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Lender Profitability Improved in Q3; Apps Back to Pre-Holiday Levels; Rates Lowest in a Week

Lender Profitability Improved in Q3; Apps Back to Pre-Holiday Levels; Rates Lowest in a Week

Profit margins increased for mortgage lenders in the third quarter of 2015. The Mortgage Bankers Association (MBA) said independent mortgage banks and subsidiaries of chartered banks responding to its quarterly survey reported a net gain of $1,773 on each loan they originated during the quarter, up from $1,686 in the second quarter. "Including all business lines, 94 percent of mortgage lenders in our study reported pre-tax net financial profits in the third quarter of 2016, compared to 90 percent in the second quarter of 2016," said Marina Walsh, MBA's Vice President of Industry Analysis. "An increase in production volume and slight decrease in expenses in the third quarter kept production profits relatively stable. These profits would have been even higher were it not for a decline in net
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