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3/31/2023

TMC BENCHMARK FEBRUARY DATA:  Numbers ARE IMPROVING Across the BoarD!

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TMC lender members saw relief this month as applications, production, efficiency, and salaries all spiked upward. Additionally, the network saw fees, costs per closed loan and app to clear to close all average downward. 
​
Closed loan units increased by 23% in February when compared to the month prior. Within that, lenders saw closed purchase loans increase and refinances dropped to a record low month over month. Refinances were 11% of all closings in February.
  
Here's the refinance share we've seen in TMC Benchmark through 2022: 
  
January 2022: 39% 
February 2022: 37% 
March 2022: 29% 
April 2022: 24% 
May 2022: 16% 
June 2022: 14%
July 2022: 13%
August 2022: 13%
September 2022: 13%
October 2022: 13%
November 2022: 13%
December 2022: 12%
January 2023: 13%
February 2023: 11%
  
The % of conventional closings also remained flat again in February at 66% (units). Historically, conventional loans have represented 75-76% of all closed loan units these past seven years. Government loan closings remained at elevated levels, coming in at 28% of all closings this month, far above the 18-20% ranges we’ve historically seen in TMC Benchmark. 
  
New applications increased by 21% in February from the previous month. Conventional loans remained flat at 62% of new app share.
Operational efficiency increased for all categories in February. The number of closed loan units closed per full-time processor increased to 6.5, and closed loan units per full-time closer increased to 20.6 in February from 17 in January. Closed loan units per full-time underwriter rose to 16 in February from 14 in January. The average loan originator closed 2.3 units in February, a bump from 1.9 in January. LO comp came in at an average of 89.6 bps, up 2.6 basis points (bp) from last month's 87 total. 
  
Average annual compensation paid to operational staff increased month-over-month, with average annual comp paid to FTE processors at $57,699 this month. Underwriter annual comp lowered slightly to $84,762. Average annual comp paid to closers rose once again to $55,426.
  
The average "app date to clear to close date" increased to 34.5 this month. Let's look at how this number trended throughout the course of 2021 and 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 
February '22 - 39.6 
March '22 - 39.6 
April '22 - 39.6 
May ’22 – 42.3 
June '22 – 39.7
July '22 – 39.2
August ’22 – 38.45
September ’22 – 38.93
October ’22 – 37.07
November ’22 – 40.7
December ’22 – 36.97
--- 

January ’23 – 38.33
February ’23 – 34.5
The average cost per closed loan unit our members paid for their loan origination system (LOS) increased in February to $230 from $224 the previous month. The average cost per closed loan unit for our members' point-of-sale (POS) system dropped $9 to $83.4 in February and dropped 1 bps to $96 for their CRM.  
  
Average non-third-party lender fees for conventional loans lowered to $1,190 in February compared to $1,246 the previous month. Government lender fees also reduced from $1,253 to $1,111 in this most recent month. 
  
59% of this month's participants in TMC Benchmark were depositories, and 41% were IMBs. 36% originate under $500M a year in annual volume, 22% originate between $500M-$1B, and 41% originate over $1 billion per year in annual production. 

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3/31/2023

Preferred Partner Headlines: Week of April 3rd

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Top Headlines
Maxwell Q1 2023 Mortgage Lending Report
Fannie Mae Appraisal Archive featuring March 2023 Updates
Optimal Blue, a division of Black Knight: Weekly Market Update - 3/29/23 rd
Maxwell Ranked #15 in Business Insiders' Top PropTech Start Ups in 2023
Total Expert Announces Updates to Total Expert on Salesforce AppExchange, the World's Leading Enterprise Cloud Marketplace
Candor, FinLocker, OptiFunder Win Progress in Lending Innovations Award

Thought Leadership
Certified Credit: Reducing Loan Origination Costs Despite Rising Credit Reporting Fees
Curinos Senior Consumer Lending Market Analyst, Ken Flaherty: Is Fintech A Threat to Home Equity Business As We Know It?

Personnel Announcements
Dovenmuehle Adds Anna Krogh as VP of Business Development to Expand Mortgage Subservicing Footprint
Cenlar FSB Names Rene Gonzales as Chief Technology Officer
Total Expert Welcomes Tony Barbone as New CRO
Garris Horn Expands Firm With Addition of Renowned Litigation Attorney, James Brody, Esq.

