New TMC Partner | Member Case Studies
Vice Capital Markets | Success Mortgage Partners Case Study
Sales Boomerang | Axia Home Loans Case Study: Nine Digit Delivery
Black Knight: Something Had to Give - Home Prices Down for First Time in 32 Months
Fannie Mae: High Home Prices, Mortgage Rates Bring Housing Sentiment Down for 6th Straight Month
Black Knight: Market Problems Masked by High Annual Price Growth
Clever Real Estate Announces Partnership with Fintech Company Total Expert
PHOENIX Market Snapshot - July 2022
Optimal Blue, a division of Black Knight: Weekly Market Update - 9/7/22
Total Expert's Customer Intelligence Drives Hundreds of New Originations by Looking for Signals from Customers
Are Fannie Mae & Freddie Mac Preparing to Accept VantageScore?
Fannie Mae, Freddie Mac & Cenlar Announce Leadership Moves
Xactus Hires Ross Gloudeman at General Counsel & Chief Compliance Officer
Sales Boomerang & Mortgage Coach's Rachel Cunningham and Jacob Gibbs named 2022 HW Insiders
(Video) MQMR Weekly FAQ: The Modern Valuation - Questions to Ask When Using A Desktop Appraisal
(Podcast) Certified Credit's Talk Data to Me: NextGen Homebuyers with Experience.com's Kristin Messerli
(Podcast) Achieving Stellar ROI with Automation, featuring Capacity's Jen Peachman & Total Expert's Sue Woodard
(Webinar) TRUE: Overcoming the Lending Industry's Data Bottleneck - 9/20 @ 12PM ET
TMC is excited to welcome Chicago’s own Susan Sher as a keynote during TMC In Chi-Town's September 27th general session. Susan will sit down for a fireside chat alongside Jodi Hall, President at Nationwide Mortgage Bankers, Inc., to answer questions about her time in the White House as former Chief of Staff to First Lady Michelle Obama and White House associate counsel to President Barak Obama.
Susan's career accomplishments indicate her hard work and effectiveness starting in 1974 when she graduated cum laude from Loyola University Law School. Susan went to work for the Chicago firm of Mayer Brown, where she eventually became a partner and the First Female Corporation Counsel for the City of Chicago. After her time with the city, Susan became Vice President for Legal and Governmental Affairs and General Counsel of the University of Chicago Medical Center where she worked for 10 years prior to moving to DC in 2008.
Since 2011, Susan Sher has held the position of Senior Adviser to the President of the University of Chicago, where she still serves as the University Liaison to the Obama Foundation.
She currently serves on a number of boards. She serves as Chair of the Board of Trustees at her Alma Mater, Loyola University Chicago and Presidential Appointment on the Board of the John F Kennedy Center for the Performing Arts, where she chairs the Audit Committee and serves on the Executive Committee. She also sits on the Board of the Partnership for A Healthier America, where she chairs the Trusteeship Committee. Previously, she also served as chair of the University of Chicago Lab Schools and of The Chicago Network.
The TMC Network welcomes her perspective on local Chicago politics and applying her outlook on persevering leadership to the challenges of the mortgage industry today.
TMC Benchmark July Data: Slow Summer Continues, Government Loan Share of Apps & Closings Hit All-Time TMC Benchmark HighsRead Now
Efficiency, applications, and production declined for The Mortgage Collaborative's national network of best-in-class mortgage lending institution members in July. This month government applications and closings were a bright spot amidst a continued wane in overall volume as we head into the heart of summer.
Closed loan production (in units) decreased by 8% month-over-month for the network. While refinances continued to shift downward another 13% in July, lenders saw closed purchase loans decrease by only 2% in July.
Here's the closed loan refinance share we've seen in TMC Benchmark over the first seven months of 2022:
January 2022: 39%
February 2022: 37%
March 2022: 29%
April 2022: 24%
May 2022: 16%
June 2022: 14%
July 2022: 13%
The percentage of conventional closings dropped slightly in July to 66% (units). Historically, conventional loans have represented 75-76% of all closed loan units these past six years. On the flip side, government loan closings came in at an all-time high (by share) for the second month in a row of 27%.
Despite new applications falling an additional 11% for the second month in a row, government loans increased again this month at a TMC Benchmark all-time high of 29% of total new app volume. Trending downward in 2022, conventional loans fell to a TMC Benchmark all time low of 55% of new app share.
