IMB Profits Fell In 2021, Layoffs Loom Heading Into 2022
After a record-breaking year for independent mortgage banks, profits declined by 75 basis points in 2021, according to the Mortgage Bankers Association’s (MBA) Annual Mortgage Bankers Performance Report. Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $2,339 on each loan they originated in 2021, down from the record $4,202…