Profit margins in the first quarter of 2021 will decline from the fourth quarter of this year, according to a survey of mortgage executives by Fannie Mae. Executives also believe the refi boom might have peaked.

Wells Fargo accounted for most of the improvement in servicing profits among a group of 14 public companies. Earnings from origination and secondary marketing remained sky-high. (Includes data chart.)

The newly public mortgage lender, Guild, reported $182.1 million in net income for the third quarter while the soon-to-be listed Finance of America posted net earnings of $241.6 million.

The top three banks reported a combined $2.3 billion in mortgage banking income for the third quarter of 2020, up $1.3 billion from the prior period. (Includes data chart.)

Time to start thinking about 2021? Sure, but lenders are plenty busy these days. The fourth quarter could be a barn-burner, just like 3Q20.

Although gain-on-sale margins narrowed from the second to the third quarter, nonbanks reported strong results from their origination and secondary market activity. (Includes data chart.)

Working from home is going pretty well for lenders, with some reporting increased productivity and only one out of 33 surveyed noting a reduction in profits.

The sale of Ginnie servicing rights have been anemic for two full quarters. But hope springs eternal the market might be reviving soon.

The number of LOs hired and coached increased by 19% year-over-year, according to LBA Ware.

Wells Fargo's huge increase in mortgage-banking income accounted for nearly all the gain reported by 19 publicly traded banks. Still, the second and third quarters of 2020 were incredibly lucrative for mortgage banking platforms. (Includes data chart.)