One statistic in the Mortgage Bankers Association’s latest quarterly Mortgage Bankers Performance Report sticks out for all of the wrong reasons. In the first quarter of 2022, the average cost to originate a mortgage for an independent mortgage bank was more than $10,000 per loan, rising for the seventh consecutive quarter and breaking previous report records.
So, why are production costs so high? A major factor driving non-sales costs is that we continue to re-enter, verify, and validate data at different checkpoints throughout the mortgage lifecycle. Even though this practice is highly inefficient, it happens because we have many parties details ⇒
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