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6/2/2023

Preferred Partner Headlines: Week of June 5th

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Top Headlines:
Freddie Mac Updates Income Assessment Tool to Use Digital Paystubs
FinLocker's FinTalk May Series of Contributors on the Importance of Financial Education Advocacy
Freddie Mac Expands Income Data for Underwriting
Introducing SocialCoach's Video Catalyst
Fannie Mae's Encomic & Strategic Research Group Predicts Modest Recession Still Likely As Credit Conditions Tighten
Download ActiveComply's 2023 Profile Compliance Guide
PHOENIX Market Snapshot – April 2023
Optimal Blue, a division of Black Knight: Weekly Market Update - 5/31/23
Fitch Ratings Puts Fannie Mae & Freddie Mac on Negative Ratings Watch

Thought Leadership:
Mortgage Orb Person of the Week: Docutech Chief Technology & Product Officer, Adam Stern: Lenders Need Tech That Increases Margins During Low-Volume Periods
Lack of Consultants Stymies FHA Purchase-Rehab Loan Program, featuring Planet Home Lending's Jim Bopp
Arch MI's HaMMR Digest featuring Parker Ross: Tidal Wave or Rough Chop?

Personnel Announcements:
Cenlar Adds Marlon Groen at Chief Compliance Officer & Michael Biddle as Chief Data Scientist

TMC Connect – next week:
6/5 @ 3PM ET: The New Credit Score Models & The Impact to Your Process
6/6 @ 3PM ET: Emerging Solutions in Home Equity: Title, Settlement & Closing with Stewart
6/7 @ 3PM ET: How AI Brings Trust to Borrower Data

Media:
(Video) CMBA Connects featuring MeridianLink SVP of Mortgage, Vince Furey
(Podcast) 5/19 Chrisman Commentary, featuring Built Technologies' Riley Thomas on Commercial Real Estate

Blogs:
Surefire, a Black Knight company: Originations Tech Talk Resource Guide - Mastering Speed to Lead in the Digital Era
MQMR Weekly FAQ: Pre-Funding QC Loan Selection - Fannie Mae
Built Blog: Why Does Having A Relationship with Your Technology Provider Matter?

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5/31/2023

TMC BENCHMARK APRIL DATA: Data stays consistent over the month of April

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Numbers this month remained mostly flat for our network of lender members aside from a few key drops. TMC lender members saw a $3 drop in their Cost Per Closed Loans for CRM systems. And while Government closed loans increased in April, refinances hit yet another all-time low. TMC saw staff efficiency drop in April compared to the consistent increase for every position since 2023.
Closed loan units decreased by 1% in April when compared to the month prior. Within that, lenders saw closed purchase loans increase slightly and refinances dropped to another record low month over month. Refinances were 9% of all closings in April.

Here's the refinance share we've seen in TMC Benchmark through 2022 and 2023:

January 2022: 39%

February 2022: 37%

March 2022: 29%

April 2022: 24%

May 2022: 16%

June 2022: 14%

July 2022: 13%

August 2022: 13%

September 2022: 13%

October 2022: 13%

November 2022: 13%

December 2022: 12%

January 2023: 13%

February 2023: 11%

March 2023: 10%

April 2023: 9%

The % of conventional closings also remained flat again in April at 65% (units). Historically, conventional loans have represented 75-76% of all closed loan units these past seven years. Government loan closings are steadily climbing, coming in at 30% of all closings yet again this month, far above the 18-20% ranges we’ve historically seen in TMC Benchmark.

New applications decreased by 3% in April from the previous month. Conventional loans increased by 1% of new app share.

Operational efficiency decreased in all categories again in April. The number of closed loan units closed per full-time processor decreased to 8.4, and closed loan units per full-time closer decreased to 25.6 in April from 26.98 in March. Closed loan units per full-time underwriter lowered to 20.9 in April from 22.8 in March. The average loan originator closed 2.78 units in April, also decreasing from March’s 3.13. LO comp came in at an average of 91 bps, up 3 basis points (bp) from last month's 88 total.

Average annual compensation paid to operational staff increased month-over-month, with average annual comp paid to FTE processors at $52,114 this month. Underwriter annual comp lowered slightly to $84,621. Average annual comp paid to closers lowered slightly to $53,482.

