Across the mortgage industry, revenues swelled to record highs in 2020. Nonbank lenders and mortgage subsidiaries of chartered banks reaped the rewards – they nearly tripled their profit per loan last year. According to recent data from the Mortgage Bankers Association, IMBs and mortgage subsidiaries averaged around $4,202 profit on each loan in 2020, compared to $1,470 per loan in 2019.
Marina Walsh, MBA’s vice president of industry analysis, noted that the pandemic-spurred surge in housing and mortgage demand, record-low mortgage rates and widening credit spreads translated into soaring details ⇒
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