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

11/29/2022

Production, Salaries, & Turn Times Wane Driving the TMC Network to Focus on Increasing Efficiency and Reducing Costs

0 Comments

Read Now
 
​TMC’S LENDER MEMBERS CONTINUED TO FEEL THE IMPACT THAT HIGHER INTEREST RATES HAVE HAD ON THE HOME PURCHASE MARKET AND REFINANCE ACTIVITY, AS VOLUME CONTINUED TO FALL OFF AS WE HEAD INTO THE FALL MONTHS. ON THE FLIP SIDE, TURN TIMES FELL, AND COMPENSATION PAID TO OPERATIONAL EMPLOYEES WAS REDUCED.
CLOSED LOAN UNITS WERE DOWN 26% IN OCTOBER 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 OCTOBER FOR A FOURTH 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%
OCTOBER: 13%
  
THE % OF CONVENTIONAL CLOSINGS ALSO REMAINED FLAT AGAIN IN OCTOBER AT 64% (UNITS). HISTORICALLY, CONVENTIONAL LOANS HAVE REPRESENTED 75-76% OF ALL CLOSED LOAN UNITS THESE PAST SIX YEARS. GOVERNMENT LOAN CLOSINGS REMAINED AT ELEVATED LEVELS, COMING IN AT 28% OF ALL CLOSINGS THIS MONTH, FAR ABOVE THE 18-20% RANGES WE’VE HISTORICALLY SEEN IN TMC BENCHMARK. 
  
NEW APPLICATIONS DROPPED BY 18% IN OCTOBER FROM THE PREVIOUS MONTH. CONVENTIONAL LOANS REMAINED FLAT AT 62% OF NEW APP SHARE.
  
OCTOBER BROUGHT OPERATIONAL EFFICIENCY DOWN FOR EVERYONE EXCEPT CLOSERS. THE NUMBER OF CLOSED LOAN UNITS CLOSED PER FULL-TIME PROCESSOR WERE DOWN TO 6.31, AND CLOSED LOAN UNITS PER FULL-TIME CLOSER INCREASED TO 20.32 IN OCTOBER FROM 16.35 IN SEPTEMBER. CLOSED LOAN UNITS PER FULL-TIME UNDERWRITER DECREASED TO 18.33 FROM 19.56 IN SEPTEMBER. THE AVERAGE LOAN ORIGINATOR CLOSED 2.49 UNITS IN OCTOBER, A DROP FROM 3.22 IN SEPTEMBER. LO COMP CAME IN AT AN AVERAGE OF 88.5 BPS, DOWN JUST UNDER 1 BASIS POINT (BP) FROM LAST MONTH'S 89.3 TOTAL. 
  
AVERAGE ANNUAL COMPENSATION PAID TO OPERATIONAL STAFF DECREASED MONTH-OVER-MONTH, WITH AVERAGE ANNUAL COMP PAID TO FTE PROCESSORS REMAINED FLAT AT $50,542 THIS MONTH. UNDERWRITER ANNUAL COMP ALSO DIPPED TO $85,072. AVERAGE ANNUAL COMP PAID TO CLOSERS TIPPED SLIGHTLY TO $52,990.
  
THE AVERAGE "APP DATE TO CLEAR TO CLOSE DATE" DECREASED TO 37.07 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
OCTOBER ’22 – 37.07
  
THE AVERAGE COST PER CLOSED LOAN UNIT OUR MEMBERS PAID FOR THEIR LOAN ORIGINATION SYSTEM (LOS) DECREASED IN OCTOBER TO $134 FROM $143 THE PREVIOUS MONTH. THE AVERAGE COST PER CLOSED LOAN UNIT FOR OUR MEMBERS' POINT-OF-SALE (POS) SYSTEM JUMPED $4 TO $66 IN OCTOBER AND LESS THAN HALF A BPS TO $89 FOR THEIR CRM.  
  
AVERAGE NON-THIRD-PARTY LENDER FEES FOR CONVENTIONAL LOANS REMAINED FLAT ONCE AGAIN $1,172 IN OCTOBER COMPARED TO $1,170 THE PREVIOUS MONTH. GOVERNMENT LENDER FEES ROSE FROM $1,164 TO $1,220 IN THIS MOST RECENT MONTH. 
  
57% OF THIS MONTH'S PARTICIPANTS IN TMC BENCHMARK WERE DEPOSITORIES, AND 43% WERE IMBS. 35% ORIGINATE UNDER $500M A YEAR IN ANNUAL VOLUME, 31% ORIGINATE BETWEEN $500M-$1B, AND 34% ORIGINATE OVER $1 BILLION PER YEAR IN ANNUAL PRODUCTION.

