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

9/30/2022

​TMC BENCHMARK AUGUST DATA: Production and Applications Up, Paired with Lower Costs for your POS and LOS systems

0 Comments

Read Now
 
The Mortgage Collaborative's national network of best-in-class mortgage lending institution members that submit data to TMC Benchmark saw an increase in production and application units in August. This, paired with the lower costs for your POS and LOS systems, provided some needed relief from the 2022 summer slump.

Closed loan units increased by 10% in August compared to the previous month. Within that, lenders saw closed purchase loans and refinances remain flat month over month. Refinances remained at 13% of all closings in August. 
   
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%
   
The % of conventional closings stayed dipped in August to 64% (units). Historically, conventional loans have represented 75-76% of all closed loan units these past six years. On the flip side, government loan closings continued to climb into an all-time high once (by share) of 30% this month. 
   
Also on the rise, new applications increased by 16% in August. On brand this month, conventional loans also went against its trend of 2022 and climbed to 65% of new app share.
   
In August, operational efficiency dipped slightly once again. The number of closed loan units closed per full-time processor remained flat at 8.59, and closed loan units per full-time closer decreased to 23.27 in August from 25.53 in July. Closed loan units per full-time underwriter decreased to 22.74 from 23.07 in July. The average loan originator closed 3.77 units in August, a slight change from 3.82 in July. LO comp came in at an average of 93.4 bps, up 2.8 bps from last month's 90.44 total. 
   
Average annual compensation paid to operational staff was very flat month-over-month, with average annual comp paid to FTE processors decreasing slightly to $51,026 this month. Underwriter annual comp also dipped to $87,194. Average annual comp paid to closers also lowered to $52,623.
   
The average "app date to clear to close date" decreased to 38.45 this month as lenders dealt with staff attrition and pipelines of pretty much nothing but purchase transactions. Let's look at how this number trended throughout the course of 2021 and now 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
August '22 – 38.45

   
The average cost per closed loan unit our members paid for their loan origination system (LOS) lowered in August to $137 from $150 the previous month. The average cost per closed loan unit for our members' point-of-sale (POS) system dropped $4.27 to $60.83 in August and increased by $1.5 at $93 for their CRM. 
   
Average non-third-party lender fees lowered finally on conventional loans, dipping slightly to $1,173 in August from $1,196 the previous month. Government lender fees rose from $1,102 to $1,125 in this most recent month. 
   
54% of this month's participants in TMC Benchmark were depositories, and 46% were IMBs. 36% originate under $500M a year in annual volume, 25% originate between $500M-$1B, and 39% originate over $1 billion per year in annual production. 

Share

0 Comments



Leave a Reply.

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