Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported an average net loss of $1,015 on each loan they originated in the third quarter of 2023. That’s nearly double the reported loss of $534 per loan in the previous quarter, according to the Mortgage Bankers Association (MBA).

The average pre-tax production loss was 34 basis points (bps) in Q3. A decline in originations volume worsened net-production losses in Q3 compared to Q2, the MBA noted. 

“While production revenues stayed relatively flat, per-loan production costs reverted to the third-highest level in the details ⇒

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