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4/28/2023

Preferred Partner Headlines: Week of May 1st

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Fannie Mae Boots Housing Outlook Even as Economy Slows
ICYMI: TrustEngine’s Sales Boomerang releases Q1 2023 Mortgage Market Opportunities Report
Optimal Blue, a division of Black Knight: Weekly Market Update - 4/26

Thought Leadership

FinLocker President & COO, Brian Vieaux: How to Build & Expand A Strong Referral Network
OptiFunder Founder, Michael McFadden: CFO's Embrace Tech for Strategic Advantages to their Organizations
Fannie Mae Single-Family Risk Management SVP, Jake Williamson: How We Manage Appraisal Quality
Arch MI Capital Commentary, featuring Kirk Willison: Housing is Looking Up!

TMC Connect Schedule, Early May

5/3 @ 3PM ET: Clean Up With Clean Data, featuring TRUE's Bob Noble & Arvest Bank's Shawn Karnes
5/9 @ 3PM ET: TMC Credit/Verification Series, Part 2: Thinking Outside the Box to Offset Credit & Verification Expenses
5/10 @ 2PM ET: Purchase Loan Growth By Market - Know Your Opportunity with Curinos

Media

(On-demand Video) Built & CBRE Collaborate to Create A More Efficient & Transparent CRE Lending Experience

Blogs

Black Knight: It Pays to Invest in Your BI 
Certified Credit's First-Time Homebuyer Guide
MQMR Weekly FAQ: Fannie Mae - OFAC Compliance Program
Stewart Valuation Intelligence: Validity Suite of Remote Inspection Tools - Meeting Today's Needs & Tomorrow's Challenges
MeridianLink - FirstBank Case Study
Certified Credit: How Mortgage Lenders Can Harness AI & Automation in 2023
ICMYI: MQMR Weekly FAQ: IMBs, Marijuana, AML Audits & 4:20

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4/27/2023

TMC BENCHMARK MARCH DATA: More relief for TMC! Production and Efficiency are on a steady incline month over month, and closings rose again by the same percentage. (You’re not seeing double)

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TMC lender members saw a steep drop in their Cost Per Closed Loans for each system, and most significantly for Point-of-Sale systems. And while closed loans increase yet again in March by the same percentages, refinances hit an all-time low. TMC saw Production climb 10 units monthly since the start of 2023. Efficiency has increased for every position since 2023, with the biggest increase coming from closers. 

Closed loan units increased by 23% in March 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 10% of all closings in March.
 
Here's the refinance share we've seen in TMC Benchmark through 2022 and 2023:
 
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%
March 2023: 10%

The % of conventional closings also remained flat again in March at 66% (units). Historically, conventional loans have represented 75-76% of all closed loan units these past seven years. Government loan closings are steadily climbing, coming in at 28% of all closings yet again this month, far above the 18-20% ranges we’ve historically seen in TMC Benchmark.

New applications increased by just 4% in March from the previous month. Conventional loans remained flat at 64% of new app share.
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Operational efficiency increased for all categories again in March. The number of closed loan units closed per full-time processor increased to 9.2, and closed loan units per full-time closer increased to 27 in March from 20.6 in February. Closed loan units per full-time underwriter rose to 22.8 in March from 16 in February. The average loan originator closed 3.1 units in March, also steadily climbing from 2.3 in February. LO comp came in at an average of 88 bps, down 1.6 basis points (bp) from last month's 89.6 total.

Average annual compensation paid to operational staff increased month-over-month, with average annual comp paid to FTE processors at $51,585 this month. Underwriter annual comp lowered slightly to $84,510. Average annual comp paid to closers also lowered slightly to $54,533.

The average "app date to clear to close date" increased to 35 this month. Let's look at how this number trended throughout the course of 2021 and 2022:

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
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January ’23 – 38.33
February ’23 – 34.5
March ’23 – 35.1
​

The average cost per closed loan unit our members paid for their loan origination system (LOS) decreased in March to $173 from $230 the previous month. The average cost per closed loan unit for our members' point-of-sale (POS) system dropped $22.50 to $61 in March and dropped 6 bps to $90 for their CRM.  

