The first quarter of 2024 brought a significant profitability upswing for independent mortgage banks as production losses simmered down from previous quarters. According to data from the Mortgage Bankers Association, IMBs and mortgage subsidiaries of chartered banks experienced a significant decrease in pretax net loss per loan in Q1 compared to the previous quarter. The…
Mortgage purchase demand fell for a third week as rates hit their highest point since November. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – dropped by 5.7%, a slight improvement on last week’s 13.3% dip. The average interest rate for 30-year fixed…
Delinquencies dropped for mortgages on one-to-four-unit residential properties in Q3 2021, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The seasonally adjusted rate fell to 4.88% of all outstanding loans, down 59 basis points for Q2 and 277 basis points year-over-year (YOY). The survey asked servicers to report loans in forbearance as delinquent…
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