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The Journal of Structured Finance

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Article

Mortgage Lender Profitability and Its Impacton Market Spreads

Michael Fratantoni
The Journal of Structured Finance Spring 2016, 22 (1) 69-76; DOI: https://doi.org/10.3905/jsf.2016.22.1.069
Michael Fratantoni
is the chief economist of the Mortgage Bankers Association in Washington, DC.
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Abstract

Persistent increases in mortgage origination costs affect both lender profitability and borrower costs. This article examines these trends and quantifies the impact of increased loan production expenses on primary–secondary spreads. An important implication for investors and analysts is that persistently wider spreads may dampen prepayment responses for a given change in secondary market rates relative to historical experience.

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The Journal of Structured Finance: 22 (1)
The Journal of Structured Finance
Vol. 22, Issue 1
Spring 2016
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Mortgage Lender Profitability and Its Impacton Market Spreads
Michael Fratantoni
The Journal of Structured Finance Apr 2016, 22 (1) 69-76; DOI: 10.3905/jsf.2016.22.1.069

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Mortgage Lender Profitability and Its Impacton Market Spreads
Michael Fratantoni
The Journal of Structured Finance Apr 2016, 22 (1) 69-76; DOI: 10.3905/jsf.2016.22.1.069
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