mortgage Bankers Association. The Annual Mortgage Bankers Performance report…
Independent mortgage banks and mortgage subsidiaries of charter banks again saw strong business in the fourth quarter of 2020 – but smaller revenues on each loan they handled, according to a new Mortgage Bankers Association released Tuesday. IMBs reported a net gain of $3,737 on each loan they originated in the quarter – down from…
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