Independent mortgage banks (IMBs) are finally seeing light at the end of the tunnel after two grueling, profitless years in the mortgage industry.

IMBs and mortgage subsidiaries of chartered banks on average reported a pre-tax net profit of $693 on each loan they originated in the second quarter of 2024, an increase from a loss of $645 per loan in the previous quarter, according to the Mortgage Bankers Association (MBA).

“With a pickup in quarterly volume, productivity and closings-to-applications pull-through, production costs dropped by about $1,800 per loan. These developments contributed to better net results, even as production revenues decreased from the details ⇒

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