Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks spilled red ink in the fourth quarter of 2022 amid a jump in mortgage rates.

These companies reported a net loss of $2,812 on each loan originated from October to December, an increase of more than four times the average per-loan loss of $624 in the third quarter, according to the Mortgage Bankers Association (MBA).

“For the third consecutive quarter, the average pre-tax net production income was in the red, reaching a new survey low of 99 basis points of details ⇒

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