In July, operational efficiency decreased by about 6% across the board from June's spike. The number of loan units closed per full-time processor increased to 8.54, and loan units per full-time closer reduced from 28.2 in June to 25.5 in July. Closed loan units per full-time underwriter decreased to 23.1 from 25.2 in June. The average loan originator closed 3.8 units in July, decreasing as well after staying steady April-June. Average LO comp came in at an average of 90.4 bps, down 1.8 bps from last month's 92.2 total.
Average annual compensation paid to operational staff remained very flat month-over-month, with average annual comp paid to FTE processors increasing slightly to $51,500 this month. Underwriter annual comp remained at $88,000. Average annual comp paid to closers also remained at $53,000.
The average "app date to clear to close date" remained flat at 39.2 this month. Lenders dealt with staff attrition and pipelines of pretty much nothing but purchase transactions. Let's look at how this number trended throughout 2021 and into 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
Our members' average cost per closed loan unit for their loan origination system (LOS) increased again from $142 to $150. The average cost per closed loan unit for our members' point-of-sale (POS) system increased from $59 to $65 and increased by $3 to $92 for their CRM.
In the face of much lower volume and margins, our members continue to increase their non-third-party lender fees. Conventional loans dropped from $1,498 to an average of $1,136, and government loan lender fees lowered slightly from $1,245 to $1,102.
52% of this month's participants in TMC Benchmark were depositories, and 48% were IMBs. 38% originate under $500M a year in annual volume, 27% originate between $500M-$1B, and 35% originate over $1 billion per year in annual production.
President & COO, The Mortgage Collaborative
5 Ways Fannie Mae & Freddie Mac Are Addressing Affordable Housing
SimpleNexus to Power User-Friendly Mobile Homebuying
Boston National Title Agency Introduces Loan-Level Home Equity Precision Processing
Black Knight: How Will Mortgage Rate Increases Affect the Housing Market?
OptiFunder Automates Purchase Advise Retrieval and Reconciliation Through API with Freddie Mac
Vice Capital Markets Releases API for Freddie Mac Cash Purchase Statement
Optimal Blue, a division of Black Knight: Weekly Market Update - 8/24/22
Why Fannie Mae's Mortgage Outlook Has Dimmed Despite Falling Rates
Curinos Senior Consumer Lending Market Analyst, Ken Flaherty: 5 Ways to Benefit from a Home Equity Comeback
MeridianLink: 4 Ways to Attract & Retain Your All-Star Talent in Today's Mortgage Market
FinLocker: A Roadmap for Homebuyers to Achieve Mortgage Readiness
(On Demand Webinar) Black Knight: How to Boost Your Pipeline in Today's Market
(Video) SimpleNexus Overview: Streamlining Homeownership
Subscribe to the Lykken on Lending Podcast Here!
One of the most anticipated lists of the year is here! The Inc. 5000 2022 edition highlights the most successful companies in America, and what they reveal about the future of business. The site also includes some inspirational stories behind many of the businesses recognized, and how they grew in a time of massive change. Search the full list of American companies here.
Please join us in congratulating the Preferred Partners Lender Members who were recognized within TMC’s network.
164 – Maxwell
288 – Xactus
708 – Sales Boomerang
2142 – Total Expert
1048 – CrossCountry Mortgage
1384 – Nationwide Mortgage Bankers
1407 – Kwik Mortgage Corp.
1528 – LoanFlight Lending
1966 – ALCOVA Mortgage
2277 – Sovereign Lending Group
2618 – Broker Solutions (dba as New American Funding)
2774 – Nations Lending Corp.
