General World News

The average retail mortgage lender lost $645 per loan in Q1 2024 — but that’s actually a good thing

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a pretax net loss of $645 on each loan they originated in the first quarter of 2024 — a decrease from the average loss of $2,109 per loan in Q4 2023, according to the Mortgage Bankers Association’s (MBA) newest quarterly performance report.

“While the first quarter of 2024 marks the eighth consecutive quarter of net production losses, these losses were less severe than the previous two quarters,” Marina Walsh, the MBA’s vice president of industry analysis, said in a statement. “In basis points, production revenue rose above the historical details ⇒

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