Media
(Video) SimpleNexus Overview: Streamlining Homeownership
Lodestar Lending Leaders Podcast: Viewing Challenges as Opportunities featuring SimpleNexus CTO, Lori Brewer

Blogs
ActiveComply: Remote Control - 3 Reasons Why You Should Take Your Office Inspections Online
More Than MI, See All the Value Adds Partnering with MGIC Provides Your Lending Operation
Arch MI: How to Build Strong Realtor Partnerships That Will Drive Success in 2023
New Optimal Blue White Paper: Pool Solver - Bringing Time & Basis Points to the Secondary Market
MGIC's ReadyNest Blog, featuring Vance Edwards: Should You Buy a Home During Uncertain Times?
​OptiFunder: Independent Mortgage Originators Embrace Warehouse Management Technology to Improve Profitability, Operations

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3/30/2023

HOUSINGWIRE'S 2023 TECH100 LIST IN REAL ESTATE & MORTGAGE HIGHLIGHTS 17 TMC PREFERRED PARTNER COMPANIES

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HousingWire just announced their 2023 TECH100 List which highlights innovative Real Estate and Mortgage companies from this year. For the 11th year in a row, HousingWire features multiple corporations that are bringing revolutionary technology to improve our industry and its operations. Whether it’s automating tasks or changing a step in the loan origination process, we are lucky to have 17 of our TMC Preferred Partners showcased in this list!
 
Join us in congratulating the 17 Preferred Partners that were recognized for their up-and-coming tech in Real Estate and Mortgage! 

  • ActiveComply
  • Black Knight
  • Candor
  • Denim Social
  • Docutech, a First American company
  • Freddie Mac
  • Matic Insurance
  • Maxwell
  • MeridianLink
  • OptiFunder
  • Optimal Blue, a division of Black Knight
  • SimpleNexus, an nCino company
  • Snapdocs
  • Total Expert
  • TRUE
  • TrustEngine
  • Xactus

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3/23/2023

Preferred Partner Headlines: Week of March 27th

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Lykken on Lending 3/22/23 Podcast features TMCU & TMC's Stacie Weider Highlighting TMC's New Educational Platform
Bloomberg: How M&T Bank Avoided Long-Dated Mortgage Securities Since the Math Didn’t Work
Black Knight: Bank Failure Drama - Actions You Can Take to Mitigate Risk 
iEmergent: LMCU Case Study - Lake Michigan Credit Union Boosts Originations, Grows Referral Network & Recruits Ideal Talent with Market Intelligence
Optimal Blue, a division of Black Knight: Weekly Market Update - 3/22/23

Thought Leadership
matchbox, LLC President, Frank Fiore: Thoughts & Opinions on Mortgage Banking Issues & Challenges

Personnel Announcements
SocialCoach Taps Fintech Exec Andria Lightfoot as President & COO, In Addition to Launching AI-Powered Social Media Marketing Solution
Total Expert Welcomes Bill Parker as Chief Technology Officer to Foster Continued Platform & Technology Growth

Media
The Lending Buzz Podcast: featuring SimpleNexus, Co-Founder & CEO, Ben Miller
3.23.23 The Rise of Technology; Optimal Blue's Mike Vough on the MSR Market; Why the Fed Chose 25

Blogs
Curinos Perspective: Fed Keeps Up the Fight Against Inflation Amid Banking Sector Uncertainty
Arch MI Capital Commentary: Growing Risks to Housing Finance System?
Maxwell: How to Combat Rising Costs & Creeping Inefficiencies in Your Mortgage Process 
Certified Credit Insights: Climate Change's Impact on Mortgage Lending & Flood Zone Determination

Events
Stay ‘Connected’ with TMC Connect & Check Out the Jam Packed Lineup of Sessions to Close out March on into April!

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3/17/2023

Preferred Partner Headlines: Week of March 20th

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ICYMI: Pending FTC Approval, Black Knight & ICE Announce Agreement to Sell Empower LOS to Constellation Mortgage Solutions 
Fannie Mae Updates Selling Guide to 'Modernize' Appraisal Options
Total Expert Named to Inc. 5000's Fastest Growing Midwest Companies for 4th Consecutive Year
PHOENIX Market Snapshot - January 2023
Optimal Blue, a division of Black Knight: Weekly Market Update - 3/15/23
Download MQMR's 2023 Fair Lending Compliance Whitepaper
Black Knight Originations Market Monitor Report: Loan Demand Dips & Borrowers Shift Toward Jumbos, ARMs as Rate Rise Resumes

Thought Leadership
ICYMI: Vice Capital Markets Principal, Chris Bennett: Hedging & Trading - Tips & Tricks From Pros on Maximizing Profits in a Volatile Markets
TrustEngine Chief Innovation Officer, Dave Savage: What is a BIP?
The M Report: Managing AI & ML in the Mortgage Space
Arch MI PolicyCast: Risks & Rewards of Small IMBs

Personnel Announcements
Cenlar FSB Appoints Pete Johnson Vice President Special Products in Loan Operations

Media
(Video) Black Knight VP, Andy Walden on CNBC's The Exchange: Housing Market's Slow Bumpy Return to Normalcy
(Podcast) Lykken on Lending 3/14: Customer Intelligence featuring Total Expert's Joe Welu
(Podcast) Chrisman Commentary, featuring MGIC's Vance Edwards on Mortgage Insurance Misconceptions
(On-Demand Webinar) Black Knight Mortgage Monitor January 2023 Report - Impact on the Mortgage Market
(Podcast) Total Expert's Expert Insights, featuring Assurance Financial's Katherine Campbell: Raising Industry Standards Using Tech & Innovation