2824 – Mortgage Financial Services
3437 – AnnieMac Home Mortgage
3790 – Town Square Mortgage
3960 – FBC Mortgage
3962 – OVM Financial
4094 – OneTrust Home Loans
4228 – Evolve Bank & Trust
4585 – Homestar Financial Corp
Capacity Recognized Among the 10 Hottest AI Start-Ups of 2022 (So Far)
Optimal Blue, a division of Black Knight - Weekly Market Update - 8/17/22
Sales Boomerang named to Inc. 5000 list for second consecutive year
SimpleNexus Implements Dynamic Homeownership Platform to Support Multiple Lines of Business with National Mortgage Lender
Black Knight's Nick Belenky: A 'Surefire' Way to Capture Leads - And Keep Them
Total Expert & FinLocker: Unlocking Value with Financial Health & Wellness
Surefire eBook: Beat the Billboard Guys with Cost-Effective Mortgage Marketing Tools & Strategy
MQMR Weekly FAQ: Language Preference/Supplemental Consumer Information Form
Black Knight White Paper: Natural Disaster & the Impact on the Mortgage Industry
(On-Demand Webinar) MQMR: Internal Audit - If It Doesn't Make Dollars, It Doesn't Make Sense!
(Video) Capacity's Mortgage Explainer
(Podcast) Maxwell's Clear to Clear Podcast: How to Channel Learnings from Zillow Into Building a Top Borrower Experience
(Podcast) Total Expert's Expert Insights: Unlocking Value with Financial Health & Wellness, featuring FinLocker's Brian Vieaux
Sales Boomerang | Mortgage Coach Webinar: Wed 8/24 @ 1PM EST - Why Finishing the Year Strong Could Replace All Your Losses
Black Knight Mortgage Monitor - July 2022 Data Webinar: Thurs 9/1 @ 2PM EST
Black Knight: Mortgage Production Continues to Decline With Purchase Level Demand Now Falling Below Pre-Pandemic Levels
Built Technologies Expands Commercial Real Estate Product Suite for Lenders via Acquisition of Nativ
Black Knight: Tappable Equity Hits All-Time High, But Declines in West Mark Inflection Point
National MI Integrates with LOS to Enable Real-Time Quotes, MI Order Within Platform
Optimal Blue, a division of Black Knight: Weekly Market Update - 8/10/22
MGIC's Affordable Homeownership Series: Part 3 - Readiness: Educate Early & Build Trust to Encourage Mortgage Readiness
Inman article featuring Maxwell Co-Founder & CEO, John Paasonen: Agents & Brokers Advised to Seize the Market as Mortgage Rates Retreat
Longtime Cenlar CEO, Greg Tornquist to Retire, David Applegate Named Successor
HousingWire eClosing Solution Special Report
Docutech's Solex is a Fully Integrated eClose Solution, Meaning Lenders Work With Only One Vendor
Black Knight's eClose Technology Offerings Solve Many of the Common eClosing Pain Points
Notarize Offers a Comprehensive Workflow to Complete Remote Notarizations as Part of the eClose Process
New MeridianLink Mortgage eBook: Automating Mortgage Services with a Point-of-Sale Integration
FinLocker: Maximize Your Business Opportunities by Investing in Real-Time Mortgage Verification Services
Triserv Lender Resource Series: The QC Review Process
MQMR Weekly FAQ: 3 Ways Mortgage Lenders Can Mitigate Fair Lending Risk
Curinos Mortgage Hot Topics - 8/4/22
FinLocker: Six Strategies to Generate Purchase Mortgage Leads. One Unique Way to Turn Leads into Customers
Maxwell: What Can Local Lenders Learn From Online Lending's Major Players
(Video) TMC Connect: How to Right-Size Your Company to Current Market Levels, featuring TMS Advisors, David Lykken
(Podcast) 8/9 Chrisman Commentary: SimpleNexus Co-Founder & CEO, Ben Miller: Future of Mortgage Technology & Innovation; Latest Inflation Reading
(Video) Black Knight's Andy Walden Discusses Slowdown in Home Price Growth on CNBC's The Exchange
(Podcast) 8/5 Chrisman Commentary: Maxwell Co-Founder & CEO, John Paasonen: Millenial & Gen Z Homebuyers; US July Employment
(Webinar) Mon 8/15 @ 2PM ET: Black Knight - How to Boost Your Pipeline in Today's Market
Fannie Mae to Accept Lender-Funded Down Payment Assistance
Freddie Mac: For 1st Time Since April, Mortgage Rates Dip Below 5%
