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2/28/2022

TMC Lender Members See New Apps, Non-Conforming Product Mix Spike Up In January

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BY RICH SWERBINSKY, PRESIDENT & COO OF THE MORTGAGE COLLABORATIVE

Amidst a fairly sharp move upwards in interest rates, closed loan production continued to fall for the national network of lender members of The Mortgage Collaborative in the month of January. But it looks like that trend will reverse in the coming months, as we saw new applications increase by 14.4% in January vs. December.
 
The uptick in new apps was a sight for sore eyes as we saw four straight months of declines in new applications to end 2021. We also saw more non-conventional products walk in the door as new business, with non-conventional loans representing 9% of new applications in January, the first time we've seen that # higher than 7% since 2018.
 
Closed loan production (in units) was a different story, down just 27.7% during the month when compared with the month prior. The product mix on new closed loan production in January also came in at 9% non-conventional, with conventional GSE product falling from 74% to 73% of all closed loan units and government products dropping from 20% to 18% when compared with December.
 
The purchase/refinance mix trended slightly more refinance month over month, but we expect that to trend more purchase heavy in the coming months. Here's the purchase share we've seen in TMC Benchmark the last six months:
 
August 2021: 61%
September 2021: 61%
October 2021: 61%
November 2021: 62%
December 2021: 66%
January 2022: 61%
 
Operational efficiency continued to fall off in January to new all-time low levels as lenders try to make sense of how to handle overstaffed operational units amidst a volume slowdown while still trying to pursue initiatives to bring in new production. The number of closed loan units closed per full-time processor dropped to 7.3 in January from 9.0 in December. Closed loan units per full-time underwriter dropped to 22.5 from 28.9 the month prior. Closed loan units per full-time closer fell to 26.7 from 31.1 last month. The average loan originator closed 4.3 units in January, down from 4.8 in December. LO comp came in at an average of 92.3 bps, down 1.8 bps from last month's 94.1 total. 
 
Average annual compensation paid to operational staff was very flat month-over-month, with average annual comp paid to FTE processors coming in at $50,900 this month. Underwriter annual comp ticked up slightly to $83,300. Average annual comp paid to closers stayed consistent at $52,500.
 
The average "app date to clear to close date" shot back up in January after plummeting to 34.0 days in December, which is by far the lowest we've seen this number in the six-year history of TMC Benchmark. Let's take a look at how this number trended throughout the course of 2021 and now into 2022:
 
January '21 - 47.9
February '21 - 43.1
March '21 - 42.8
April '21 - 45.7
May '21 - 43.8
June '21 - 41.8
July '21 - 43.2
August '21 - 42.5
September '21 - 42.3
October '21 - 42.6
November '21 - 41.0
December '21 - 34.0
January '22 - 40.1
 
The average cost per closed loan unit our members paid for their loan origination system (LOS) came in at $116 in December, identical to the month prior. The average cost per closed loan unit for our members point-of-sale (POS) system was $58 in January and $90 for their CRM.
 
50% of this month's participants in TMC Benchmark were depositories and 50% were IMB's. 39% originate under $500M a year in annual volume, 26% originate between $500M-$1B, and 35% originate over $1 billion per year in annual production.

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2/25/2022

Preferred Partner Headlines: Week of February 28th

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Top Headlines...
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Arch MI Releases Winter 2022 Housing & Mortgage Market Review (HaMMR)
Black Knight Renews Cenlar Contract as Focus on Tech Alliances Grow

Thought Leadership...
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Arch MI Capital Commentary - NIMBYs: Hear Them Roar (And Other Views on Building More Homes)
MGIC ReadyNest: 4 Factors You Can Control that Affect Your Mortgage Interest Rate

Personnel Announcements...
Eltropy Spotlight: Michael Kadel, VP of Talent Development

Blog...
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MQMR: 2022 Subservicer Audit Calendar - Download this valuable resource today!
Eltropy: Accelerate Lending with Omnichannel Communication
ActiveComply: Understanding Targeted Ads on Social Media
Total Expert Clients: Nominations Now Open for Total Expert's Expy Awards
MQMR Weekly FAQ: Internal Audit vs. Quality Control Requirements - Fannie Mae

Events...
(Webinar) Arch MI Winter 2022 Housing Update - March 3rd at 2 pm ET | 11 am PT

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2/23/2022

PLANET HOME LENDING PAID ALMOST $1.4 MILLION IN MEMBER INCENTIVES TO TMC PARTNERS IN 2021

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Planet Home Lending, a TMC Preferred Partner since 2020, paid nearly $1.4 million in member incentives to partners across the collaborative, above the benefits of our already competitive pricing. We’re proud to be a Gold Sponsor at TMC Days, Miami Nights at the Fontainebleau Hotel, March 20-22. Set up some time to chat with us! Get in touch with SVP of Correspondent Sales Jim Loving and put us to work for you.
 
