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Non-Tech : Cityscape Financial (CTYS)

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To: Rational who wrote (857)	10/11/1997 12:22:00 PM
From: Rational	of 2544

National Mortgage News News Bulletins for the Week of October 6, 1997 MBA Says MB Profits Improve, But... Washington-Mortgage banking profitability rose 24% last year and one reason points to subprime lending, according to the Mortgage Bankers Association. In a newly released study, the MBA found that the average mortgage banker had a profit margin of 12.3% in 1996 compared with 9.9% the year before. The trade group's chief economist, David Lereah, told National Mortgage News that "we suspect" the movement of traditional lenders into the B&C market "is one of the reasons" for the improved profit picture. Three other possible reasons, he said, are subservicing, net marketing gains, and a favorable interest rate environment. MBA defines profit margin as, "net income divided by gross income."

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