Nonbank mortgage lenders regained their footing in the third quarter, upping their net profit by 28% to $2,594 on each loan originated, according to a quarterly report published by the Mortgage Bankers Association on Tuesday. But they would be wise to look at expenses, which climbed to the second-highest rate in recorded history.
The results follow a turbulent second quarter, in which lenders fretted as net income and gain-on-sale margins cratered. The trade association found that from April to June 30, the reported net gain for nonbank lenders was $2,023, down from a reported gain of $3,361 details ⇒
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