The closings-to-application ratio declined by five percentage points in Q1, affecting both revenue and cost, while rising mortgage rates and low housing supply resulted in lower production volume.
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Independent Mortgage Banks Show Production and Profits Down
The 2017 Quarterly Mortgage Bankers Performance Report for Q1 was released on Tuesday and reported that independent mortgage banks were having a rough start in the first quarter of 2017. Per loan, gains and production costs are down, resulting in lower net profits. Q1 was also a record breaking quarter for two statistics since its inception in 2008.
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