Mortgage bankers' profits skyrocketed in the first quarter as a result of the refinance boom that increased overall production volumes, according to the Mortgage Bankers Association.

Lenders earned an average of $1,088 per loan, a 635% increase from the fourth quarter's $148 per loan, the trade group found in its first quarterly report measuring the performance of independent mortgage bankers and subsidiaries of banks, thrifts and hedge funds.

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