Some lenders that were looking to throw in the towel after a rough first quarter experienced strong originations and returned to profitability as interest rates fell, putting the brakes on M&A activity.

Although residential loan production has been strong the past two quarters, mortgage hiring of new workers hasn’t exactly caught fire.

The Federal Reserve cut rates by 25 basis points this week, assuring mortgage lenders strong operating conditions in the months ahead. Still, the production outlook is a bit darker for 2020.