The third quarter used to be historically the strongest of the year for independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks. 

At least until 2022. 

On the origination side, these companies’ costs exceeded $11,000 per loan for the first time, despite a reduction of 19% year over year for the total employees per firm, which contributed to the pre-tax net income in Q3 hitting its lowest level since 2008.

Overall, these companies reported a net loss of $624 on each loan they originated from July to September, much worse than the $82 loss in the second quarter and the $2.594 gain details ⇒

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