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Mortgage Production Profits; Rates Steady; ARMs a Drag on Credit Access; Impact of Rate Hike

Mortgage Production Profits; Rates Steady; ARMs a Drag on Credit Access; Impact of Rate Hike

Per-loan profitability fell in the third quarter of 2015 the Mortgage Bankers Association. (MBA) said today, but remained substantially above those profits a year earlier. Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,238 on each loan they originated in the third quarter of 2015, down from a reported gain of $1,522 per loan in the second quarter of 2015. The third quarter 2015 profits however were nearly a third higher than the $897 per loan reported a year earlier. Marina Walsh MBA's Vice President of Industry analysis said the third quarter profits were equivalent to 55 basis points per loan , up from 42 basis points a year earlier. "The average production volume in the third quarter of 2015 was significantly higher at $614 million per company
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