The Mortgage Collaborative

keeping up with our tmc family

Read up on Partner Headlines, Member News, TMC Announcements, and more!
  • 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 >
      • Stay Classy With TMC 2023
    • The Last Week in Mortgage, Today
    • The Rundown with Rob & Rich
  • Preferred Partners
  • TMC Emerging Tech Fund
  • TMCU

10/28/2022

Preferred Partner Headlines: Week of October 31st

0 Comments

Read Now
 
Picture
Top Headlines
Stewart Valuation Intelligence: September 2022 - Top 10 Home Value Forecast: Breakneck Markets Slowing Their Pace
Optimal Blue, a division of Black Knight: Weekly Market Update - 10/26/22
Depth PR Highlights 16 Years of Client Success With New Website Unveiled at MBA Annual
Maxwell Ranks as #1 Fastest Growing Company on 2022 Denver Business Journal Fast 50 List
Stewart Announces Enterchange Consumer Experience Platform

Thought Leadership

TMC Tech Fund's Sandy Selman & NFO's Dennis Brosnan: Don't Fight the FinTech's - If You Can't Beat 'Em, Join 'Em
Matic Insurance: What's Next for the Mortgage Industry? How to Succeed in the Next Market Phase
Candor: Counting the Benefits of Loan Engineering

Media

(Podcast) Housingwire's Housing News 10/27: Featuring Cenlar's Dave Miller on the Importance of Servicing in Today's Market
(Video) SimpleNexus' SNUG '22 Highlights

Blogs
MQMR: 8 Tips For a Ensuring a Successful MERS Annual Report Review
SimpleNexus: Leveraging Digital for Smarter Referral Strategies

Events

11/29 – 12/16 (Virtual Conference) 12 Days of TMC – Coming Soon to a Desktop Near You
SimpleNexus' SNUG '23: Level Up March 13-16. 2023 at Snowbird Mountain Resort, UT
(Webinar) 11/15 @ 2PM ET: The Urgency of eVaults: How Purpose Driven eVault Technology Accelerates eNote Adoption, featuring Snapdocs & Fannie Mae

Share

0 Comments

10/27/2022

TMC BENCHMARK SEPTEMBER DATA: Production Down, But So Are Technology Costs

0 Comments

Read Now
 
As expected with the continued climb in mortgage rates, September was a tough month on the closed loan and new applications front, bringing these numbers to their lowest levels in 2022 for The Mortgage Collaborative's national network of lender member companies. A positive takeaway for the month was a continued reduction in the cost per closed loan our members are paying for key tech stack platforms.
Closed loan units were down 12% in September when compared to the month prior. Within that, lenders saw closed purchase loans and refinances continue to remain flat month over month. Refinances remained at 13% of all closings in September for a third month in a row. 

Here's the refinance share we've seen in TMC Benchmark over the last six months:

January 2022: 39%
February 2022: 37%
March 2022: 29%
April 2022: 24%
May 2022: 16%
June 2022: 14%
July 2022: 13%
August: 13%
September: 13%
 
The % of conventional closings also remained flat again in September at 63% (units). Historically, conventional loans have represented 75-76% of all closed loan units these past six years. On the flip side, government loan closings continued to climb into an all-time high (by share) of 31% this month.

New applications were down 16% in September from the previous month. This brings apps back to exactly where they were in July. Conventional loans remained flat at 61% of new app share.

September brought operational efficiency down. The number of closed loan units closed per full-time processor dipped slightly to 7.72, and closed loan units per full-time closer decreased to 16.35 in September from 23.27 in August. Closed loan units per full-time underwriter decreased to 19.56 from 22.74 in August. The average loan originator closed 3.22 units in August, a drop from 3.77 in August. LO comp came in at an average of 89.3 bps, down 4.1 bps from last month's 93.4 total. 

Average annual compensation paid to operational staff decreased month-over-month, with average annual comp paid to FTE processors decreasing slightly to $50,586 this month. Underwriter annual comp also dipped to $86,663. Average annual comp paid to closers increased slightly to $52,673.

