If you want to see how mortgage companies did in the 1st quarter, check out the MBA's stats on originator profitability. Independent mortgage bankers and subsidiaries saw a sharp drop in their profits in the first quarter of 2010. The average profit made on each loan was $600, a decrease of 32% from the $890 that was earned in the fourth quarter of 2009 and a 44% decline from the $1,088 that was reported in the first quarter of 2009. Companies responding to the survey reported a drop in the average production volume of about 25% - and lower volumes with the same overhead leads to less profit.

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