Planet offers a wide array of loan products that allow you to give your borrowers access to the right mortgage for their needs: conventional and government, manufactured homes and condos, purchase and refi and even renovation. Planet handles best effort, mandatory, and bulk purchases as well. We also offer a variety of lock options, including Lock & Shop options like TBD with ZIP code, no up-front fees, and a one-time float down option with a 120-day lock. For some products, we can even offer long-term rate lock commitments up to 360 days.
 
But you don’t have to take our word for it. According to Kate deKay, CEO of Eutis Mortgage, “Planet really understands the more complex products: 203(k), HomeStyle® Renovation loans, manufactured housing, as well as government loan products.” Keith Little, AMP, Mortgage Division President at Centennial Bank, compliments our “ease of delivery and communication.” And Jeff Rosato, SVP of Capital Markets at Nationwide Mortgage Bankers, praised our breadth of loan product offerings, saying he “can’t really think of a product they don’t buy.”

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2/18/2022

Preferred partner headlines: week of February 21st

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Top Headlines...
​Fannie Mae Cuts 2022 Origination Forecast by 5% to $3.17T
MGIC: In Honor of Black History Month - Black Homeownership Opportunities Infographic
Fannie Mae & Freddie Mac Net Worth Surge in 2021
Top 20 National Bank Lender Partners with ActiveComply for Social Media Compliance
​Black Knight Announces Executive Changes, Completion of Acquisition of Optimal Blue
Cairn Advisors: Wilco Business Review - Five Texans Are Changing the Way American Companies Purchase Healthcare for Their Employees
Freddie Mac Announces New Direct Deposit Assessment Tool
ICYMI: Vice Capital Markets Breaks Internal Trading Record in 2021
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Thought Leadership...
FinLedger Q&A with Maxwell CEO, John Paasonen

Personnel Announcements...
Freddie Mac Announces Heidi Mason as EVP, General Counsel 

Blog...
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Sales Boomerang New eBook: The True Cost of Overlooking Borrower Retention
Curinos: Mortgage Hot Topics Update
Certified Credit: Cascading VOE's
FinLocker: 10 Questions Unmarried Couples Should Ask Before Buying a Home Together
Capacity: What Gen Z Really Wants in Employee Experience?
MeridianLink: 4 Mortgage Processes You Can & Should Automate​
Arch MI vs. FHA: Before You Lock with FHA - Take 30 Seconds to Check Your Borrowers' Savings with Arch
5X Solutions: Mortgage Business Intelligence Dashboards & Financial Reporting
Download FinLocker's New Playbook: Build A Successful Purchase Market

Media...
(Video): SimpleNexus - Nexus Bilingual - Making the Loan Process More Accessible
(Video): HousingWire Demo Day - First American Docutech: Solex Order
(Video): Eltropy - Digital Communication Reinvented for Financial Institutions​
(On-demand Webinar): Making the Purchase Pivot feat. Sales Boomerang, Planet Home Lending & Assurance Financial
(Video): iEmergent Explained: What We Do

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2/10/2022

Preferred partner headlines: week of february 14th

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​Black Knight: 2021 Sees Record $2.6T in Tappable Equity Gain; Home Prices Re-Accelerate
OptiFunder Announces Fannie Mae Integration to Automate Loan Purchase Advice Data
​Mortgage Coach expands partnership with NAMMBA to grow diversity
Notarize Study Shows Lenders Can Save $444 per Loan Conducting eClosings​

Blog...
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Certified Credit: 9 Ways to Generate Affordable Mortgage Leads
Partner Update: Mortgage MarketSmart Custom Data and Mapping Platform | Far Reach (farreachinc.com)​
​Download ActiveComply's LO Cheat Sheet for Social Media Compliance
​Certified Credit: Why Your Credit Mix Matters
Total Expert: Data Points to HELOC Opportunity from Consumer Urgency Boom
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Capacity: How to Foster a Culture Open to Automation

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Media...
Lykken on Lending: The Current State of the Mortgage Industry
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(Video): Snapdocs - Proven Strategies for Accelerating eMortgage Adoption with Freddie Mac

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Events...
SimpleNexus SNUG 2022: February 28 - March 3. Register today!
MeridianLink User Forum is LIVE from Huntington Beach: May 2 - 5

