Planet Financial Group Defies Market Conditions, Captures Market Share in Q2
Sales Boomerang named Organization of the Year in the 2022 Sales and Marketing Technology Awards
Introducing Maxwell Espanol: Loan App Offering a Fully Bilingual Mortgage Experience
Xactus Acquires MassiveCert
How Fannie Mae, Freddie Mac & Non-QM Digital Data Use Compares
Optimal Blue, a division of Black Knight: Weekly Market Update - 7/27/22
Freddie Mac Appoints Dennis Hermonstyne Jr. as SVP & Chief Compliance Officer
NMP names Dave Savage to list of Most Connected Mortgage Professionals
Andria Lightfoot named NMP Most Connected Mortgage Professional (bronze level)
MeridianLink Partner Blog Series: How to Manage Challenges by Embracing Innovation, featuring Maxwell's Anthony Ianni
Sales Boomerang: 3 Lifelines Mortgage Lenders Need to Stay Afloat in Troubled Seas
Dart Appraisal Supporting ACE + PDR for Freddie Mac - Eligible Loans
Curinos Perspective: Latest Fed Hikes Come as Rates, Behavior Start to Shift
(On-Demand Webinar) ActiveComply: Using Social Media to Increase Purchase Business While Staying Compliant
(Podcast) Arch MI PolicyCast: FHFA Director Sandra Thompson Shares Housing Aims
(Podcast) Lykken on Lending 7/25: The Digital Workflow & Electronic Signature
It continues to be a tough year for The Mortgage Collaborative's national network of best-in-class mortgage lending institution members as we head into the summer months. Historically, we've seen closed loan volume swell as the weather warms, but continuing challenges to the supply and affordability side of our industry have served as headwinds.
As we look at June's data, we see pretty flat closed loan volume, new applications off 11% month-over-month, but operational efficiency picking up as lenders right-size their staff.
Closed loan units decreased by 4% in June when compared to May. Within that, lenders saw closed purchase loans stay flat in June by 1%, but refinances fell by another 20% month over month to their lowest levels in the six-year history of TMC Benchmark. Refinances fell to an all-time low of 14% of all closings in June.
Here's the closed loan refinance share we've seen in TMC Benchmark over the first six months of 2022:
January 2022: 39%
February 2022: 37%
March 2022: 29%
April 2022: 24%
May 2022: 16%
June 2022: 14%
The percentage of conventional closings stayed steady in June at 67% (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 23% this month.
After falling 3% month-over-month in May, new applications were reduced by another 11% in June. Of note, the product-mix side of new applications was government loans coming in at a TMC Benchmark all-time high of 27% of total new app volume in June. Conventional loans fell to a TMC Benchmark all time low of 65% of new app share.
In June, operational efficiency bettered by about 10% across the board. The number of loan units closed per full-time processor increased to 9.01, and loan units per full-time closer swelled from 27.2 in May to 28.2 in June. Closed loan units per full-time underwriter increased to 25.2 from 23.6 in May. The average loan originator closed 4.3 units in June, the exact same number as April and May. Average LO comp came in at an average of 92.2 bps, up 5.5 bps from last month's 86.7 total.
Average annual compensation paid to operational staff was very flat month-over-month, with average annual comp paid to FTE processors decreasing slightly to $51,300 this month. Underwriter annual comp remained at $88,000. Average annual comp paid to closers also remained at $53,000.
The average "app date to clear to close date" decreased to 39.7 this month as lenders dealt with staff attrition and pipelines of pretty much nothing but purchase transactions. Let's look at how this number trended throughout 2021 and 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
June '22 – 39.7
The average cost per closed loan unit our members paid for their loan origination system (LOS) rose slightly yet again from $135 to $142. The average cost per closed loan unit for our members' point-of-sale (POS) system fell from $61 to $59 and increased by $1 to $89 for their CRM.
In the face of much lower volume and margins, our members continue to increase their non-third-party lender fees. Conventional loans rose from $1,403 to an average of $1,498, and government loan lender fees rose from $1,217 to $1,245.
52% of this month's participants in TMC Benchmark were depositories, and 48% were IMBs. 38% originate under $500M a year in annual volume, 27% originate between $500M-$1B, and 35% originate over $1 billion per year in annual production.
President & COO
The Mortgage Collaborative
TMC President Rich Swerbinsky created a LinkedIn post of his ten favorite industry names in 2017, growing into The 50 Greatest Names in Mortgage Lending as the list took on a new life in the years to follow. The list was formalized, expanded to twenty names, and has continued to grow annually since. Inclusion on the list is considered extremely prestigious. And no, payments and/or gifts will not be accepted in exchange for consideration.
