Profits from originating mortgages dipped during the third quarter, with independent mortgage banks and mortgage subsidiaries of banks reporting an average gain of $897, according to the Mortgage Bankers Association.
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"Average company production volume was up in the third quarter, which resulted in a nominal decrease in per-loan production expenses," Marina Walsh, the MBA's vice president of industry analysis, said in a press release.
"At the same time, the average loan balance for first mortgages reached its highest level since inception of the Quarterly Mortgage Bankers Performance Report in 2008. Nonetheless, production profits were slightly down because of a decrease in secondary marketing income."
Third-quarter average production volume was $437 million, up from $378 million during the second quarter, a 16% increase. Companies averaged 1,901 loans, up from 1,676 in the second quarter.
