According to Walsh, nearly 80% of mortgage lenders turned a profit in Q2, a trend likely to continue in Q3 due to consistent production and cost management.
Walsh noted, 'Companies in the 50th and 75th percentiles for net production income were profitable, which is a good sign that most lenders are generating profits before servicing costs are considered.'
The Mortgage Bankers Association reported that the average independent mortgage bank made a pre-tax net profit of $693 per loan in Q2, indicating strong performance.
While revenue is not as high as during the pandemic, Walsh stated, 'Revenues plus expenses show we are in a good place heading into Q3, similar to Q2.'
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