Independent mortgage banks and mortgage subsidiaries of banks saw their production profits rise in the fourth quarter of 2014 compared to a year earlier, according to data from the Mortgage Bankers Association.
Fourth-quarter profits for the 338 companies who participated in the Washington-based trade group's
The average loan balance for first mortgages increased to a new high for the report, at $233,655, the MBA said.
Meanwhile, the average production volume in the fourth quarter was $417 million per company, up from $367 million in 4Q13, but down from $437 million in 3Q14, the MBA said.
However, each company that participated in this report averaged 1,769 loans during the quarter, up from 1,641 loans a year ago.
In addition, the MBA revealed that 74% of reported participants had overall positive pretax profits in the fourth quarter. This is up from 58% during the same quarter last year.
