Independent mortgage banks (IMBs) as a group expanded their profitability in the third quarter of 2024. But fewer companies recorded profits compared to the previous quarter, despite a brief dip in mortgage rates.

According to the Mortgage Bankers Association (MBA), IMBs and mortgage subsidiaries of chartered banks reported an average pretax net profit of $701 per loan in Q3 2024, up from $693 in Q2. But only 71% of companies in the MBA survey reported a profit across their origination and servicing lines, a decrease from 78% in the prior quarter.

“Mortgage companies reported net production details ⇒

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