Check out this year's 50 greatest names in mortgage lending:
1. Robert Fightmaster, First State Bank - This is like Cal Ripken’s record, no one is unseating this one.
2. Hakan Wildcat, Sunflower Bank Mortgage - Best part about this name is he’s just some totally average looking middle-aged white dude from Lawrence, KS.
3. Harmony Frimpong, Atlantic Coast Mortgage - I want to skip and frolic while saying this name.
4. Tallman Johnson, The Mortgage Bankers Association - Stands five feet, nine inches tall, which HAS to disappoint his parents.
5. Harry Glanz, Capital Mortgage Funding - Hopefully he states his name after shaking hands in meetings.
6. Shy Tittlebaum, Crescent Mortgage - Crescent Mortgage with FOUR names in the top forty, an interesting recruiting strategy.
7. Pierce Outlaw, Patriot Home Funding - Good name for a lead character in a crappy romance novel.
8. Chuck Chill, Flagstar Bank - I just wanna have a beer with this guy so I can say I chilled with Chuck Chill.
9. Rusty Wiglesworth, Raymond James - An inordinate number of people on this list are in secondary marketing. Draw your own conclusions.
10. Liberty Tribe, Crescent Mortgage - We won’t make people call her Liberty Guardians.
Could Double As SuperHero Names
11. Prince Aurora, Aurora Financial
12. Von Ringger, Comerica
13. Richard McCool, Merchants Bank of Indiana
14. Monroe Thrower, GBC Funding
Would Be Top Ten Names In Almost Any Other Industry
15. Fobby Naghmi, First Option Mortgage
16. Riley Spear, Simple Nexus
17. Baird Marble, New Rez Correspondent
18. Cameo Manci, Wells Fargo
19. Lilit Snoke, Amerihome Mortgage Company -
20. Flisadam Pointer, REMN Wholesale
21. Aimee Clinkenbeard, Trademark Title
22. Ivy Zelman, Zelman & Associates
23. Cola Galvin, Homespire Mortgage
24. Cat Totty, R Bank
25. Shadi Taylor, Huntington Bank
26. Aspasia Chamoun, Bank Fund Staff Federal Credit Union
I Want To Have A Beer With These Guys
27. Lou Machos, Landmark Network
28. Rocky Rockwell, First Guaranty Mortgage Corp
29. Rock Planck, Fairway Independent Mortgage
30. Rock Primas, Archwell
31. Bucky Houser, Centennial Mortgage
32. Scott Beer, Hallmark Home Mortgage
33. David Sober, Voxtur
34. Dave Savage, Mortgage Coach
35. Tom Fortune, OVM Financial
36. Blake Boss, Active Comply
37. Harry Holder, Veritas Funding
38. Johnny Margarini, Point Mortgage
39. Freddy Casanova, The Money Source
40. Zeke Wolfgang, Freddie Mac
May Need A Legal Name Change To Remain On The List
41. Patrick Lockington - Black Knight/Optimal Blue
42. Scotty Pickle, Celebrity Financial
43. Drais Von Hagen, Crescent Mortgage
44. Dionisia Bejarano Coffman, Chase
45. Carmel York, Optifunder
46. Feliks Viner, First World Mortgage
47. Geri Glixman, First Integrity Mortgage
48. Rusty Creel, Crescent Mortgage
49. Matt Mullet, First Security Bank of Washington
50. Darwin Day, Franklin American
Fannie Mae Predicts Recession Will Begin in Q1 2023
Maxwell 2H 2022 Outlook: Managing Rise Rates, Declining Volume & the Possible Recession Ahead
Sales Boomerang releases Q2 2022 Mortgage Market Opportunities Report
Fannie Mae's RALI Data, Week of 7/15/22
Optimal Blue, a division of Black Knight: Weekly Market Update - 7/20/22
Fannie Mae 2Q Home Prices Down From Record High
M Report Mortgage Technology Update Part 2 Features TMC Network Thought Leaders, Including: Rich Gagliano - Black Knight, Nathan Bossers - Boston National Title, Asher Kahn - CondoTek & Shelley Leonard - Xactus
Arch MI Capital Commentary featuring Kirk Willison: Think Nationally, Act Locally
CondoTek President of Project Review, Orest Tomaselli: New GSE Guidelines Challenge Condo/Co-Op Lenders
Fannie Mae Names Katie Jones New Chief Human Resources Officer
Optimal Blue, a division of Black Knight: Navigating the Impacts of FHA's Proposed 2% Liquidity Requirement
MQMR White Paper: Fantastic 4 Ways That Internal Audit Powers Cost Savings
(Video) CEO Bryan Young Explains to NBC News Now How Home Lending Pal Looks to Create Equality in the Mortgage Application Process
(Video) Black Knight VP, Andy Walden Talks Home Prices & Inventory on CNBC's The Exchange
(Video) Total Expert CEO, Joe Welu Interviews American Pacific Mortgage CMO & CSO, Melissa Wright: Being Comfortable in the Uncomfortable
