According 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.
Estimated reading time: 0 minutes, 20 seconds
Most mortgage lenders bled cash in the fourth quarter, notwithstanding thoroughgoing attempts to cut costs. So reports The Real Deal.
According 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.