Average non-third-party lender fees for conventional loans are up to $1,395 in March compared to $1,190 the previous month. Government lender fees rose slightly from $1,111 to $1,182 in this most recent month.

54.8% of this month's participants in TMC Benchmark were depositories, and 42.2% were IMBs. 43.8% originate under $500M a year in annual volume, 20.3% originate between $500M-$1B, and 35.9% originate over $1 billion per year in annual production.

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4/20/2023

Preferred Partner Headlines: Week of April 24th

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TrustEngine Releases its Q1 2023 Mortgage Market Opportunities Report
Planet Home Lending Introduces Interest Rate Buydown Program
Built Technologies Secures Investment from Citi
Total Expert LendTech of the Future Award Finalist in FinTech Futures Banking Tech USA Awards
Fannie Mae Q1 2023 Home Price Index Shows Prices Grew 4.7% Annually From Q1 2022 to Q1 2023
Black Knight: Mortgage Rate Lock Volume Surged in March by 43%
Start Your Free Trial with Capacity Today!
Total Expert is Now Available in AWS Marketplace to Help Financial Institutions Maximize Technology Spend Amid Market Disruption
Optimal Blue, a division of Black Knight: Weekly Market Update - 4/19/23
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Thought Leadership
iEmergent: Mind the Gap - What CONVERGENCE Columbus Can Teach Us About Increasing Black Homeownership
Denim Social Case Study Guide: Your Social Selling Strategy for Spring Buying Season 2023
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Personnel Announcements
Stewart Announces Ryan Swed as New Head of Direct Operations
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TMC Connect Partner Event Schedule
Tues 4/25 @ 3:00PM ET - TMC Credit/Verification Cost Saving Series - Part 1: Best Practices to Minimize Controllable Credit & Verification Expenses
Wed 5/3 @ 4:00PM ET - Clean Up with Clean Data: Why Data Quality is Key to Transforming Productivity & Business Elasticity in Mortgage Origination

Media
(Podcast) Chrisman Commentary 4/19/23, featuring Candor's Ed Kourany & Sarah Knochel on Tech Advancements, Trigger Leads & MBS Portfolio Sales
(Video) Arch MI PolicyCast: How to Solve the Affordable Housing Crisis with National Housing Conference 
President & CEO, David Dworkin
(Video) Optimal Blue Weekly Market Update - 4/19/23

Blogs
Curinos Perspective: Fed Keeps Up The Fight Against Inflation Amid Banking Sector Uncertainty
Surefire, a Black Knight company: Mortgage Marketing Essentials - Lead Generation 101
TRUE: The Continuously Improving ROI of Trusted Data
Matic: 6 Ways for Mortgage Lenders to Improve the Customer Experience
MQMR: Compliance Policies & Procedures List
Capacity: Top 5 Benefits of Conversational AI + How OpenAI Can Automate Your Help Desk Solution
MGIC: Host Your Own Homebuyer Seminar
MQMR: Residential Mortgage Servicing Policies
MGIC First-Time Homebuyer Resource Library
ICYMI: Capacity Acquires Textel to Enable Businesses with Conversational AI in SMS
ICYMI: Maxwell 2023 Hispanic American Borrower Report

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4/13/2023

Preferred Partner Headlines: Week of April 17th

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iEmergent HMDA Data: Here Are the Top 25 Mortgage Lenders in America for 2022
FTC Seeks Injunction to Halt ICE, Black Knight Deal
Optimal Blue, a division of Black Knight: Weekly Market Update - 4/12/23
Arch Insurance Buys Small Business Insurance Provider Thimble
Black Knight Mortgage Monitor Report: February 2023

Thought Leadership

Maxwell CFO, Bob Groody & Senior Product Manager, Josiah Feuerbacher on Maxwell's Quarterly Lending Report: Spring Buying Season - Is it Poised for a Surge?