(Video) Black Knight VP, Andy Walden Shares Housing Market Insights on CNBC's Fast Money
(Webinar) - 07/27 3 pm EST "Introducing the TMC Healthcare Cooperative"
(Webinar) One lucky attendee will win a $100 Amazon GC! 7/26 - 2 pm EST MeridianLink Marketplace: Tapping Into Your Mortgage Lending Potential with Flexible Partner Integrations
(Webinar) - 08/10 1 pm EST "Life Moves Fast, Don’t Miss It." with Sales Boomerang
(Webinar) - 8/11 1 pm EST National MI University presents: Insights from the 2022 State of the Mortgage Industry Half-Time Report, featuring Kristin Messerli & Dave Savage
Top Workplaces has released its 2022 Best Companies to Work For list which awarded several TMC lender members and preferred partners! We are honored to recognize the following companies in the power of the network!
Top Workplaces 2022 with 150 – 499 employees
18. Liberty Home Mortgage Corporation
19. Apex Home Loans
24. GVC Mortgage, Inc.
33. Delmar Mortgage
Top Workplaces 2022 with 500-999 employees
8. Nationwide Mortgage Bankers, Inc.
16. GreenState Credit Union
20. AnnieMac Home Mortgage
29. First American Equipment Finance (Docutech parent company)
Top Workplaces 2022 with 1000 to 2499 employees
3. Union Home Mortgage Corp.
13. Planet Home Lending
28. FBC Mortgage, LLC
Top Workplaces 2022 with 2,500+ employees
2. PrimeLending, a PlainsCapital Company
7. Fidelity Investments
9. New American Funding
Additional Lender Members
First National Bank
Additional Preferred Partners
15. Fannie Mae
Mortgage Coach | Sales Boomerang | Experience.com present: 2022 State of the Mortgage Industry Half-Time Report
Optimal Blue, a Black Knight company: Weekly Market Update - 7/13/22
Vice Capital Market's Chris Bennett: Rate Lock Negotiations Offer a Short-Term Response with Long-Term Consequences
NEXT: Boosting Tech Adoption for MLOs, Insights from Top Execs, including TMC Partners with Capacity, Clever, FinLocker, Mortgage Coach, Sales Boomerang, SimpleNexus & Take3Tech
FinLocker: The Mortgage Lenders Guide to Supporting Divorcing Customers
Certified Credit: How Tech is Revolutionizing the Mortgage Industry
Model Match: Increase Your Purchase Business - Why Mortgage Businesses Should Prioritize Recruiting
SureFire, a Black Knight company: New eBook - Surviving Rising Rates: Tactics to Stay Relevant
SimpleNexus White Paper - Destined for Digital: How Global Tech Trends Are Shaping the Future of Mortgage
MQMR Weekly FAQ: Internal Audit & HDMA
Optimal Blue, a division of Black Knight: Lock & Shop Strategies in Volatile Markets
Webinar: 7/21 @ 12PM ET Sales Boomerang | Mortgage Coach present: Ask the Experts: Strategies for keeping cool in a red-hot rate environment, featuring Rob Chrisman, Mike Franantoni & Owen Lee
TMC Connect Webinar: 7/21 @ 4PM ET iEmergent presents: Leveraging Data to Design & Execute a Successful SPCP
Black Knight: Signs of Home Price Cooling as Inventory Levels Improve
Sales Boomerang and Mortgage Coach Merge, appoint Richard Harris as CEO
Maxwell New eBook: 1H 2022 Millennial & Gen Z Borrower Sentiment Report
Snapdocs & STRATMOR Collaborate to Advance Borrower Experience Research
Black Knight: Home Affordability Hits 35-Year Low
Optimal Blue, a division of Black Knight Weekly Market Update - 7/6/22
PHOENIX - May 2022 Market Snapshot
Arch MI's Capital Commentary, featuring Kirk Willison: Erasing Housing's Inequities
Black Knight's Sean Dugan: How Configurability & API's Can Help Lenders Sow the Seeds for Success
MGIC's Shelley Sines: How Homeownership Fosters Community
LO Hub, powered by MGIC: First Community Mortgage's Miguel Vega - Increase Your Lending Impact by Assisting a New Generation of Homebuyers
Black Knight's Craig Rebmann: Mapping Your Digital Loan Journey
iEmergent appoints Megan Horn as Chief Marketing Officer
HousingWire identifies Sales Boomerang's Richard Grieser as a Marketing Leader
Optimal Blue, a division of Black Knight: Success with TBA Trading: Managing Counterparties, Executing Efficiently & Avoiding Pitfalls
SimpleNexus: In a Shifting Market, Seamless Digital Solutions are the Answer
MQMR Weekly FAQ: California Fair Appraisal Act
Xactus Rolls Out Active Listing Data
(Podcast) The Principal from NMP: Planet Home Lending's Caleb Mittelstet - Where Will Interest Rates Land?
