Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,600 on each loan they originated in the first quarter, up from $1,182 per loan in the fourth quarter, according to the Mortgage Bankers Association’s newly released Quarterly Mortgage Bankers Performance Report.
The positive news is initial unemployment claims fell for the ninth consecutive week. The not-so-positive: nearly 28 percent of Americans who had jobs in February are now out of work.
Enterprising mortgage companies are using what they have to ensure consumers can still obtain loans during the COVID-19 crisis.
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