In January, the origination forecast for 2019 looked bleak but that was before rates began their relentless descent. Today? Optimism abounds with several shops reporting strong lending results for 3Q19.
For the fiscal year ending Sept. 30, 2018, MBA took in $65.1 million of revenue versus expenses of $54.4 million, according to a newly released tax filing. Roughly half of its annual revenue comes from its hugely popular annual convention.
Mortgage lenders posted a net gain of $1,675 per origination in the second quarter, the best quarter the industry has seen since the third quarter of 2016, the Mortgage Bankers Association said in a recent report.
Mortgage banking income was up in the second quarter but didn’t keep pace with big increases in loan origination volume and secondary market sales. Wells Fargo accounted for the lion’s share of the increased profitability.
Seven publicly held nonbanks reported a combined loss of $47.8 million on their mortgage banking operations in the second quarter as interest rate volatility hammered their servicing books.
RSS