The mortgage industry is continuing on a positive trajectory towards profitability, despite the many challenges faced in 2020. According to data from the Inside Mortgage Finance Retail Intelligence Report, the second quarter of 2023 has seen an overall improvement in profitability among independent mortgage bankers (IMBs).
In total, 58% of retail IMBs reported profitability in Q2, up from 32% in the first quarter of 2023. This rate of profitability is above equivalent levels from the second quarter of 2020, indicating that the industry is navigating market forces with success. Profitability was not limited to a single business line, however. Both production and servicing IMBs saw increases in profitability, with the largest increases coming from those IMBs specializing in correspondent lending services.
• 58% of retail independent mortgage bankers reported profitability in Q2 of 2023, up from 32% in Q1
• Overall profitability is above equivalent levels from the same period in 2020, indicating success in navigating the market
• Production and servicing lines both saw significant improvements in profitability, with the largest increases seen in those IMBs offering correspondent lending services
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