Mortgage Rates Rose Sharply This Week
“The officer said, ‘You drinking?’ I said, ‘You buying?’ We just laughed and laughed.... It’s Friday morning and I need bail money.” No one ever struck it rich by keeping their money in a savings account, although American Express National Bank is offering a yield of 1.5 percent on deposits. Do you work for a residential lender making money? If so, good for you! The Mortgage Bankers Association tells us, in its Quarterly Mortgage Bankers Performance Report , that only 57% of lenders were profitable in the second quarter of 2022, and/but on average independent mortgage banking (IMB) firms and mortgage subsidiaries of federally insured depositories lost $82 on each loan they originated (versus a gain of $223 per loan in 1Q22). Lenders who held onto servicing enjoyed a profit of $133 pe
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