Offsetting this decrease is an increase in loans held for sale fee
income of $573,000.
6 million for the same period in the prior year, due primarily to a decrease in loans held for sale fee
income resulting from lower mortgage origination volume due to an industry wide decline in the real estate market, as well as the Company operating with a smaller mortgage department as a result of restructuring.
Through a secure ClickandBuy account, producers can start selling their product with a marginal 7% per sale fee
from RedAntenna; on average 20% less than fees demanded by larger corporations.
The principal factor driving the decrease in non-interest income was a decrease in Loans Held for Sale Fee
Income resulting from lower mortgage origination volume due to higher interest rates and an industry wide decline in the housing market.
As with traditional eBay Motors listings, a $50 sale fee
applies for vehicles that sell online wherein the buyer benefits from eBay's extensive online buyer protection programs and dealers benefit by building transaction feedback that strengthens their eBay reputation.
The Company had no such sale fee
income in the first quarter of 2006.
51 million (as of March 31, 1996), (ii) a sale fee
equal to approximately $6.