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2/4/2022

PREFERRED PARTNER HEADLINES: WEEK OF FEBRUARY 7TH

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Top Headlines...
Snapdocs First to Achieve MISMO Certification for eClosing System Providers
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Fannie Mae Appraises the Appraiser
The Growth of Stewart Toward an End-to-End Real Estate Experience 
Fannie Mae Releases Home View Education: A Clearer Path to Homeownership
Black Knight's First Look at December 2021 Mortgage Data
Credit Plus | UniversalCIS Launches HMDA LAR Reporting
Arch MI Secures $315MM+ of Indemnity Reinsurance

Thought Leadership...
Triserv President, Joe Bryant: 'Paint Your Own Picture' in Creating Happy Clients

Personnel Announcements...
Melissa Smith Joins OptiFunder to Lead Product Innovation

Blog...
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Total Expert Helps FirstBank Boost LO Productivity by Over 20%
Maxwell eBook: The Future of Secondary Market Trading for Local Lenders
PHOENIX Market Snapshot - December 2021
HomeBinder Unveils Adaptive Home Value
Notarize: Top Digital Trends in Real Estate for 2022
MQMR Weekly FAQ: Challenges of the CARES Act & Reg X for Credit Reporting
​Mortgage Coach Unveils Redesigned Website

Media...
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(Video) Snapdocs & Taylor Morrison: The Road to eClose Adoption
(Video) FinLocker: First-Time Home Buyer Use Case
(Podcast) Maxwell - Clear to Close Podcast: Using Processor Insight to Innovate Back-Office Technology
(Video) Freddie Mac: eMortgage Basics

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2/3/2022

TMC Lender Members Post Record Clear-To-Close Times In December Amidst Fall-Off In New Applications

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BY RICH SWERBINSKY, PRESIDENT & COO OF THE MORTGAGE COLLABORATIVE
​

Fueled by a spike up in interest rates that choked off refinance business, the national network of lender members of The Mortgage Collaborative that submit data to TMC Benchmark saw new applications written in December fall off by 18.5% from the month prior, foreshadowing what's likely to be a tough winter for lenders off the heels of the most prosperous 18 months in the history of the industry. New applications written in December were 64% lower than the high-water mark of the pandemic (June 2020) and down 34% year-over-year from December 2020.

Closed loan production (in units) was down just 2.5% during the month when compared with the month prior. The product mix on new closed loan production in December was close to identical to what we've seen the last few months with conventional products representing 74% of closed loan units and government products coming in at 19%.

The purchase/refinance mix trended slightly more purchase month over month, with purchases accounting for 66% of all closings. Here's the purchase share we've seen in TMC Benchmark the last six months:

July 2021: 67%
August 2021: 61%
September 2021: 61%
October 2021: 61%
November 2021: 62%
December 2021: 66%

Operational efficiency continued to fall off in December as lenders try to make sense of how to handle overstaffed operational units amidst a volume slowdown. The number of closed loan units closed per full-time processor dropped to 9.0 in December. Closed loan units per full-time underwriter dropped to 28.1 from 28.6 the month prior. Closed loan units per full-time closer ticked back up (after plummeting in November) to 31.1. The average loan originator closed 4.8 units in December, the same total as December, indicating that lenders are terminating low producing loan originators as volume drops. LO comp came in at an average of 94.1, down 0.7 bps from last month's 94.8 total. 

Average annual compensation paid to operational staff continued to fall in December as well, with average annual comp paid to FTE processors falling to $50,000 this month. Underwriter annual comp fell to $82,900, this figure lived in the mid $90,000's for most of the pandemic. Average annual comp paid to closers stayed consistent at $52,600. We've seen a shift these last 18 months in how lenders compensate processors and closers, with the latter's average salary usurping the formers. Closer average annual comp has also not fallen off these last several months like processor and underwriter comp has.

The average "app date to clear to close date" PLUMMETED to 34.0 days in December, which is by far the lowest we've seen this number in the six-year history of TMC Benchmark. Let's take a look at how this number trended throughout the course of 2021:

January '21 - 47.9
February '21 - 43.1
March '21 - 42.8
April '21 - 45.7
May '21 - 43.8
June '21 - 41.8
July '21 - 43.2
August '21 - 42.5
September '21 - 42.3
October '21 - 42.6
November '21 - 41.0
December '21 - 34.0

The average cost per closed loan unit our members paid for their loan origination system (LOS) came in at $116 in December, up $3 from the month prior. The average cost per closed loan unit for our members point-of-sale (POS) system was $48 in December and $89 for their CRM.

53% of this month's participants in TMC Benchmark were depositories and 47% were IMB's. 42% originate under $500M a year in annual volume, 21% originate between $500M-$1B, and 37% originate over $1 billion per year in annual production.

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