Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported less profit in the second quarter, with net gains declining to $2,023 on each loan originated compared to $3,361 in the previous quarter, according to a report published by the Mortgage Bankers Association.

The data, compiled from 361 companies, shows that the average pre-tax production profit was 73 basis points in the second quarter, down from an average net production profit of 124 bps in the first quarter and a decrease of 167 bps year-over-year.

Additionally, the average production volume came in at $1.35 billion per company, a decline details ⇒

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