I was just reading an article from Market Insider and they say that lenders posted an average loss per mortgage last year. Can you folks enlighten me as to how that happens?
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I’m not very well versed in it but from what I can tell the demand for mortgages and the number being closed fell off too fast and so the lenders had too many people for the number of mortgages they signed. Their income on the mortgage didn’t cover the cost of all their employees.
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