Independent mortgage banks (IMB) and mortgage subsidiaries of chartered banks received a disappointing sales report card for 2022, which was led by a rapid rise in mortgage rates, low housing inventory and affordability challenges.

These companies reported a net loss of $301 on each loan originated in 2022, down from an average profit of $2,339 per loan in 2021, according to the Mortgage Bankers Association (MBA). This is the first time the net production income for IMBs has been in the red since the MBA began releasing the report details ⇒

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