奥纬咨询：2025年承压前行：美国抵押贷款市场破局致胜的关键研究报告（英文版）

Economic pressure, due to lower revenues and an expense base that hasn’t been fully scaled down, will lead some banks to make the necessary operating model changes to chart a path towards profitability and a right-sized business. While originate-to-sell profits hit record highs in 2020 and 2021, this boom was an exception to a longer-term trend of rising costs and flat or declining gain-on-sale margin. This trend continued where it left off before the boom, as a profit of 58 basis points (bps