The average "app date to clear to close date" increased very little to 38.93 this month. Let's look at how this number trended throughout the course of 2021 and 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
July '22 – 39.2
August ’22 – 38.45
September ’22 – 38.93

The average cost per closed loan unit our members paid for their loan origination system (LOS) increased in September to $143 in from $137 the previous month. The average cost per closed loan unit for our members' point-of-sale (POS) system stayed flat ($61) in September and dropped by $5 to $88 for their CRM.

Average non-third-party lender fees for conventional loans dipped slightly $1,170 in September from $1,173 the previous month. Government lender fees rose from $1,125 to $1,164 in this most recent month.

53% of this month's participants in TMC Benchmark were depositories, and 47% were IMBs. 36% originate under $500M a year in annual volume, 27% originate between $500M-$1B, and 36% originate over $1 billion per year in annual production.

Share

0 Comments

10/21/2022

Preferred Partner Headlines: Week of October 24th

0 Comments

Read Now
 
Picture
Top Headlines
​
SimpleNexus Collaboration with Progressive Insurance Brings Home Insurance to Platform Used By Nearly 3 Million Borrowers
Optimal Blue, a division of Black Knight Announces CompassEdge Platform, Designed to Support the Next Generation of Loan Trading & Hedging
Freddie Mac To Include Cash-Flow Data in Underwriting Coming in November
Optimal Blue, a division of Black Knight: Weekly Market Update - 10/19/22

Thought Leadership

Black Knight: How Low Can Home Sales Go?

Personnel Announcements

Dovenmuehle Welcomes Anna Krogh as Vice President of Business Development
iEmergent’s Laird Nossuli recognized by Mortgage Banker Magazine as 2022 Powerful Women of Mortgage Banking honoree

Media

(Podcast) Lykken on Lending 10/21/22: Driving Deal Flow During A Tight Market with Total Expert’s Dan Cantinella
(Podcast): Next Level Loan Officers podcast, featuring leadpops CEO & Co-Founder, Andrew Pawlak: Taking Back Your Leads!
(Video): Built Technologies - Simplify Construction Finance
(Podcast) Lykken on Lending 10/19/22: Making the World of Lending A Better Place Through Educational Videos, featuring Kevin Peranio
(Video): Black Knight's Andy Walden on CNBC's 'The Exchange': Refi Market Finding Bottom
(On-Demand Webinar): MeridianLink Mortgage LOS Marketplace - Tapping Into Your Lending Potential with Flexible Partner Integrations

Blogs

Sales Boomerang | Mortgage Coach eBook: The Greatest Scenes in Mortgage Lending - 5 Oscar-Worthy Scripts to Practice with Borrowers
Why Partner with MGIC?

Share

0 Comments

10/17/2022

2022 HousingWire Vanguards

0 Comments

Read Now
 
Picture
The HousingWire Vanguard awards represent an elite group of industry executives who are moving the housing market forward. The vast majority of them have carved unique paths for themselves, picking up invaluable knowledge along the way to help them better strategize and lead their organizations. Join us in congratulating the four lender members and eleven preferred partners recognized! Click here to see the full list of Vanguard recipients.

Lender Members
AJ Franchi, President & COO – Gold Star Mortgage Financial Group
Kristi Pickering, President – Academy Mortgage
Michael Dubeck, CEO & President – Planet Home Lending
Tawn Kelley, President – Taylor Morrison Home Funding


Preferred Partners
Aaron King, CEO & Founder – Snapdocs
Benjamin Madick, Co-Founder & CEO – Matic Insurance
Chase Gilbert, CEO – Built Technologies
Dave Savage, Chief Innovation Officer – Sales Boomerang | Mortgage Coach
Jerry Weiss, EVP & Chief Administrative Officer, Freddie Mac
Jim Smith, SVP, Maxwell Diligence – Maxwell
Joe Welu, Founder & CEO – Total Expert
Sandra Madigan, Chief Digital Officer – Black Knight
Shane Westra, Chief Product Officer – SimpleNexus, an nCino company
Shelley Leonard, President – Xactus
Thomas Showalter, CEO – Candor Technology

