Mortgage banking income was up in the second quarter but didn’t keep pace with big increases in loan origination volume and secondary market sales. Wells Fargo accounted for the lion’s share of the increased profitability.
Limited housing supply hurt lenders’ efficiency metrics in 2018, according to a benchmarking study by Mortgage Cadence. The average time to close a mortgage increased sharply and pull-through rates declined.
Among publicly traded mortgage shops, Lending Tree CEO Doug Lebda took home the most bacon last year: $42.3 million in total compensation. But what do CEOs at private firms earn? The answer is not simple.
Originations are strong in many markets but hiring by mortgage banking firms is not particularly robust. Meanwhile, some executives wonder privately whether the rate rally is getting long in the tooth.