The average "app date to clear to close date" dipped to it lowest in over a year to 33 this month. Let's look at how this number trended throughout the course of 20212 and 2023:

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

December ’22 – 36.97

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January ’23 – 38.33

February ’23 – 34.5

March ’23 – 35.1

April ’23 - 33

The average cost per closed loan unit our members paid for their loan origination system (LOS) remained at $173 in April. The average cost per closed loan unit for our members' point-of-sale (POS) system went up in April to $74 from $61 in March and dropped 2 bps to $88 for their CRM.

Average non-third-party lender fees for conventional loans are down to $1,177 in April compared to $1,395 the previous month. Government lender fees stayed the same at $1,182 in April.

52% of this month's participants in TMC Benchmark were depositories, and 48% were IMBs. 37% originate under $500M a year in annual volume, 26% originate between $500M-$1B, and 37% originate over $1 billion per year in annual production.

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5/19/2023

Preferred Partner Headlines: Week of May 22nd

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Top Headlines
Vice Capital Markets Releases Integration with Freddie Mac Income Limits API
Optimal Blue, a division of Black Knight: Weekly Market Update - 5/18/23

Thought Leadership
Arch MI Capital Commentary featuring Kirk Willison

Personnel Announcements
Dovenmuehle taps Ron Malik as Senior Vice President of Default Servicing

Next Week on TMC Connect
5/23 @ 1pm ET: Denim Social: Social Media Post Workshop

Media
(On-Demand Webinar) TMC Credit & Verification Cost Saving Series: Part 1| Part 2
(Podcast) Curinos (F)Insights: Fed Hikes Rates Again - Impact on Small Businesses
(On-Demand Webinar) Black Knight Mortgage Monitor Data Report
(Video) Total Expert Founder & CEO, Joe Welu featured on Bloomberg Businessweek: The Shift in Lending

Blogs
MQMR Weekly FAQ: Detecting & Preventing Appraisal Discrimination
TRUE Whitepaper: May 2023 - Transforming the Mortgage Industry with TRUE Lending Intelligence
Surefire, a Black Knight company: PowerPack, featuring Power Calls, Power Messaging & Power Video

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5/15/2023

2023 Inman Best of Finance Award Winners

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Inman recently released their list Best of Finance for 2023, recognizing the achievements of the housing finance community’s best and brightest that are re-shaping the home-buying and financing process. Join us in celebrating the recognition of seven TMC Lender Members and thirteen Preferred Partners!

Lender Members:

Anita Padilla-Fitzgerald, President & CEO, Take3Tech & MegaStar Financial Corp
Dustin Sheppard, President, American Pacific Mortgage
Greg Schwartz, Co-founder & CEO, Tomo
Keith Canter, CEO, First Community Mortgage
Rick & Patty Arvielo, Co-founders & CEOs, New American Funding
Ron Leonhardt, Founder & CEO, CrossCountry Mortgage
Steve Thompson, President & CEO, PrimeLending

Preferred Partners:

Aaron King, Founder & CEO, Snapdocs
Adam Pollitzer, President & CEO, National MI
Chris Martin, VP of Business Development – Partnerships, SimpleNexus, an nCino company
Frederick Eppinger, CEO, Stewart Title
John Paasonen, Co-founder & CEO, Maxwell
Matt Hansen, Chief Product Officer, nCino
Michael Schmeiser, President & CEO, Arch Mortgage Insurance Company
Michael DeVito, CEO, Freddie Mac
Michael Dubeck, President & CEO, Planet Home Lending
Oliver Vanger, CTO, Candor Technology
Priscilla Almodovar, CEO, Fannie Mae
Richard Gagliano, President – Origination Technologies, Black Knight
Tim Mattke, CEO, MGIC

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5/11/2023

Preferred Partner Headlines: Week of May 15th

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Top Headlines
Fannie Mae: Housing Confidence at 12 Month High, Still Down Significantly from Pre-Pandemic Levels
Black Knight's April '23 Originations Market Monitor: Lock Volumes Fall Despite Marginally Lower Rates Due to Inventory Shortage
Per Candor Data: Mortgage Payments & Incomes Rose in April: New Average Payment Over $2,300 Per Month
Optimal Blue, a division of Black Knight: Weekly Market Update - 5/10/23
Planet Financial Group Reports Highest Monthly Lock Volume in Company History

