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6/29/2022

TMC Benchmark May Data: Closings up 5% Over April, New Applications Flat

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The "spring buying season" continued to slug on for The Mortgage Collaborative's national network of best-in-class mortgage lending institution members that submit data to TMC Benchmark. Closed loan units increased by 2% in May compared to the previous month. Within that, lenders saw closed purchase loans increase by 17% but refinances fell by another 22% month over month to their lowest levels in the six-year history of TMC Benchmark. Refinances fell to an all-time low of 16% of all closings in May.
  
Here's the refinance share we've seen in TMC Benchmark over the last six months:
  
December 2021: 34%
January 2022: 39%
February 2022: 37%
March 2022: 29%
April 2022: 24%
May 2022: 16%
  
The % of conventional closings stayed steady in May at 69% (units). Historically, conventional loans have represented 75-76% of all closed loan units these past six years. On the flip side, government loan closings came in at an all-time high (by share) of 24% this month.
  
After falling 23% month-over-month in April, new applications were reduced by 3% in May from the previous month. The product mix of new applications also stayed consistent, mirroring the aforementioned percentage breakdowns of closed loan units we saw this month.
  
In May, operational efficiency waned slightly, staying pretty flat. The number of closed loan units closed per full-time processor remained steady at 8.2, and closed loan units per full-time closer decreased from 28.2 to 27.2. Closed loan units per full-time underwriter decreased from 24.4 to 23.6 in April. The average loan originator closed 4.3 units in May, the exact same as April. LO comp came in at an average of 86.7 bps, down 1.7 bps from last month's 88.4 total.
  
Average annual compensation paid to operational staff was very flat month-over-month, with average annual comp paid to FTE processors rising slightly to $51,800 this month. Underwriter annual comp ticked up slightly to $88,000. Average annual comp paid to closers remained at $54,000.
  
The average "app date to clear to close date" increased significantly to 42.3 this month as lenders dealt with staff attrition and pipelines of almost nothing but purchase transactions. Let's look at how this number trended throughout 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
February '22 - 39.6
March '22 - 39.6
April '22 - 39.6
May '22 – 42.3
  
The average cost per closed loan unit our members paid for their loan origination system (LOS) rose slightly yet again in May to $135 from $131 the previous month. The average cost per closed loan unit for our members' point-of-sale (POS) system was down $2 to $60 in May and reduced by $1 at $88 for their CRM.
  
Average non-third-party lender fees continue to trend upward on conventional loans, shooting up to $1,573 in May from $1,148 the previous month. Government lender fees rose from $1,108 to $1,217 in this most recent month.
  
54% of this month's participants in TMC Benchmark were depositories, and 46% were IMBs. 37% originate under $500M a year in annual volume, 27% originate between $500M-$1B, and 36% originate over $1 billion per year in annual production.
​
Rich Swerbinsky
President & COO, The Mortgage Collaborative

[email protected]

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6/27/2022

Scotsman Guide: 2022 Top Lenders By Volume Ranking

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The results are in! Scotsman Guide is out with its top 100 ranking lists for 2021 production, by total volume in dollars. The list below recognizes the top 100 lenders in overall production for 2021. TMC is proud to highlight our 32  recognized Lender Members!

11. CrossCountry Mortgage
14. New American Funding
17. Planet Home Lending
18. American Pacific Mortgage
20. PrimeLending
21. PRMG
24. Academy Mortgage Corp.
26. Northpointe Bank
33. Mutual of Omaha Mortgage
39. Atlantic Bay Mortgage Group
40. FirstBank (TN)
43. FBC Mortgage
47. NJ Lenders Corp
51. AnnieMac Home Mortgage
52. V.I.P. Mortgage
53. George Mason Mortgage
55. Nations Lending
60. Waterstone Mortgage
64. LeaderOne Financial
66. AmeriFirst Financial
71. Atlantic Coast Mortgage
76. Homestar Financial Corp.
77. First Heritage Mortgage
80. Axia Home Loans
83. VanDyk Mortgage
84. Mann Mortgage
89. Family First Funding
90. Revolution Mortgage
91. Peoples Mortgage Company
94. Legacy Mutual Mortgage
99. Ent Credit Union
​100. Mountain West Financial

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6/24/2022

Preferred Partner Headlines: Week of June 27th

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Fannie Mae's Equitable Housing Finance Plan & Fact Sheet
Freddie Mac's Equitable Housing Finance Plan & Fact Sheet
Introducing Maxwell's Point-of-Sale Mobile App
IBM Case Study: Home Lending Pal Leverages IBM’ Tech to Help More People Become Homeowners
Introducing Fannie Mae's Refinance Application-Level Index (RALI), Leading Indicator for Refinance & Prepayment Activity
Optimal Blue, a division of Black Knight: Weekly Market Updates - 6/22/22