(Podcast) Lykken on Lending 6/27/22: featuring Shane Westra & Jay Arneja with SimpleNexus
(Video) Vice Capital Markets' Chris Bennett: Nightmare on Wall Street, Part 3 - The Reset
NMP Podcast: Gated Communities - Modern Day Redlining featuring CBC Mortgage Agency's Tai Christensen
(Webinar) 7/21 @ 12 pm ET: Sales Boomerang presents Ask the Experts: Strategies for Keeping Cool in a Red-Hot Rate Environment, featuring Rob Chrisman, Mike Fratantoni & Owen Lee
Connecting with clients and consumers has never been an easy task, and today’s market is no exception. On the heels of the global COVID-19 pandemic that keeps rearing its head, the housing economy is now faced with rising rates and dismal inventory. Tasked with an endless list of functions, this year’s 2022 Marketing Leaders did it all despite industry turmoil. Phoning it in was not an option for this list of leaders who are constantly coming up with bold ideas that push their teams to think big and drive their organizations forward in housing.
This year’s list includes 50 examples of marketing leaders who have used their creativity, agility and leadership skills to continuously grow and strengthen their brands. TMC is proud to recognize our six lender member and three preferred partner recipients! Congrats to all the winners!
Cheryl Hayes – PrimeLending
James Duncan – Thrive Mortgage
Katherine Campbell – Assurance Financial
Melissa Wright – American Pacific Mortgage
Stephanie McCarty – Taylor Morrison Home Funding
Jessica Swink – Atlantic Bay Mortgage Group
Alan Parris – Maxwell
Steve James – Fannie Mae
Richard Geiser – Sales Boomerang
NEW JERSEY, June 29, 2022 – AnnieMac Home Mortgage is acquiring Virginia-based mortgage provider OVM Financial to expand its presence in the mid-Atlantic US.
“We are thrilled to be adding the talent, presence, and capabilities of the OVM team to our organization,” said AnnieMac CEO Joe Panebianco. “As we move into a rising interest rate environment, we are continuing our focus on growth and scale.”
OVM Financial is a $2 billion+ mortgage originator with over 250 employees, headquartered in Virginia Beach, Virginia with offices across Virginia and in North Carolina, Texas, Florida, and New Jersey. All four co-founders as well as CEO Adam Newman will take on active leadership roles at AnnieMac.
“We’re excited to partner with AnnieMac to continue providing exceptional service to our customers and growth opportunities to our employees. We share the excitement for what our two organizations can do together,” said OVM Financial co-founder Matt Beckwith.
About AnnieMac Home Mortgage
AnnieMac Home Mortgage is a leading nationwide mortgage lender that firmly believes homeowners and home shoppers deserve more from the mortgage industry. With over 1000 employees and 60+ branch locations in the United States, we are uniquely qualified to provide more to mortgage customers across the country. AnnieMac Home Mortgage is headquartered in Mount Laurel, N.J., and is a d/b/a of American Neighborhood Mortgage Acceptance Company, LLC.
AnnieMac was advised on the transaction by Sterling Point Advisors, an M&A advisory firm based in Richmond, Virginia, with legal counsel provided by Johnston Thomas PC and Morritt Hock LLP.
For comment, inquiries can be directed to Ryan Kube.