Richey May Select performance data from 2025 is hot off the press and shows early signs of stabilization, though the market faces even more uncertainty this year. Margins remain tight, costs are elevated, and profitability continues to depend on disciplined execution. Understanding what is improving and what is not requires a deeper look into the data.
That is the focus of Inside the Trends with Tyler House, our new video series that examines mortgage performance using benchmarking data from Richey May Select. Each episode provides a practical look at how lenders are actually performing and what the numbers signal for leadership teams making strategic decisions.
A Closer Look at 2025 Mortgage Performance
In the video above, Tyler House walks through key insights from the 2025 results, highlighting several developments shaping lender profitability:
- Net production income reached breakeven on average for the first time since 2021, signaling meaningful progress
- A growing share of lenders finished the year profitable at the production level, while others continued to struggle
- Costs to originate remain near historic highs, reinforcing pressure on operating models
- Improvements in gain on sale revenue and warehouse spreads played a meaningful role in stabilizing revenue per loan
- The current environment continues to reward lenders that can generate more revenue per loan, rather than relying solely on volume to drive costs down
Taken together, the data reflects an industry that is gradually regaining balance, but still operating with little margin for error.
Why This Perspective Matters
Market commentary often focuses on rate movements, policy signals, or macroeconomic expectations. While those factors matter, they do not always reflect what lenders are experiencing inside their operations.
The insights shared in Inside the Trends are grounded in actual operating results, offering mortgage executives a clearer view of how peers are managing costs, revenue, and profitability in real time. The goal is not just to report the numbers, but to help leaders understand how to interpret and apply them within their own organization.
A Quarterly View into Mortgage Performance
New episodes of Inside the Trends will be released quarterly, aligned with updated benchmarking data. Each installment is intentionally concise, delivering focused insight without requiring the time commitment of a full webinar.
Watch the video above and look for future episodes as new data becomes available.
