Mortgage lenders lost an average of $301 on loans originated in 2022, the first year reporting losses since tracking began in 2008, after a record high in 2021 when earnings averaged $2,339 per loan. Average loan production volume was also down by nearly half of 2021’s extraordinary 16,590 loans per company, with refinancings accounting for only 30% of volume compared to 57% in 2021. With currently high interest rates, low housing inventory and affordability challenges, volume is not expected to improve before 2024.
First Losses in Mortgage Loan Originations Following Record Highs
Published on April 14, 2023
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