IMBs

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…