Independent mortgage banks, as well as mortgage subsidiaries of chartered banks, reported a net gain of $4,548 on each loan they originated in the second quarter of 2020, up from a reported gain of $1,600 per loan in the first quarter of 2020, according to the Mortgage Bankers Association.
Revenues rose by 57 basis points from the first quarter, while expenses improved by $844 per loan. Productivity also increased, reaching levels not seen since 2012. Close to half of lenders said they believe profit margins will increase compared to the prior quarter, with 37% saying it would remain the same and just 15% saying profits will fall.
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