Black Knight: June Sees Record-Setting Slowdown in Home Price Growth
PHOENIX June 2022 Market Snapshot
Optimal Blue, a division of Black Knight: Weekly Market Update - 8/3/22
Fannie Mae's 2Q Net Income Rises 6% From Q1
Freddie Mac's 2Q Net Income Down 33% From Q1
nCino Announces Executive Leadership Appointments Including Ben Miller as new SimpleNexus CEO
Black Knight White Paper: Prepare for What's Next in Originations
Verity Global Solutions: Three Tips for Mortgage Lenders to Stabilize Net Margins
Check Out the Lender Testimonials from OptiFunder
MGIC's 'For Sale to Sold' Workshop to Wow Real Estate Agents
Black Knight: 3 Keys to Successfully Applying AI/ML to Servicing
Freddie Mac: Approaches to Low-Income Housing Climate Resiliency Vary
(Podcast) The Lending Buzz: Mortgage Lenders Using Technology to Process Condo Loans Faster Despite Enhanced Guidelines, featuring CondoTek CEO, Asher Kahn
(Podcast) Eric Levin is joined by Rich Swerbinsky on The Walk - Ep. 31 Collaboration, Fintech, The Cleveland Browns & The race to differentiate
(Video) CMBA's Diversity, Equity & Inclusion Podcast: InstaMortgage CEO, Shashank Shekhar Interviews CBC Mortgage Agency/Chenoa Fund's Tai Christensen
(Podcast) Lykken on Lending - 8/1/22 episode
(Webinar) Aug. 8th 1 pm EST Non-QM Optimizer: Coach and Quality Meet with Verity Global Solutions
(Webinar) Aug. 10th 2 pm EST Taking the Mystery Out of eNotes with Snapdocs
(Webinar) Aug. 11th 1 pm EST National MI University Presents: Insights from the 2022 State of the Mortgage Industry Half-Time Report
HousingWire's 2022 Women of Influence program represents a cohort of women using their platforms to support and empower others in the industry while simultaneously improving processes that can provide women with greater access to homeownership. Congratulations to this year’s winners, including five TMC members and 9 partners recognized!
Carey Armstrong, Co-Founder & CRO - Tomo
Emily Farley, Chief Lending Officer - Atlantic Bay Mortgage Group
Kim Nelson, CEO - Bank South Mortgage
Lauren Brandao, Chief Growth Officer - EPM
Selene Kellam, Chief Operating Officer - Thrive Mortgage
Andria Lightfoot, Chief Customer Officer - SimpleNexus
Beth Fowler, EVP, Lender Services - Stewart Title
Camelia Martin, VP of Industry & Regulatory Affairs - Snapdocs
Dionne Wallace Oakley, SVP & Cheif Human Resources Officer - Freddie Mac
Emily Shapiro, President - Docutech, a First American Company
Kelly Hodges, Chief Operating Officer - Mortgage Coach
Lauren Toth, Senior Director, Enterprise Resiliency & Security - Fannie Mae
Renee Hunter, General Counsel - Notarize
Terin Vivian, VP, Head of Loan Portfolio Management & Structuring - Freddie Mac
Planet Financial Group Defies Market Conditions, Captures Market Share in Q2
Sales Boomerang named Organization of the Year in the 2022 Sales and Marketing Technology Awards
Introducing Maxwell Espanol: Loan App Offering a Fully Bilingual Mortgage Experience
Xactus Acquires MassiveCert
How Fannie Mae, Freddie Mac & Non-QM Digital Data Use Compares
Optimal Blue, a division of Black Knight: Weekly Market Update - 7/27/22
Freddie Mac Appoints Dennis Hermonstyne Jr. as SVP & Chief Compliance Officer
NMP names Dave Savage to list of Most Connected Mortgage Professionals
Andria Lightfoot named NMP Most Connected Mortgage Professional (bronze level)
MeridianLink Partner Blog Series: How to Manage Challenges by Embracing Innovation, featuring Maxwell's Anthony Ianni
Sales Boomerang: 3 Lifelines Mortgage Lenders Need to Stay Afloat in Troubled Seas
Dart Appraisal Supporting ACE + PDR for Freddie Mac - Eligible Loans
Curinos Perspective: Latest Fed Hikes Come as Rates, Behavior Start to Shift
(On-Demand Webinar) ActiveComply: Using Social Media to Increase Purchase Business While Staying Compliant
(Podcast) Arch MI PolicyCast: FHFA Director Sandra Thompson Shares Housing Aims
(Podcast) Lykken on Lending 7/25: The Digital Workflow & Electronic Signature