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Give your customers assurance of your professionalism and integrity. Become a Certified Reverse Mortgage Professional
Mortgage Production Profits Reach Highs
P
andemics aside, it’s a good time to be a loan originator. Net gains per loans have reached their highest levels since the Mortgage Bankers Association started tracking the profits back in 2008. All but 4% of companies reported earning a profit for the quarter. Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a net gain of $4,548 on each loan they originated in the second quarter of 2020, up from a reported gain of $1,600 per loan in the first quarter of 2020, according to the Mortgage Bankers Association’s most recent Quarterly Mortgage Bankers Performance Report. Key findings of the quarterly report include: • The average pre-tax production profit was 167 basis points (bps) in the second quarter, up from an average net production profit of 61 bps in the first quarter of 2020. • Average production volume was $1.02 billion per company in the second quarter, up from $728 million per company in the first quarter. The volume by count per company averaged 3,631 loans in the second quarter, up from 2,654 loans last quarter. • Total production revenue (fee income, net secondary marking income and warehouse spread) increased to 429 bps in the second quarter, up from 362 bps in the first quarter. On a per-loan basis, production revenues increased to $11,686 per loan in the second quarter, up from $9,582 per loan in the first quarter. • Net secondary marketing income increased to 341 bps in the second quarter, up from 283 bps in the first quarter. On a per-loan basis, net secondary marketing income increased to $9,355 per loan last quarter from $7,548 per loan in the first quarter. • The purchase share of total originations, by dollar volume, decreased to 39% in the second quarter from 52% in the first quarter. For the mortgage industry as a whole, MBA estimates the purchase share was at 37% in this year’s second quarter. • The average loan balance for first mortgages increased to a new study high of $282,309 in the second quarter, up from $276,291 in the first quarter. • The average pull-through rate (loan closings to applications) was 71% in the second quarter, up from 67% in the first quarter.
The National Reverse Mortgage Lenders Association developed this rigorous certification for industry professionals who want to give customers the confidence to know they are working with thoroughly knowledgeable and devoted individuals. Earning the CRMP* designation requires validating your experience, continuing your education annually, participating in our ethics workshop and passing an exam.
For for more information, visit nrmlaonline.org *The CRMP designation is available to members and non-members of NRMLA.
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