IMBs and chartered bank subsidiaries reported a pretax net loss of $645 per loan in Q1 2024, showing improvement from Q4 2023's $2,109 loss. Production revenue rose above historical averages, leading to a 50 bps improvement in the production bottom line.
59% of mortgage companies were profitable in Q1 2024, the highest level in eight quarters, up from 29% in Q4 2023. Average pretax production loss reduced to 25 bps in Q1, a significant improvement from 73 bps in Q4 2023 and 58 bps in Q1 2023.
Improved financial performance for retail lenders in Q1 2024 coincides with a more stable secondary mortgage market. Average production volume per company increased to $384 million from $359 million in the previous quarter, while average loans per company also rose.
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