WASHINGTON–New data released by the Mortgage Bankers Association shows that for mortgage lenders, during Q1 gains were down per loan while production costs were up.
According to the MBA’s Quarterly Mortgage Bankers Performance Report, during the first three months of this year lenders experienced a drop in net gains on loans originated during the quarter, declining to $575 per loan originated in Q4 of 2016 to $225 per loan. That figure was affected, however, by the fact volume by count per company was also down from 2,811 loans in Q4 to 1,944 in Q1.
The MBA said the mean production volume was reported to be $455 million per company, a drop of $235 million from the 2016 Q4 value of $690 million. In addition, average loan balances for first mortgages also fell slightly to $242,949, down from $246,473.