RISMedia (10/08/08)
The Mortgage Bankers Association's 2008 Cost Study indicates an average loss of $560 per lender per loan in 2007, versus a $50-per-loan loss the prior year, while production operating expenses bumped up 7 percent to $3,663 per loan. The report also documents a drop in pre-tax net financial income per lender to $0.9 million on average from $6.4 million over the same time span, while net cost to originate rose to $2,655 from $2,476. Additionally, net warehousing income declined to $175 per loan from $245 per loan; and net marketing income decreased to $1,920 per loan from $2,180 per loan. Marina Walsh, MBA's associate vice president of research and economics, notes that the plunge in production profits is "a continuation of a downward trend that began in 2004."
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