Thought Leadership
Black Knight's Rich Gagliano: Leveraging Disaster Data to Manage Pipelines During Hurricane Season

Blogs
SimpleNexus eBook: Lending Ahead of the Curve - Role of Performance Scorecards in Optimizing Mortgage Productivity
Sales Boomerang & Mortgage Coach eBook: Home Equity Heroes
Certified Credit's New Cascade Undisclosed Debt Monitoring
Optimal Blue: 3 Characteristics of a Quality Mortgage Pricing Data Source
Total Expert eBook: Mortgage Cross-Sell Unlocked
Introducing Fannie Mae's Home View: Free, Interactive, Online Course to Help Borrowers Navigate the Homebuying Process

Media
(Video) SimpleNexus' Cathleen Schreiner Gates - Turning Mortgage Data Into Information with Nexus Vision
(Podcast) Lykken on Lending - 6/20/22: featuring Freddie Mac's Announcement to Reverify Employment with Direct Deposit Data

Events

(Webinar) TMC Connect reschedule: 6/30 @ 3:30 pm EST: Model Match - Key Elements of an Effective Recruitment Strategy
(Webinar) Non-QM Optimizer: Cost and Quality Meet - Verity Global Solutions - 06/30 @ 1 pm EST

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6/17/2022

Preferred Partner Headlines: Week of June 20th

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Black Knight Sees Dwindling Single-Family Home Inventory in Major Markets
Family First Funding Implements SimpleNexus to Provide Borrowers a Streamlined, Single Sign-On Homebuying Experience
Fannie Mae Launches New Weekly Refinance Index Tracker
Black Knight's Originations Market Monitor Shows Rate Locks Fall Across All Loan Types
Optimal Blue, a division of Black Knight Weekly Market Update
Freddie Mac Announces First Equitable Housing Plan Focusing on Black & Latino Communities

Thought Leadership
Triserv Lender Resource Series: Gross Living Area & Above/Below Grade
Curinios Perspective: As Fed Rate Hikes Again, Rate & Behavior Begin to Thaw

Personnel Announcements
Xactus Names Michael Crockett Chief Data Officer

Blogs
Black Knight Free Whitepaper: Natural Disasters & the Impact on the Mortgage Industry
ICYMI: Sales Boomerang eBook: Get Loans Now - 10 Ways to Turn Your Customers' Equity Into Loans That Convert Right Away

Media
(Video Interview) CMBA Connect, featuring Snapdocs CEO, Aaron King
(Video) Mortgage Coach presents: 2022 Half-time Report, featuring Sue Woodard & Kristin Messerli
(Podcast) Maxwell Clear to Close Podcast: How to Capitalize on 2022's Market with New Loan Products

Events
Fannie Mae 2022 Boot Camp Webcast Series
(Webinar) Sales Boomerang & Mortgage Coach present: Automation in Action - A True Lender Success Story with a Happy Ending - 7/12 @ 2 pm ET
(Webinar) Non-QM Optimizer: Cost and Quality Meet - Verity Global Solutions - 06/30 @ 1 pm EST​
(Webinar) The Key Elements of an Effective Recruiting Strategy with ModelMatch - 06/22 1 pm EST
(Webinar) #TMCSuccessStories - How University Bank Utilizes Venture Lynk's Risk Solutions to Create Streamlined Efficiencies - 06/22 @ 2 pm EST
(Webinar) CondoTek - Let's Talk Condo Lending - 06/22 3 pm EST
​(Webinar) If It Doesn't Make Dollars, Then It Doesn't Make Sense with MQMR - 06/23 2 pm EST

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6/10/2022

Preferred Partner Headlines: Week of June 13th

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Fannie Mae Launches Equitable Housing Plan for Minority Homeowners
Maxwell New QuickApply feature Accelerates the Loan Application Process
Mortgage Markets CUSO Implements Mortgage Coach
Fannie Mae National Housing Survey: Would-Be Homebuyers Feel Squeeze of Higher Home Prices & Mortgage Rates
Introducing Score Protection from Partners Credit
Optimal Blue, a division of Black Knight Weekly Market Update - 6/8/22
ActiveComply Features to Enhance Your Organization's Social Media Compliance
Fannie Mae & Freddie Mac Launch Plans to Close Racial Homeownership Gap 
Timios Partners with OrangeGrid to Transform How We Work By Modernizing Workflow Technology

