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New mortgage rules hindering borrowing, says Mortgage Bankers Association executive
Numbers decreased significantly from a net gain in the fourth quarter of 2013 to a net loss
Independent mortgage banks and mortgage subsidiaries of chartered banks posted a net loss of $194 on each loan they originated in the first quarter of 2014, significantly down from $150 in profit per loan in the fourth quarter of 2013. This is the sixth consecutive quarter that production income has decreased. The chief financial officer of the Mortgage Bankers Association said that new rules from the Consumer Financial Protection Bureau are constraining production capabilities and preventing less credit-worthy borrowers from obtaining a mortgage.