Blog Posts

9/6/2022

Meet Susan Sher during TMC in Chi-Town – Former Chief of Staff to Michelle Obama

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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.

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8/29/2022

TMC Benchmark July Data: Slow Summer Continues, Government Loan Share of Apps & Closings Hit All-Time TMC Benchmark Highs

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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.

Rich Swerbinsky
President & COO, The Mortgage Collaborative

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keeping up with our tmc family

Preferred Partner Headlines: Week of September 19th

Preferred Partner Headlines: Week of September 12th

Meet Susan Sher during TMC in Chi-Town – Former Chief of Staff to Michelle Obama

TMC Benchmark July Data: Slow Summer Continues, Government Loan Share of Apps & Closings Hit All-Time TMC Benchmark Highs

Preferred Partner Headlines: Week of August 29th

20 Companies in TMC's Network Recognized in 2022 Inc. 5000 List

Preferred Partner Headlines: Week of August 22nd

Preferred Partner Headlines: Week of August 15th

Preferred Partner Headlines: Week of August 8th

TMC Recognizes Members and Partners in the 2022 Women of Influence Program

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