Mortgage Banking Profits Fizzle In 4th Quarter, But Gains Up in ‘05
Deteriorating secondary market pricing conditions helped drive mortgage profitability sharply lower in the fourth quarter of 2005, according to a new Inside Mortgage Profitability analysis of financial results from 28 lenders. Although the year ended with a thud, 2005 as a whole brought solid profit gains for most lenders compared with 2004. In fact, indicators of the market’s overall health were favorable: new mortgage originations were up a surprising 6.8 percent and topped the $3… [One data table included]