Annual Mortgage Bank Profits Fall by Nearly Half

Facebooktwitterlinkedin

Posted To: MND NewsWire

Less than a month after reporting some bad news about mortgage production and profits in the fourth quarter of 2017 the Mortgage Bankers Association (MBA) is back with a roundup of those measures for the entire year. The news didn’t get any better. MBA said that per-loan profits for 2017 were $711, only slightly more than half the $1,346 in profits reported in 2016. The full year average for 2016 topped that of any single quarter in 2017. “Production profits dropped by almost half in 2017 as rate-term refinancings diminished and the overall average production volume dropped,” said Marina Walsh, MBA’s Vice President of Industry Analysis. The year started out with a net gain of only $224 in the first quarter but recovered in the second quarter to $1,122 as a reprieve from rising rates boosted…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Facebooktwitterredditpinterestlinkedinmail
Show Buttons
Hide Buttons