Blogs
Arch MI HaMMR Digest: 3/13 - Panic Flips the Script
Curinos: Mortgage Hot Topics - 3/10/23
Snapdocs: Quantifying the Value of eClose 
MQMR Weekly FAQ: Fannie Mae's Quality Control Audit Requirements
Docutech Checklist: Is Your eClose Solution Working As Hard As You?
Experience.com: 5 Things Every Mortgage Marketing Professional Must Include in Their 2023 Strategy
ActiveComply's Remote Office Inspection Offering
CondoTek: Fannie Mae Unavailable List Removal
New Research Report from TRUE: The Continuously Improving ROI of Trusted Data
Arch MI Capital Commentary: On The Road Asking Local Experts About Limited Housing Supply
Surefire, a Black Knight company Quick Guide: Mortgage Marketing Essentials - CRM
Docutech Whitepaper: Maximizing the Use of Your Document Generation Vendor To Reduce Costs & Create Efficiency
Black Knight Mortgage Monitor January 2023 Report
Total Expert Activity Alerts: Know What Your Customers Need in Real-Time
ICYMI: MQMR Weekly FAQ: 2023 State Privacy Laws & Exemptions

Events
LinkedIn Live: FinTech Friday’s: Finfluencer Strategies to Build Your Homebuyer Database, hosted by FinLocker’s Brian Vieaux
California MBA webinar: 3/23 @ 2PM ET | 11AM PT: Optimizing Loan Quality & Navigating the Next Wave of Buybacks, featuring Johnston | Thomas's, James Brody, Esq., & MQMR's Scott Weintraub

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3/1/2023

TMC BENCHMARK JANUARY DATA: Applications Rise 19% in January Month-Over-Month

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TMC lender members saw a welcomed increase in applications to start off 2023. Alternatively, the network saw closed loan production drop fairly significantly compared to last month.

New applications increased by 19% in January from the previous month as rates dipped down during the month, pushing home purchasers off the fence. Conventional loans remained flat at 65% of new app share. It will be interesting to see how the recently announced reduced FHA mortgage insurance premiums impact the mix of new business we see going forward.

Closed loan units decreased by 38% in January when compared to the month prior. Within that, lenders saw closed purchase loans and refinances continue to remain flat month over month. Refinances went back to 13% of all closings in January.

Here's the refinance share we've seen in TMC Benchmark since the beginning of 2022:
​

January 2022: 39%
February 2022: 37%
March 2022: 29%
April 2022: 24%
May 2022: 16%
June 2022: 14%
July 2022: 13%
August 2022: 13%
September 2022: 13%
October 2022: 13%
November 2022: 13%
December 2022: 12%
January 2023: 13%


The % of conventional closings also remained flat again in January at 64% (units). Historically, conventional loans have represented 75-76% of all closed loan units these past six years. Government loan closings remained at elevated levels, coming in at 28% of all closings this month, far above the 18-20% ranges we’ve historically seen in TMC Benchmark.

Operational efficiency declined for all categories in January. The number of closed loan units closed per full-time processor lowered slightly to 5.37, and closed loan units per full-time closer lowered to 17 in January from 19 in December. Closed loan units per full-time underwriter lowered to 14 in January from 16 in December. The average loan originator closed 1.9 units in January, a drop from 2.2 in December. LO comp came in at an average of 87 bps, down 10.9 basis points (bps) from last month's 97.9 total.

Average annual compensation paid to operational staff increased month-over-month, with average annual comp paid to FTE processors at $51,712 this month. Underwriter annual comp lowered slightly to $85,194. Average annual comp paid to closers rose to $54,632.

The average "app date to clear to close date" increased to 38.33 this month. Let's look at how this number trended throughout the course of 2021 and 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
February '22 - 39.6
March '22 - 39.6
April '22 - 39.6
May ’22 – 42.3
June '22 – 39.7
July '22 – 39.2
August ’22 – 38.45
September ’22 – 38.93
October ’22 – 37.07
November ’22 – 40.7
December ’22 – 36.97
---
January ’23 – 38.33

The average cost per closed loan unit our members paid for their loan origination system (LOS) increased in January to $224 from $173 the previous month. The average cost per closed loan unit for our members' point-of-sale (POS) system climbed $20.91 to $92.46 in January and rose 2 bps to $97 for their CRM. 

Average non-third-party lender fees for conventional loans crept up slightly once again to $1,246 in January compared to $1,225 the previous month. Government
lender fees rose slightly from $1,226 to $1,253 in this most recent month. 

58% of this month's participants in TMC Benchmark were depositories, and 42% were IMBs. 38% originate under $500M a year in annual volume, 25% originate between $500M-$1B, and 37% originate over $1 billion per year in annual production.

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  • Join Our Family
  • Our Events
    • Event Calendar
    • Conferences >
      • Music to My Ears: TMC in Nashville!
    • The Last Week in Mortgage, Today
    • The Rundown
  • Preferred Partners
  • TMCU
  • TMC Emerging Tech Fund