Personnel Announcements

Boston National Title SVP & BNT Title Co. of California, President, Cheri Caudillo-Kluft, Honored as Woman of Inspiration in Mortgage Lending
Freddie Mac Single-Family Senior Director, Christina Randolph Awarded MBA 2023 Tech All-Star
Stewart Announces Erin Sheckler as New Head of National Commercial Services

TMC Connect Schedule, Week of 4/17

4/20 @ 2:00PM ET: 2022 HMDA Data Insights from iEmergent
4/20 @ 4:00PM ET: Shared Confidences: Why Trust in AI-Derived Loan Data Will Increase Liquidity & Competition in the Mortgage Industry
TMC Credit/Verification Cost Savings Series 4/25 @ 3PM ET: Part 1: Best Practices to Minimize Controllable Credit & Verification Expenses

Media

Podcast: The Evolution of Digital Closings, featuring Snapdocs VP of eMortgage Strategy & Industry Affairs, Camelia Martin
(Video) Black Knight's VP of Enterprise Research & Strategy, Andy Walden on CNBC's The Exchange: How Housing Demand Is Bumping Against Supply Constraints
(Podcast) Chrisman Commentary featuring SimpleNexus' Jay Arneja on eClose & Latest Inflation Reading
(Podcast) 4/10 Chrisman Commentary, sponsored by SimpleNexus, featuring Curinos' Jon Sayre: Funded Mortgage Volume, Production Trends & Data
(Video) California MBA Connects, featuring TRUE SVP of Product & Innovation, Bob Noble
(On-Demand Webinar) Black Knight Mortgage Monitor - February 2023: Impact on the Mortgage Market

Blogs

Curinos Mortgage Hot Topic: March Refi Cycle Times, Jumbo Rate & Market Growth Trends
iEmergent Shares Top Takeaways from 2022 HMDA Data, Now Available on Mortgage MarketSmart
Black Knight eBook: How to Grow a Successful Home Equity Lending Business
Maxwell: 3 Ways Lenders Can Connect with Hispanic American Homebuyers
ICYMI: Certified Credit - What is a Credit Refresh & Why is it So Important? The Impact of Undisclosed Liabilities

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4/7/2023

Preferred Partner Headlines: Week of April 10th

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TMC Partners Candor, FinLocker & OptiFunder Honored Amongst PROGRESS in Lending's 2023 Innovation Award Winners
OptiFunder: Independent Mortgage Originators Embrace Warehouse Management Technology to Improve Profitability & Operations
Black Knight: Home Prices Increase By 0.16% in February; First Increase Nationally in 8 Months
PHOENIX Market Snapshot: February 2023
Take3Tech Adds AI to TheRuleTool™ to Expedite Mortgage Loan Process & Reduce Loan Manufacturing Costs 
Optimail Blue, a division of Black Knight: Weekly Market Update - 4/6/23

Personnel Announcements
Cenlar FSB Announces Brad Cargile New VP of IT Infrastructure

TMC Connect Schedule, Week of 4/10

4/10 @ 3 pm ET: Better Me: Resilient and Supportive Leadership in Times of Change
4/11 @ 3 pm ET: Condo Lending: The Fannie Mae Unavailable List w/ CondoTek
4/12 @ 2 pm ET: How FinLocker Has Made Originating A Home Loan More Efficient
4/13 @ 2PM ET: How Gold Star Financial Leveraged eVault to Drive eNote Adoption

Blogs

Stewart Valuation Intelligence: Home Value Forecast Top 10 - March 2023
Snapdocs Lender's Guide: Quantifying the Value of eClose
Total Expert Blog: The Basis Point's Julian Hebron - 2023 Rate Chaos Recap & Homebuyer Opportunity Rundown
MQMR Weekly FAQ: Mortgage Fraud Prevention Resources
Certified Credit: Cutting Costs & Building Business with Pre-Qualification SelectSmart
Black Knight: Tech Stacks - The Foundation for a Successful Mortgage Operation
MGIC First-Time Homebuyer Resource Library
Optimal Blue, a division of Black Knight: White Paper - Pool Solver: Bringing Time & Basis Points to the Secondary Market
Black Knight: Why Competitive Lenders Are Adopting AI/ML Solutions
Stewart: Summary of Fannie Mae Policies & Initiatives Update

Media

(Video) Black Knight VP, Andy Walden Discusses How Housing Demand is Bumping Up Against Supply Constraints

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  • Home
  • About TMC
    • Our Team
    • Blog
  • Benefits
    • Collaboration Labs
    • TMC Connect & Ask TMC
    • TMC Benchmark
    • Working Groups
  • 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