General World News

The average IMB lost $1,972 per loan in Q1 


Despite a marked improvement from the fourth quarter of 2022, independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks still lost a mountain of money in the first quarter.

On average, IMBs reported a net loss of $1,972 on each loan originated from January to March, a 35% improvement from the reported loss of $2,812 per loan in the fourth quarter of 2022, according to the Mortgage Bankers Association (MBA).

A net production loss of 68 basis points in the first quarter is a sober reminder that conditions remain extraordinarily challenging for the industry, even details ⇒

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