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10/28/2021

Volume, Efficiency Continue To Trickle Slightly Lower As Lenders Brace For What Comes Next

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BY RICH SWERBINSKY
 ​Off the heels of what what has been a wild period of time for the mortgage industry stimulated by the pandemic, the last four months have been remarkably consistent from a volume and efficiency standpoint for The Mortgage Collaborative's national network of lender member organizations. Closed loan production and operational efficiency have been down about 1/3 from the peaks we saw one year ago and trickling slightly lower. And the month of September looked a lot like the month prior across all areas we track in TMC Benchmark.

Closed loan production continued to stair-step downward with our members closing 2.4% less units in September versus August. New applications taken saw more of a drop off, down 12.8% during the month, as housing supply challenges and slightly higher interest rates challenged the purchase and refinance markets respectively.

The purchase/refinance mix stayed identical month over month, with purchases once again accounting for 61% of all closings. Here's the purchase share we've seen in TMC Benchmark the last six months:

April 2021: 56%
May 2021: 62%
June 2021: 65%
July 2021: 67%
August 2021: 61%
September 2021: 61%

Operational efficiency figures stayed nearly identical as well in September for the TMC network. The number of closed loan units closed per full-time processor fell slightly to 10.6 in September versus the 10.9 August total. Closed loan units per full-time underwriter dropped by 1 to 32.6 from 33.6 the month prior. Closed loan units per full-time closer increased to 37.0 from 36.1. The average loan originator closed 5.8 units in September, down from 6.0 in August. LO comp came in at an average of 94.5, up 1.3 bps from last month's 93.2 total. Average LO comp has been in the low to mid 90's since spring after averaging in the high 90's all of last year and into the early part of this year.

After peaking in the summer, subsiding in the fall, and plummeting in April, and bouncing around this summer ... average annual compensation paid to operational staff stayed nearly identical from August to September. On average, processors in our network were paid an average of $53,700, underwriters came in at $91,400, with closers at $53,000. 

The average "app date to clear to close date" decreased slightly to 42.3 days in September from 42.5 days in August. Let's take a look at how this number has trended throughout the course of the last year:

October 43.4
November 45.3
December 47.4
January 47.9
February 43.1
March 42.8
April 45.7
May 43.8
June 41.8
July 43.2
August 42.5
September 42.3

The average cost per closed loan unit our members paid for their loan origination system came in at $122 in September, down $4 from the month prior. The average cost per closed loan unit for our members point-of-sale (POS) system was $52 in September and $89 for their CRM.

55% of this month's participants in TMC Benchmark were depositories and 45% were IMB's. 42% originate under $500M a year in annual volume, 26% originate between $500M-$1B, and 32% originate over $1 billion per year in annual production.

Rich Swerbinsky
President & Chief Operating Officer
The Mortgage Collaborative

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10/22/2021

The Forty Greatest Names In The Mortgage Lending Industry

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BY RICH SWERBINSKY
  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. Harry Glanz, Capital Mortgage Funding - Hopefully he states his name after shaking hands in meetings.

  4. Shy Tittlebaum, Crescent Mortgage - Crescent Mortgage with FOUR names in the top forty, an interesting recruiting strategy. 

  5. Pierce Outlaw, Patriot Home Funding - Good name for a lead character in a crappy romance novel.

  6. Chuck Chill, Flagstar Bank - I just wanna have a beer with this guy so I can say I chilled with Chuck Chill.

  7. Rusty Wiglesworth, Raymond James - An inordinate number of people on this list are in secondary marketing.

  8. Prince Aurora, Aurora Financial - Great name for a superhero in an action flick.

  9. Von Ringger, Comerica - Great name for a bad guy in an action flick.
    ​
  10. Richard McCool, Merchants Bank of Indiana - Going by Dick McCool would put him #2 on this list, he should consider it for that reason alone.

  11. Monroe Thrower, GBC Funding
  12. Bucky Houser, Centennial Mortgage
  13. Riley Spear, Simple Nexus
  14. Cola Galvin, Homespire Mortgage
  15. Baird Marble, New Rez Correspondent
  16. Cameo Gillette, Wells Fargo
  17. Fobby Naghmi, First Option Mortgage
  18. Flisadam Pointer, REMN Wholesale
  19. Zeke Wolfgang, Freddie Mac
  20. Liberty Tribe, Crescent Mortgage
  21. Rocky Rockwell, First Guaranty Mortgage Corp
  22. Scott Beer, Hallmark Home Mortgage
  23. David Sober, LRES Corp
  24. Shadi Taylor, Huntington Bank
  25. Aspasia Chamoun, Bank Fund Staff Federal Credit Union
  26. Dave Savage, Mortgage Coach
  27. Harry Holder, Veritas Funding
  28. Johnny Margarini, Point Mortgage
  29. Freddy Casanova, The Money Source
  30. Lou Machos, Landmark Network
  31. Patrick Lockington, Optimal Blue
  32. Scotty Pickle, Celebrity Financial
  33. Drais Von Hagen, Crescent Mortgage
  34. Dionisia Bejarano Coffman, Chase
  35. Carmel York, Optifunder
  36. Feliks Viner, First World Mortgage
  37. Geri Glixman, First Integrity Mortgage
  38. Rusty Creel, Crescent Mortgage
  39. Matt Mullet, First Security Bank of Washington
  40. Darwin Day, Franklin American

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10/20/2021

Welcoming new board member, Melissa Langdale!

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During our recent TMC Reunited conference in California, the TMC's Lender-led Board of Directors met and officially voted in Melissa Langdale, Chief Mortgage Officer at Right By You Mortgage, as a new member.  

“Melissa’s been one of our most engaged community bank members and her impressive industry background and fresh perceptive on the industry make her very well-liked and respected amongst her lender member peers,” said Rich Swerbinsky, COO and President of TMC. We couldn't agree more! 

We asked Melissa to answer a few questions about her favorite things and what she's most excited about in her new role on TMC's board. 

 What’s your favorite food? 
I’m non-discriminatory when it comes to food…put it in front of me, and I’ll probably eat it. 😊
 
Where’s your favorite place to be?
Anywhere outdoors! Golf course, Beach, Hiking trails all tie for first place.
 
What is the best part of your job?
I love setting the strategic vision for our team and working with them to carry out each of their goals throughout the year. And, I love that I’m surrounded by a team that cares about each other and about each customer’s experience.   
 
How did you first become involved with TMC?
I was referred to TMC by a mentor of mine who loved the idea of the industry collaborating more intentionally. After my first conference, I was hooked. The Collab Labs and sessions were all extremely valuable!
 
What are you most excited about as a new board member?
I’m excited about the opportunity to be involved at a different level within the organization and I’m honored to provide a voice within TMC for Community Banks.  ​

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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