MBA Advocacy Update
MBA continues to advocate for the industry to help MBA members address the financing needs of their customers during the ongoing pandemic and will provide updates as they become available. Several updates pertaining to COVID-19, along with other industry activities, are included in this week’s communication.
MBA: 2019 IMB Production Volumes, Profits Rise
Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $1,470 on each loan they originated in 2019, up from $367 per loan in 2018, the Mortgage Bankers Association reported Friday in its Annual Mortgage Bankers Performance Report.
MBA Chart of the Week: Year over Year Change in Purchase Applications
According to data from MBA's State Monthly Activity Report (SMAR), purchase applications grew for 14 consecutive months until the impacts of COVID-19 slowed activity to a 2 percent decline in March. Most of the decline was likely in the last two weeks of the month, when many states enacted restrictions on non-essential business and social activity.
The Week Ahead
Good morning! Welcome to Monday—a day like any other day. (Sigh) To all of you out there: thank you for what you are doing to help people achieve—and maintain—the American Dream. Stay healthy and safe.