Share

0 Comments

10/14/2022

Preferred Partner Headlines: Week of October 17th

0 Comments

Read Now
 
Picture
Top Headlines
iEmergent Announces Special Purpose Credit Program (SPCP) Workshop to Prepare Mortgage Bankers to Launch Their Own Diverse Lending Initiatives
Snapdocs Ranked #1 Easiest to Use Digital Mortgage Closing Platform in New G2 Report
Fannie Mae: Housing Sentiment Near Record Low
Optimal Blue, a division of Black Knight: Weekly Market Update - 10/12/22
Fannie Mae ESR Group Sees 'Modest Recession' in Q1 2023

Thought Leadership

Black Knight's Bethany Williams: Preconfigured Data Visualizations Help Shed Light on Loan Performance

Personnel Announcements

Chenoa Fund announces very first Chief Financial Officer, Pam Cooper CPA CMB

Media

(Video) FinLocker's October 2022 Latest Enhancements & Product Roadmap
(Video) Arch MI PolicyCast: A Manufactured Housing Renaissance
(Podcast) Maxwell's Clear to Close Episode 29: Lender Sentiment, Market Outlook & Opportunity That Remains as Rates Hit 7%
(Podcast) Lykken on Lending - 10/10/22
(Video) Optimize | MortgageEducation.com: New Client Testimonial Video
(Video) Total Expert - Expert Insights Podcast: Founder & CEO, Joe Welu & Chief Lending Officer, Dan Cantinella: Tales from the Trenches

Blogs

ActiveComply: 3 Reasons Why Social Media Marketing is Worth the Risk
Total Expert CMO, Rebecca Martin Recognized Among Twin Cities Business 2022 Notable Leaders in Marketing
Maxwell Recognized Among 19 Colorado Companies to Watch This Fall by Built in CO
MQMR Weekly FAQ: Payroll Fraud
Triserv blog: How Strong is Your AMC?

Events

10/24 9-11PM CT: TMC’s Night-Cap Reception at MBA Annual, co-hosted by Capacity & Matic Insurance – RSVP Here!
10/20 2PM ET: Sales Boomerang | Mortgage Coach: Tick, tick, BOOM: Make Home Financing a Blast with Interactive Loan Comparisons & Video Breakdowns

Share

0 Comments

10/7/2022

Preferred Partner Headlines Blog: Week of October 10th

0 Comments

Read Now
 
Picture
Top Headlines
5X Solutions Announces Tool to Help Mortgage Lenders Right-Size for Market Conditions
PHOENIX Market Snapshot - August 2022

Thought Leadership
Xactus' Shelley Leonard & James Owens, CMT: Trends in Mortgage Technology
Planet Home Lending SVP & Enterprise Risk Officer, Chris Joles: Finding the 'S' in Mortgage Banking

Blogs
Maxwell eBook: Surviving the Remainder of 2022: How to Manage Risk, Rates, Declining Volumes & Challenges to Profitability
Mortgage Lenders Turn to New Revenue Streams as Interest Rates Continue to Rise | Matic

Media
(Podcast): 10/3 Lykken on Lending

Events
10/24 9-11PM CT: TMC’s Night-Cap Reception at MBA Annual, co-hosted by Capacity & Matic Insurance – RSVP Here!
(Webinar) 10/12 @ 2PM ET: Planet Home Lending Symposium & Economic Forecast, featuring Freddie Mac
(Webinar) 10/19 @ 12PM ET: TRUE Webinar Series Part 2: What Happens When the Lending Industry Achieves its Automation Goals

Share

0 Comments
Details

    Archives

    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021

    RSS Feed

    Categories

    All

Picture
The Mortgage Collaborative © 2022

COMPANY

About TMC
Contact Us
​

RESOURCES

Preferred Partners
Blog

    Let's keep in touch.

Subscribe to Newsletter
  • 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 >
      • Stay Classy With TMC 2023
    • The Last Week in Mortgage, Today
    • The Rundown with Rob & Rich
  • Preferred Partners
  • TMC Emerging Tech Fund
  • TMCU