Mortgage firms set new record for per-loan profits even as costs rise
The money lenders make on each home loan hit another survey-record high in the third quarter despite increased expenses that put downward pressure on margins, according to the Mortgage Bankers Association.
The average pretax production profit for independent mortgage companies and home-loan subsidiaries of chartered banks was 203 basis points of the principal balance on each unit originated during the period. That translates to net income of $5,535 per loan.
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