A decline in mortgage refinancing activity dealt fourth-quarter profits a bigger hit than usual for independent mortgage banks and subsidiaries of chartered banks, according to the Mortgage Bankers Association (MBA).
MBA Vice President of Industry Analysis Marina Walsh told Dodd Frank Update that declining refinance volume is a major reason for the drop in revenue, but she believes independent mortgage bankers are up to the challenge of finding purchase borrowers to close that gap over time.
Find out more details and insight about what adjustments those bankers are expected to make going forward.