Mortgage Banks in The Red For Q1

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) said on Wednesday that independent mortgage banks and mortgage subsidiaries of chartered banks reported net production losses in the first quarter of 2018, for only the second time since MBA began tracking the data in 2008. The bankers who responded to MBA’s survey reported a net loss of $118 on each loan they originated, down from a reported gain of $237 per loan in the fourth quarter of 2017. The net production losses, of 8 basis points was down from an average net production profit of 9 bps in the fourth quarter of 2017. The first quarter loss was not as severe as the $194 per loan (also 8 basis points) seen in the first quarter of 2014, the only other quarter in the survey’s history to record a net production loss. Marina Walsh, MBA’s Vice President…(read more)

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