Thought Leadership
Fannie Mae EVP, Chief Administrative Officer, Jeff Hayward: Knocking Down Barriers

Personnel Announcements
Planet Home Lending Correspondent Adds A Host of Industry Veterans Through HomePoint Correspondent Acquisition
iEmergent Appoints Chris Richey as Chief Analytics Officer
Cenlar Appoints Steven Taylor as SVP, Chief Information Officer

Blogs
Why OptiFunder? One Click to Optimize & Automate Your Warehouse Funding
FirstBank Saves Time and Money with ActiveComply
MGIC Offers Complimentary Homebuyer Seminar Kits to Lenders as Educational Resources to Drive More Eligible Homebuyers
MQMR Weekly FAQ: CFPB Supervisory Highlights (Spring 2022)

Free eBooks/Whitepapers
Download Black Knight's New Whitepaper: Trending Toward Zero: Changing Home Sale Dynamics in a Low-Inventory Market
Download MQMR's New Whitepaper: 8 Tips for Ensuring a Successful MERS Annual Report Review
Download FinLocker's New eBook: The Financial Habits of Future Homebuyers
ICYMI: Maxwell eBook: Mortgage Experts Take on 2022's Market
Sales Boomerang New eBook: Intent Matters

Media
(Video) Black Knight's Andy Walden on CNBC's The Exchange: What the Drop in Mortgage Demand Says About the Housing Market
(Video) Black Knight CIO, James Iredale Keynote at AWS Atlanta Summit
(Video) NMN: A Tale of Two Housing Markets, featuring Black Knight Mortgage Monitor Data
​
(Podcast) Home Lending Pal: Disrupting the Mortgage Industry with Cloud and AI

Events
MGIC Webinar: How to Build Tomorrow's Pipeline, featuring Thrive Mortgage's Tay Tolliver – June 14th @ 1PM ET
Cyber Risk and Cyber Monitoring with Venture Lynk - June 15th
@ 2PM ET

June 2022 State of the Partner Network - June 16th
@ 2PM ET

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6/3/2022

Preferred Partner Headlines: Week of June 6th

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Maxwell Introduces Private Label Origination Suite to Empower Real Estate & Financial Service Companies to Add Mortgage Lending
Freddie Mac Expands Use of Bank Account Data for Verifications
Planet Financial Group LLC Subsidiaries Continue to Post Gains in 2021
Tom LaMalfa May 2022 Secondary Market Conference Survey Report & Scorecard 
AnnieMac Equips Loan Teams Nationwide with Powerful Mobile Mortgage Toolset from SimpleNexus
PHOENIX April 2022 Market Snapshot
Optimal Blue, a division of Black Knight Weekly Market Updates - 6/1 

Thought Leadership

MPA feature: SimpleNexus Co-Founder Ben Miller - Continuing to Simplify the Homebuying Process While Growing SimpleNexus' Homeownership Platform
Planet Home Lending SVP & Enterprise Risk Officer, Chris Jones: How Should Mortgage Bankers Measure Climate Risk?
Xactus Chairman & CEO, Perry Steiner: Significance of Xactus' New Name
Optimal Blue, a division of Black Knight: 4 Concepts to Consider When Refining Your Hedging Strategy

Personnel Announcements

Sales Boomerang Welcomes Cheryl Messner as VP, Customer Experience

Blogs

Optimal Blue, a division of Black Knight: New White Paper - Durations to Successfully Hedging Mortgage Pipelines
MQMR Weekly FAQ: FHA Quality Control Training
Notarize Independent Study by MarketWise: The ROI of eClosing in Real Estate
Inquire. Empower. Inform. What is The Rule Tool?
Capacity Recognized Among St. Louis Business Journal - Best Places to Work for 2022

Media

(Video Interview) IBM's Think 2022 Panel featuring Home Lending Pal's Bryan Young
(Podcast) Lykken on Lending: Hot Topic 5/23 - Top Strategies for a Purchase Market, featuring SimpleNexus CCO, Andria Lightfoot & Thrive Mortgage COO, Selene Kellam
(Podcast) NMP - Boxed Out, featuring Maxwell Co-Founder John Paasonen
(Video) Financial Literacy in the Digital Age Shift with Kristin Messerli
(Video) National MI University June 2022 Webinar Offerings

Events

SimpleNexus Webinar: New Loan Application User Interface - Tues., 6/7 @ 1PM ET
Total Expert Accelerate: June 12 – 15th | Nashville, TN

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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 >
      • "Cheers!": TMC in Boston
  • Our Network
    • Preferred Partners
    • TMC Consultants
    • Friends of The Network
  • TMC Emerging Tech Fund