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Numbers this month remained mostly flat for our network of lender members aside from a few key drops. TMC lender members saw a $3 drop in their Cost Per Closed Loans for CRM systems. And while Government closed loans increased in April, refinances hit yet another all-time low. TMC saw staff efficiency drop in April compared to the consistent increase for every position since 2023.
Closed loan units decreased by 1% in April when compared to the month prior. Within that, lenders saw closed purchase loans increase slightly and refinances dropped to another record low month over month. Refinances were 9% of all closings in April. 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% April 2023: 9% The % of conventional closings also remained flat again in April at 65% (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 30% of all closings yet again this month, far above the 18-20% ranges we’ve historically seen in TMC Benchmark. New applications decreased by 3% in April from the previous month. Conventional loans increased by 1% of new app share. Operational efficiency decreased in all categories again in April. The number of closed loan units closed per full-time processor decreased to 8.4, and closed loan units per full-time closer decreased to 25.6 in April from 26.98 in March. Closed loan units per full-time underwriter lowered to 20.9 in April from 22.8 in March. The average loan originator closed 2.78 units in April, also decreasing from March’s 3.13. LO comp came in at an average of 91 bps, up 3 basis points (bp) from last month's 88 total. Average annual compensation paid to operational staff increased month-over-month, with average annual comp paid to FTE processors at $52,114 this month. Underwriter annual comp lowered slightly to $84,621. Average annual comp paid to closers lowered slightly to $53,482. The average "app date to clear to close date" dipped to it lowest in over a year to 33 this month. Let's look at how this number trended throughout the course of 20212 and 2023: 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 March ’23 – 35.1 April ’23 - 33 The average cost per closed loan unit our members paid for their loan origination system (LOS) remained at $173 in April. The average cost per closed loan unit for our members' point-of-sale (POS) system went up in April to $74 from $61 in March and dropped 2 bps to $88 for their CRM. Average non-third-party lender fees for conventional loans are down to $1,177 in April compared to $1,395 the previous month. Government lender fees stayed the same at $1,182 in April. 52% of this month's participants in TMC Benchmark were depositories, and 48% were IMBs. 37% originate under $500M a year in annual volume, 26% originate between $500M-$1B, and 37% originate over $1 billion per year in annual production.
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Vice Capital Markets Releases Integration with Freddie Mac Income Limits API Optimal Blue, a division of Black Knight: Weekly Market Update - 5/18/23 Thought Leadership Arch MI Capital Commentary featuring Kirk Willison Personnel Announcements Dovenmuehle taps Ron Malik as Senior Vice President of Default Servicing Next Week on TMC Connect 5/23 @ 1pm ET: Denim Social: Social Media Post Workshop Media (On-Demand Webinar) TMC Credit & Verification Cost Saving Series: Part 1| Part 2 (Podcast) Curinos (F)Insights: Fed Hikes Rates Again - Impact on Small Businesses (On-Demand Webinar) Black Knight Mortgage Monitor Data Report (Video) Total Expert Founder & CEO, Joe Welu featured on Bloomberg Businessweek: The Shift in Lending Blogs MQMR Weekly FAQ: Detecting & Preventing Appraisal Discrimination TRUE Whitepaper: May 2023 - Transforming the Mortgage Industry with TRUE Lending Intelligence Surefire, a Black Knight company: PowerPack, featuring Power Calls, Power Messaging & Power Video Inman recently released their list Best of Finance for 2023, recognizing the achievements of the housing finance community’s best and brightest that are re-shaping the home-buying and financing process. Join us in celebrating the recognition of seven TMC Lender Members and thirteen Preferred Partners!
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Fannie Mae: Housing Confidence at 12 Month High, Still Down Significantly from Pre-Pandemic Levels Black Knight's April '23 Originations Market Monitor: Lock Volumes Fall Despite Marginally Lower Rates Due to Inventory Shortage Per Candor Data: Mortgage Payments & Incomes Rose in April: New Average Payment Over $2,300 Per Month Optimal Blue, a division of Black Knight: Weekly Market Update - 5/10/23 Planet Financial Group Reports Highest Monthly Lock Volume in Company History Personnel Announcements Georgeo Pulikkathara Joins Dovenmuehle as Chief Information Security Officer TMC Connect Next Week Mon 5/15 @ 3PM ET: Better Me in 2023: Creating Balance & Integration in Our Personal & Professional Growth Tues 5/16 @ 3PM ET: How to Use Social Media for Get Ahead This Buying Season Media (Podcast) HousingWire Daily featuring Fannie Mae's Katrina Jones: How Fannie Mae is Tackling Affordability Challenges (Video Podcast) CMBA Connect featuring SimpleNexus Co-Founder & CEO, Ben Miller Blogs Snapdocs: It's "Go Time" for eClosings - Why Lenders Are Prioritizing Tech in a Down Market G2 Users for Second Consecutive Year Rank Total Expert A "Leader" in Mortgage CRM Sales Boomerang, by TrustEngine New eBook: Be Your Borrower's Best Financial Friend ICYMI: Arch MI - Help Homebuyers Succeed with Education & Affordable Down Payments Capacity: How to Automate Business Processes in 5 Easy Steps Optimal Blue: Retain More Leads & Reduce Fallout with HFA Products FinTalk: Why I Advocate for Financial Education, featuring FinLocker's Brian Vieaux Surefire Quick Guide: Mortgage Marketing Essentials - Stay Connected with a Mortgage CRM System For the tenth consecutive year, HousingWire released its annual Rising Stars list, recognizing up-and-coming leaders in housing making a major imprint on our industry all before the age of 40. Amongst the 80 honorees, join us in celebrating the four TMC Lender Members and five Preferred Partners recognized!
Lender Members: Preferred Partners: Top Headlines
Maxwell Launches Single Sign-On Tool for Lenders to Reduce Security Risks Freddie Mac Chief Economist Expects Rates to Soften as Year Progresses Despite Recent Increases Optimal Blue, a division of Black Knight: Weekly Market Update - 5/3/23 Chenoa Fund Now Offers Daily Rate Sheet & Pricing Maxwell Point-of-Sale: Helping Delight Borrowers, Help LO's Outproduce Their Peers & Reduce Time to Close By 13+ Days PHOENIX Market Snapshot - March 2023 Thought Leadership Curinos Perspective: Fed Hikes Again - Implications for a Potential Plateau Optimize Compliance Solutions offers 3 Day Audit Preparedness Denim Social CEO, Doug Wilber: How to Help Financial Advisors Start Social Selling TMC Connect – Week of 5/8 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 5/15 @ 3PM ET: Better Me in 2023: Creating Balance & Integration in Our Personal & Professional Growth Media (Video) NYSE Interview with Total Expert Founder & CEO, Joe Welu: Total Expert Using Tech as Catalyst for Extra Human Touch in Data & Finance (Video) Alterra Home Loans President, Marc Hernandez: Experiencing SimpleNexus' Powerful End-to-End Platform (Podcast/Video) The Walk with Model Match's Eric Levin, featuring Total Expert's Jon Hill: Relationships Over Sales Blogs Black Knight: How Lenders Can Safely Adopt A Competitive AI/ML Strategy TrustEngine: What You Don't Know Will Surprise You - Schedule Your Loan Loss Report |
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