Despite an increase in profitability, fewer independent mortgage banks reported profits in the third quarter of 2024 compared to the previous quarter, according to MBA.
Marina Walsh stated that while profitability improved, only 71% of IMBs surveyed reported profits, down from 78% in the prior quarter, highlighting uneven performance.
The average pretax net profit per loan rose slightly to $701 in Q3 2024, illustrating a gradual recovery in production profits for mortgage banks.
Industry revenue decreased slightly in Q3 to 341 basis points, reflecting ongoing challenges in loan production even as overall expenses declined.
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