Share

0 Comments

11/17/2022

Preferred Partner Headlines: Week of November 21st

0 Comments

Read Now
 
Picture
Events
11/29 – 12/16: 12 Days of TMC – Coming to a Desktop Near You
11/21 @ 4:00PM ET: (Webinar) Introducing CRA-Fair Lending Pal: A Revolutionary Tool to Proactively Avoid CRA & Compliance Fines
11/30 @ 2:00PM ET: (Webinar) Black Knight Mortgage Monitor – October 2022 Data

Top Headlines

Black Knight Mortgage Monitor: September 2022 Report
Optimal Blue, a division of Black Knight: Weekly Market Update - 11/16/22

Media

(On-Demand Demo Series) SimpleNexus Homeownership Platform for Real Estate Professionals
(On-Demand Demo) Capacity: Answer Questions, Automate Repetitive Questions & Build Solutions to Any Business Challenge
(On-Demand Webinar) Black Knight Mortgage Monitor - September 2022: Impact on the Mortgage Market

Blogs

Curinos: Mortgage Hot Topics - 11/10/22
MQMR Weekly FAQ: Address Confidentiality Programs
Black Knight Free eBook: HOA Data - Cost-Effective Turnkey, Scalable
TRUE Blog: Proof That We Are TRUE

Share

0 Comments

11/11/2022

Preferred Partner Headlines: Week of November 14th

0 Comments

Read Now
 
Picture
Top Headlines
MeridiankLink Announces Acquisition of Open Close
Black Knight: Mortgage Borrowers Lost A Record Amount of Equity in Q3
Certified Credit's Talk Data to Me Podcast: Live from MBA Annual featuring TMC's Rich Swerbinsky on Mortgage Lending Education & TMCU 
ALCOVA Mortgage Reinvents the Underwriting Process with the Help of Candor LES
Technology Association of Iowa selects iEmergent as a 2022 Prometheus Award winner
SimpleNexus, an nCino company presents, State of Digital Mortgage eClosing Adoption: From Base Camp to the Summit
Fannie Mae: Home-Buying Sentiment Hits All-Time Low as Mortgage Rates Surpass 7%
Optimal Blue, a division of Black Knight: Weekly Update - 11/10/22

Thought Leadership
ActiveComply's Melissa Thomas: Best Practices for Remote Work in the Mortgage Business

Blogs
MQMR: Download the 2023 Subservicer Audit Calendar
Triserv's Lender Resource Series: When is a Comparable...a Comparable?

Media

(On-Demand Webinar) Knocking Down Barriers: Fannie Mae's Equitable Housing Finance Plan
(Podcast) The Chrisman Commentary featuring TRUE: Productive Solutions to Today's Lending Challenges
(Podcast) Freddie Mac: Best Practices for Managing Loan Pricing Economics

Events

11/14 @ 11:40AM ET : See Dovenmuehle Mortgage's VP, Anna Krogh Speak at the IMN Servicing Forum: Servicing - What Are the New Issues as We Head Into the Post-COVID Era
(TMCConnect webinar) 11/17 @ 1 pm ET: Planning for 2023: How to Recoup Revenue, Save Costs & Drive Loan Volume in an Uncertain Market
(TMC Virtual Conference) 11/29 - 12/16: 3rd Annual 12 Days of TMC

Share

0 Comments

11/4/2022

Preferred Partner Headlines: Week of November 7th

0 Comments

Read Now
 
Picture
Top Headlines
Sales Boomerang Releases Q3 2022 Mortgage Market Opportunities Report
Now Available! MGIC's Annual LO Survey Report
Optimal Blue, a division of Black Knight Weekly Market Snapshot - 11/2/22
Built Named NEXT Award Winner by Nashville Entrepreneur Center
PHOENIX Market Snapshot: September 2022

Thought Leadership
Vice Capital Markets Principal, Chris Bennett: Extended Rate Locks - How to Hedge Your Bets Past 90 Days

Media

(Video) CMBA Connect with Total Expert's Chief Lending Officer, Dan Catinella

Blogs

Black Knight: Swimming in Data? Actionable Intelligence Offers A Solid Solution
How FinLocker Makes a Social Impact in Our Communities
Curinos Perspective: Churn, Betas Heat Up as Rates Move Higher
TRUE: 5 Ways TRUE Makes Life Better for Operational Professionals
Top Midwest Bank Chooses SimpleNexus to Enhance Customer Homebuying Experience with Home Financing Tools on the Go

Events

11/29 – 12/16 (Virtual Conference) 12 Days of TMC – Coming Soon to a Desktop Near You
11/9 @ 12PM ET: Tapping the Potential of SPCPs: A Hands-on Workshop for Mortgage Lenders *MBA members can earn credit toward their CMB designation 
11/9 @ 2PM ET: Home Equity Lending According to Curinos
11/14 @ 2PM ET: MGIC presents, Helping Homeowners Over the Down Payment Hurdle

Share

0 Comments
Details

    Archives

    June 2025
    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    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 © 2023
2802 Flintrock Trace, Ste 281, Austin, TX 78738

COMPANY

About TMC
Refund Policy
Website Privacy Policy

RESOURCES

Preferred Partners
Blog

    Sign up for updates!

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