I disagree. What about the interest they’re continuing to earn on loans from past years? Most loans are paid back over many years. So if they have $500M earning $15M this year, and loans from last year earning $12M, and loans from 2 years ago earning $10M, etc., their revenues could easily be in that high. That’s why they call it compounding interest.
Across 30 year loan i will almost pay my original house loan double, say 75% with these lower rates these days. As long as new loans are being generated, the front end is loaded with interest. Seems revenue could be quite high on a fresh 500 mil every year, even if borrowed from other sources.