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Mortgage Banks’ Belt-Tightening Couldn’t Beat Volume Decline

Most mortgage lenders bled cash in the fourth quarter, notwithstanding thoroughgoing attempts to cut costs. So reports The Real Deal.

MBAAccording to a survey by the Mortgage Bankers Association, three out of four independent mortgage banks were in the red during the last three months of 2022.

The survey found that the lenders averaged a fourth-quarter loss of $2,812 per loan.

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