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12/23/2022

TMC BENCHMARK NOVEMBER DATA: Salaries Increase As Costs For Systems Decrease.

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TMC’s lender members saw cost per closed loans decrease and salaries go up in November. Applications continue to decrease slightly, and with-it falling production and efficiency as we head into the winter months.  
Closed loan units were down 14% in November 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 November for a fifth 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% 
November: 13% 
   
The % of conventional closings also remained flat again in November at 65% (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 27% of all closings this month, far above the 18-20% ranges we’ve historically seen in TMC Benchmark.  
   
New applications dropped by 13% in November from the previous month. Conventional loans remained flat at 62% of new app share. 
   
November brought operational efficiency down for closers and remained relatively flat for everyone else. The number of closed loan units closed per full-time processor were down to 5.94, and closed loan units per full-time closer increased to 17.93 in November from 20.32 in October. Closed loan units per full-time underwriter decreased to 16 from 18.33 in October. The average loan originator closed 2.26 units in November, a drop from 2.49 in October. LO comp came in at an average of 91.7 bps, down 3 basis point (bp) from last month's 88.5 total.  
   
Average annual compensation paid to operational staff increased month-over-month, with average annual comp paid to FTE processors at $51,250 this month. Underwriter annual comp also climbed to $85,604. Average annual comp paid to closers rose to $53,444. 
   
The average "app date to clear to close date" decreased to 40.7 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 
November ’22 – 40.7 
 
The average cost per closed loan unit our members paid for their loan origination system (LOS) decreased in November to $153 from $167 the previous month. The average cost per closed loan unit for our members' point-of-sale (POS) system dropped $1 to $65.27 in November and dropped 3 bps to $86 for their CRM.   
   
Average non-third-party lender fees for conventional loans remained flat once again $1,191 in November compared to $1,172 the previous month. Government lender fees rose from $1,200 to $1,164 in this most recent month.  
   
52% of this month's participants in TMC Benchmark were depositories, and 48% were IMBs. 34% originate under $500M a year in annual volume, 29% originate between $500M-$1B, and 37% originate over $1 billion per year in annual production.  

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12/16/2022

Preferred Partner Headlines: Week of December 19th

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Top Headlines
Curinos Perspective: Fed's Battle with Inflation Moves to a New Phase
OptiFunder Adds Wire Fraud Protection Feature to its Warehouse Management System
ActiveComply Now Offering Remote Office Inspection Support
CrossCountry Partners with SimpleNexus to Implement CompenSafe Incentive Automation into Workflow
Fannie Mae Enhances AUS for 'Credit Invisible' Borrowers
Sales Boomerang Ranked #162 Fastest Growing Company in North America in Deliotte 2022 Technology Fast 500
Black Knight: 2022 Originations Make Up 60% of Underwater Mortgages
Fannie Mae: Mortgage Rates Primary Impediment to Housing Sentiment Survey
Black Knight Market Monitor: Purchase Locks Down 22% Despite Lower Rates 
Download Denim Social's 2023 Social Media Holiday Content Calendar
Optimal Blue, a division of Black Knight: Weekly Market Update - 12/14/22

Thought Leadership

Total Expert Co-Founder & CEO, Joe Welu: How to Motivate Employees to Embrace New Technologies

Media

(Video) Ross Mortgage's Tim Pascarella Black Knight Empower Testimonial Series
(On-Demand Webinar) Black Knight Mortgage Monitor - October 2022: Impact on the Mortgage Market

Blog

Case Study: SimpleNexus, an nCino Company, Helps Genesee Regional Bank Connect to More Partners to Execute Referral Strategies
MQMR New Whitepaper: Audit-opoly - The MORA Edition
Built Marketplace: Reduce Risk at All-Project Stages of Construction Lending
Maxwell: The Top 3 Market Trends Impacting Today's Borrowers
Download Black Knight's Free McDash Home Equity Report
Denim Social: Social Media Trend Report - A Marketer's Guide to Social Selling in 2023
ICYMI: MQMR Weekly FAQ: Federal Holidays - To Disclose or Not Disclose...That is the Question
ICYMI: Maxwell White Paper: Planning for 2023 – How to Recoup Revenue, Save Costs & Drive Loan Volume in an Uncertain Market
Black Knight: Dynamic Path of a Housing Market Returning to Normal
Triserv: Teamwork Makes the Dream Work
MQMR Weekly FAQ: Servicing QC Requirements for Portfolio Loans

Events

March 5 - 7, 2023: #StayClassywithTMC in San Diego at the Intercontinental Hotel - San Diego, CA
(Webinar) Wed, Jan 11th, 1:00PM ET: Optimal Blue, a division of Black Knight: Hedging 101: The Benefits of Mandatory Delivery
(TMC Connect) Thurs, Jan 12t h, 2:00PM ET: Johnston | Thomas’ Comprehensive Review of Mitigating Buyback Requests & Winning Repurchase Fights
(Webinar) Wed, Jan 25th. 1:00PM ET: Optimal Blue, a division of Black Knight: Hedging 201: The Components of Pipeline Valuation
March 12 - 17, 2023: Level Up at SimpleNexus's 2023 User Group (SNUG) - Snowbird Resort, UT

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12/2/2022

Preferred Partner Headlines: Week of December 5th

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Fannie Mae Predicts US Still on Track for a Modest Recession
PHOENIX Market Snapshot - October 2022
Optimal Blue, a division of Black Knight: Weekly Market Update - 11/30/22
ActiveComply Selected as LinkedIn Compliance Partner
Candor Technology Creates First-Ever Loan Quality Services Underwriting Engine
Check Out the Full Content Library of eBooks, Case Studies & Whitepapers from Sales Boomerang, All in One Location!
Freddie Mac Gen Z Survey

Thought Leadership

Cenlar FSB EVP, Business Development, Dave Miller, CMB: Industry Outlook for Mortgage Servicing
Black Knight Vision Blog: Borrowers in Hurricane Ian's Path 7X More Likely to Become Past Due on Mortgage

Personnel Announcements

NEXTraordinary People Profile: Xactus President, Shelley Leonard: At Home in the Boardroom
Cenlar FSB Announces the Addition of Brian Browne at VP of Cybersecurity
Triserv Appraisal Management Announces Promotion of Ted Venhorst to SVP, Director National Sales & Marketing

Media

Check Out the Full Library of Certified Credit's Talk Data to Me Live Interviews from MBA Annual, including TMC's Jim Park & Rich Swerbinsky
(Podcast) HousingWire News: Maxwell CEO, John Paasonen on Maxwell's Evolution 
(Podcast) Lykken on Lending 11/30 episode featuring Candor Technology: Helping Lenders & Changing the Mortgage Industry
(On-Demand Podcast) ICYMI: Curinos' Jon Sayre Featured on The Chrisman Commentary, Discussed Latest Mortgage Data

Blogs
New Whitepaper: SimpleNexus, an nCino company: Leveraging Digital for Smarter Referral Strategies
MQMR Weekly FAQ: New York CRA

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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 >
      • Music to My Ears: TMC in Nashville!
    • The Last Week in Mortgage, Today
    • The Rundown
  • Preferred Partners
  • TMCU
  • TMC Emerging Tech Fund