{"id":4178,"date":"2023-05-18T17:10:46","date_gmt":"2023-05-18T17:10:46","guid":{"rendered":"https:\/\/frankbuysphilly.com\/the-average-imb-lost-1972-per-loan-in-q1\/"},"modified":"2023-05-18T17:10:46","modified_gmt":"2023-05-18T17:10:46","slug":"the-average-imb-lost-1972-per-loan-in-q1","status":"publish","type":"post","link":"https:\/\/frankbuysphilly.com\/the-average-imb-lost-1972-per-loan-in-q1\/","title":{"rendered":"The average IMB lost $1,972 per loan in Q1\u00a0"},"content":{"rendered":"
\n<\/p>\n
Despite a marked improvement from the fourth quarter of 2022<\/a>, independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks still lost a mountain of money in the first quarter.<\/p>\n On average, IMBs reported a net loss of $1,972 on each loan originated<\/a> from January to March, a 35% improvement from the reported loss of $2,812 per loan in the fourth quarter of 2022, according to the Mortgage Bankers Association<\/strong><\/a> <\/strong>(MBA).<\/p>\n A net production loss of 68 basis points in the first quarter is a sober reminder that conditions remain extraordinarily challenging for the industry, even if losses narrowed from the record 99 bps loss recorded in Q4. <\/p>\n