Mortgage banking companies had a moderately good second quarter in 1994, good enough to erase their first-quarter losses and break even for the first half, according to a new compilation by the Mortgage Bankers Association.

The figures, based on reports from 304 companies, show that the industry had a profit margin of 0.3% and a return on equity of 0.4% for the first half. The average company had a meager profit of just $56,000, the trade group found.

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