Personnel Announcements
Georgeo Pulikkathara Joins Dovenmuehle as Chief Information Security Officer

TMC Connect Next Week
Mon 5/15 @ 3PM ET: Better Me in 2023: Creating Balance & Integration in Our Personal & Professional Growth
Tues 5/16 @ 3PM ET: How to Use Social Media for Get Ahead This Buying Season

Media
(Podcast) HousingWire Daily featuring Fannie Mae's Katrina Jones: How Fannie Mae is Tackling Affordability Challenges
(Video Podcast) CMBA Connect featuring SimpleNexus Co-Founder & CEO, Ben Miller

Blogs
Snapdocs: It's "Go Time" for eClosings - Why Lenders Are Prioritizing Tech in a Down Market
G2 Users for Second Consecutive Year Rank Total Expert A "Leader" in Mortgage CRM
Sales Boomerang, by TrustEngine New eBook: Be Your Borrower's Best Financial Friend
ICYMI: Arch MI - Help Homebuyers Succeed with Education & Affordable Down Payments
Capacity: How to Automate Business Processes in 5 Easy Steps
Optimal Blue: Retain More Leads & Reduce Fallout with HFA Products
FinTalk: Why I Advocate for Financial Education, featuring FinLocker's Brian Vieaux
Surefire Quick Guide: Mortgage Marketing Essentials - Stay Connected with a Mortgage CRM System

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5/8/2023

HousingWire’s 2023 Class of Rising Stars

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For the tenth consecutive year, HousingWire released its annual Rising Stars list, recognizing up-and-coming leaders in housing making a major imprint on our industry all before the age of 40. Amongst the 80 honorees, join us in celebrating the four TMC Lender Members and five Preferred Partners recognized!

Lender Members:

Preferred Partners:

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5/5/2023

Preferred Partner Headlines: Week of May 8th

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Top Headlines
Maxwell Launches Single Sign-On Tool for Lenders to Reduce Security Risks
Freddie Mac Chief Economist Expects Rates to Soften as Year Progresses Despite Recent Increases
Optimal Blue, a division of Black Knight: Weekly Market Update - 5/3/23
Chenoa Fund Now Offers Daily Rate Sheet & Pricing
Maxwell Point-of-Sale: Helping Delight Borrowers, Help LO's Outproduce Their Peers & Reduce Time to Close By 13+ Days
PHOENIX Market Snapshot - March 2023

Thought Leadership
Curinos Perspective: Fed Hikes Again - Implications for a Potential Plateau
Optimize Compliance Solutions offers 3 Day Audit Preparedness
Denim Social CEO, Doug Wilber: How to Help Financial Advisors Start Social Selling

TMC Connect – Week of 5/8
5/9 @ 3PM ET: TMC Credit/Verification Series, Part 2: Thinking Outside the Box to Offset Credit & Verification Expenses
5/10 @ 2PM ET: Purchase Loan Growth By Market - Know Your Opportunity with Curinos
5/15 @ 3PM ET: Better Me in 2023: Creating Balance & Integration in Our Personal & Professional Growth

Media
(Video) NYSE Interview with Total Expert Founder & CEO, Joe Welu: Total Expert Using Tech as Catalyst for Extra Human Touch in Data & Finance
(Video) Alterra Home Loans President, Marc Hernandez: Experiencing SimpleNexus' Powerful End-to-End Platform
(Podcast/Video) The Walk with Model Match's Eric Levin, featuring Total Expert's Jon Hill: Relationships Over Sales

Blogs
Black Knight: How Lenders Can Safely Adopt A Competitive AI/ML Strategy
TrustEngine: What You Don't Know Will Surprise You - Schedule Your Loan Loss Report

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4/28/2023

Preferred Partner Headlines: Week of May 1st

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Top Headlines
Fannie Mae Boots Housing Outlook Even as Economy Slows
ICYMI: TrustEngine’s Sales Boomerang releases Q1 2023 Mortgage Market Opportunities Report
Optimal Blue, a division of Black Knight: Weekly Market Update - 4/26

Thought Leadership
FinLocker President & COO, Brian Vieaux: How to Build & Expand A Strong Referral Network
OptiFunder Founder, Michael McFadden: CFO's Embrace Tech for Strategic Advantages to their Organizations
Fannie Mae Single-Family Risk Management SVP, Jake Williamson: How We Manage Appraisal Quality
Arch MI Capital Commentary, featuring Kirk Willison: Housing is Looking Up!

