Loan production among independent mortgage bankers increased by 50 percent over the previous quarter, the first increase in the past three quarters, according to a new report from analytics and consulting firm Richey May & Co. The report tracks loan production for 37 independent mortgage companies across the U.S.

Purchase volume spiked 62 percent, while refinance volume increased 20 percent over the first quarter of 2014.

Unfunded lock pipelines increased among independent mortgage bankers as well, rising 38 percent over the previous quarter. According to Kenneth Richey, managing partner of Richey May, this uptick indicates that the improved market conditions will continue through the coming months.

“The increase in unfunded lock pipelines suggests that we can expect to see similar, if not more improved, production in the third quarter of 2014 as well,” Richey said in a statement.

In addition to the increase in production, independent mortgage bankers improved profits by an average of 57 basis points, according to the report.

“Independent mortgage bankers’ unit volume, expenses and margins were very close to those they experienced in the third quarter of 2013,” Keith May, Richey May’s managing director for advisory services, said in a statement. “However, pre-tax profits in the second quarter of 2014 were much higher than in the third quarter of 2013. This is probably because third quarter 2013 was in the middle of a declining market, whereas second quarter of this year was in an improving market.”