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

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)

0 Comments

Read Now
 
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
---
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.

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