TMC Connect Schedule, Early May
5/3 @ 3PM ET: Clean Up With Clean Data, featuring TRUE's Bob Noble & Arvest Bank's Shawn Karnes
5/9 @ 3PM ET: TMC Credit/Verification Series, Part 2: Thinking Outside the Box to Offset Credit & Verification Expenses
5/10 @ 2PM ET: Purchase Loan Growth By Market - Know Your Opportunity with Curinos

Media
(On-demand Video) Built & CBRE Collaborate to Create A More Efficient & Transparent CRE Lending Experience

Blogs
Black Knight: It Pays to Invest in Your BI
Certified Credit's First-Time Homebuyer Guide
MQMR Weekly FAQ: Fannie Mae - OFAC Compliance Program
Stewart Valuation Intelligence: Validity Suite of Remote Inspection Tools - Meeting Today's Needs & Tomorrow's Challenges
MeridianLink - FirstBank Case Study
Certified Credit: How Mortgage Lenders Can Harness AI & Automation in 2023
ICMYI: MQMR Weekly FAQ: IMBs, Marijuana, AML Audits & 4:20

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4/27/2023

TMC BENCHMARK MARCH DATA: More relief for TMC! Production and Efficiency are on a steady incline month over month, and closings rose again by the same percentage. (You’re not seeing double)

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TMC lender members saw a steep drop in their Cost Per Closed Loans for each system, and most significantly for Point-of-Sale systems. And while closed loans increase yet again in March by the same percentages, refinances hit an all-time low. TMC saw Production climb 10 units monthly since the start of 2023. Efficiency has increased for every position since 2023, with the biggest increase coming from closers.

Closed loan units increased by 23% in March when compared to the month prior. Within that, lenders saw closed purchase loans increase and refinances dropped to a record low month over month. Refinances were 10% of all closings in March.
 
Here's the refinance share we've seen in TMC Benchmark through 2022 and 2023:
 
January 2022: 39%
February 2022: 37%
March 2022: 29%
April 2022: 24%
May 2022: 16%
June 2022: 14%
July 2022: 13%
August 2022: 13%
September 2022: 13%
October 2022: 13%
November 2022: 13%
December 2022: 12%
January 2023: 13%
February 2023: 11%
March 2023: 10%

The % of conventional closings also remained flat again in March at 66% (units). Historically, conventional loans have represented 75-76% of all closed loan units these past seven years. Government loan closings are steadily climbing, coming in at 28% of all closings yet again this month, far above the 18-20% ranges we’ve historically seen in TMC Benchmark.

New applications increased by just 4% in March from the previous month. Conventional loans remained flat at 64% of new app share.

Operational efficiency increased for all categories again in March. The number of closed loan units closed per full-time processor increased to 9.2, and closed loan units per full-time closer increased to 27 in March from 20.6 in February. Closed loan units per full-time underwriter rose to 22.8 in March from 16 in February. The average loan originator closed 3.1 units in March, also steadily climbing from 2.3 in February. LO comp came in at an average of 88 bps, down 1.6 basis points (bp) from last month's 89.6 total.

Average annual compensation paid to operational staff increased month-over-month, with average annual comp paid to FTE processors at $51,585 this month. Underwriter annual comp lowered slightly to $84,510. Average annual comp paid to closers also lowered slightly to $54,533.

The average "app date to clear to close date" increased to 35 this month. Let's look at how this number trended throughout the course of 2021 and 2022:

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
December ’22 – 36.97
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January ’23 – 38.33
February ’23 – 34.5
March ’23 – 35.1

The average cost per closed loan unit our members paid for their loan origination system (LOS) decreased in March to $173 from $230 the previous month. The average cost per closed loan unit for our members' point-of-sale (POS) system dropped $22.50 to $61 in March and dropped 6 bps to $90 for their CRM.

Average non-third-party lender fees for conventional loans are up to $1,395 in March compared to $1,190 the previous month. Government lender fees rose slightly from $1,111 to $1,182 in this most recent month.

54.8% of this month's participants in TMC Benchmark were depositories, and 42.2% were IMBs. 43.8% originate under $500M a year in annual volume, 20.3% originate between $500M-$1B, and 35.9% originate over $1 billion per year in annual production.

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4/20/2023