Independent mortgage banks (IMBs) are finally seeing light at the end of the tunnel after two grueling, profitless years in the mortgage industry. With a pickup in quarterly volume, productivity, and a drop in production costs, IMBs reported a pre-tax net profit of $693 on each loan in Q2 2024, a significant improvement from a loss of $645 per loan in the previous quarter.
Almost 80% of mortgage companies in the sample posted overall profits, including both production and servicing business lines. Of the 345 companies that reported production data, 82% were IMBs, indicating a significant rebound for these organizations, thanks to improved loan origination processes and a more favorable market environment.
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