Despite the continued softening of consumer attitudes about housing, independent mortgage bankers saw a dramatic spike in volume in the second quarter
Loan production among independent bankers spiked in the second quarter, the first increase in the past three quarters.
Independent mortgage bankers’ loan production was up 50% over the first quarter, according to a Richey May & Co. report. Purchase volume rose by 62%, while refinance volume was up 20%. Independent mortgage bankers also saw a 38% spike in unfunded lock pipelines.
““The increase in unfunded lock pipelines suggests that we can expect to see similar, if not more improved, production in the third quarter of 2014 as well,” Kenneth Richey, managing partner of Richey May, told HousingWIre.
The good news among independent mortgage bankers is an outlier in the mortgage world, where most are seeing their origination volumes go down as Americans’ attitude about the housing market worsens.
But bankers aren’t just seeing increased volume – they’re seeing rising profits as well. Independent mortgage bankers saw profits improve by an average of 57 basis points in the second quarter, according to Richey May.
How about you? Are you seeing business being affected by softening consumer attitudes toward housing? Or is your production up? Let us know in the comments below.
