At the height of the financial crisis in 2008 in Atlanta, Kim Nelson launched BankSouth Mortgage with only 10 employees. Kim was named a 2016 “Woman Who Means Business” by the Atlanta Business Chronicle for making a difference in her community, trailblazing for others, and leaving a mark on business in Atlanta. A subsidiary of BankSouth, the mortgage company has now grown to include more than 200 employees, with 10 branch offices located throughout the state of Georgia and one in South Carolina under Kim’s leadership.
Since inception, BankSouth Mortgage has achieved over $1 billion in annual production volume and has earned the #1 spot for purchase market share and new construction purchase market share in one of the most competitive real estate markets in the country. With core values focused on community, commitment, cohesion and commendation, they deliver on their motto of ‘experience mortgage excellence, as the company has consistently been recognized as an Atlanta Business Chronicle’s Best Places to Work.
We’re thrilled to welcome the entire team at BankSouth Mortgage to our TMC Family and can’t wait to share the Power of the Network with you in 2020 and beyond!
Happy Birthday to Plaza Home Mortgage® – Plaza is 20 years old in 2020! And since 2000, Plaza has been a proven national leader dedicated to Wholesale and Correspondent lending. Plaza built its business on relationships and a deep understanding of the needs of the TPO community and their correspondent clients.
Everyday Plaza’s National Correspondent sales team offers banks and mortgage banks liquidity and quick execution through a wide variety of programs, and buy-back protection through its exclusive Certified Loan Program. Plaza offers a full range of agency, non-agency, FHA/VA/USDA, renovation, non-QM and even reverse programs through their National Correspondent channel, and maintains a number of regional loan underwriting and operations centers in major U.S. markets.
Plaza's Certified Loan Program protects their correspondent clients from loan manufacturing defects such as underwriting errors, fraud and misrepresentations; including defects from compliance, miscalculation of income, occupancy, undisclosed debts and appraisal issues. Plaza helps protect correspondent lenders at no additional upfront cost to them, thus substantially mitigating correspondent repurchase risk.
Plaza’s National Correspondent Sales and Operations staff knows their clients and their business challenges and are completely focused on what their clients need. Backed by best-in-class resources and the expertise that comes from depth of experience in their roles, Plaza Account Executives are empowered to provide personal attention and problem-solving skills that will help their clients be more successful.
And the best part – Plaza never competes with their correspondent lenders, since they have no traditional retail or consumer-direct lending channels. That means your clients stay with you even after the loan sale!
And, be sure to talk with Plaza about their wealth of correspondent renovation programs for your clients that are looking update their homes. Click here to see more!
If you’re attending TMC’s 2020 Winter Conference, be sure to meet with Kirk McClain, Steve Oberembt or Jacqueline Detrick in NOLA!
We’re thrilled to welcome Paul Wagner and team to our growing best-in-class national network of lender members!
With humble beginnings as a local mortgage brokerage firm in Huntsville, Alabama, with a vision of reshaping the future of lending by combining technology with unsurpassed customer service in order to provide customers with the most efficient mortgage process possible, Hometown Lenders has seen extensive growth.
They have emerged as an industry leader by building upon their high standards of operational excellence, continuing the development of a nation-wide presence, and by utilizing leading-edge technology in order to deliver mortgage loans in the most efficient manner possible.
Joining us for their first Collaboration Lab Summit in Scottsdale in December of last year, Paul dove right in after signing up with us. And we look forward to continuing the collaboration and sharing the Power of the Network in 2020 and beyond!
Recruiting and retaining top talent is a critical priority for mortgage companies. That's why HousingWire has developed their engage.talent summit -- to help the mortgage ecosystem compete and win in the pitched battle for talent. Lenders, this represents an opportunity for additional recognition of your organization’s commitment to the recruitment and retention of the best of the best in the industry. Join HousingWire in Dallas February 6 and get more info at: www.housingwire.com/engage
Leaders and talent experts will discuss and share the best tools and strategies to hire and retain some of the most sought-after roles in mortgage: from the top tier of individual contributors like loan officers and underwriters, to branch managers or origination executives who can attract entire teams of top performers. We’ll also focus on attracting and developing the best digital originators — those who understand how to not only build a world-class tech stack, but also how to leverage it to run scalable origination operations.
Check out the list of speakers here, including some of the industry's most influential talent leaders and be sure to register today!
You’ve heard about our conference agenda, created by our members and for our members. And you know Team TMC also loves to have fun at our events. So, here’s the skinny on the extras we have planned for NOLA next month.
Saturday, February 15th – Mulligans Fore Morgan
Sponsored by our friends at Get Credit Healthy and People’s United Bank, we’re honored to host our charity golf tournament in honor of Morgan, my 12 year old daughter fighting a big battle, she doesn't deserve. A four-person scramble teeing off at noon at Bayou Oaks at City Park in support of the Cystinosis Research Foundation’s quest to find a cure for a rare genetic disease affecting only 500 people in the US.
With over $110,000 donated in Morgan’s name through my fundraising and support from our TMC Family, we invite you to join us for a fun day on the links, in support of a cause near and dear to our hearts. The bus will leave The Roosevelt at 11:15, lunch will be provided, and we’ll have prizes on the course up for grabs, plus a whole lot of fun!
Sunday, February 16th – Opening Reception at The Roosevelt
To kick things off on the first day of the conference, we’re hosting a Casino Night for our TMC Family with the support of our buddies at Total Expert. Back by popular demand, we’ll gamble and share laughs in a low-key atmosphere, full of opportunity to connect inside the network at a historic hotel. And something tells us we all might end up at the Sazerac Bar afterward…the locals insist it’s a must-visit, and where it all began.
Monday, February 17th – Networking Reception at the House of Blues
After a full day of networking and collaborating, we’re certain our conference attendees will be itching to get out of the hotel. So, be sure to join us at the House of Blues. Our generous friends at Docutech are throwing a terrific party, highlighted by live music by Soul Project. What a way to unwind after a long day with our TMC family!
Tuesday, February 18th – Closing Reception at Latrobe’s on Royal
To wrap it all up before we head home, we’re getting into the New Orleans spirit by bringing the network offsite yet again! Hosted by our long-time closing reception sponsors at Blend, we’ll have tarot card and palm readers joining us at Latrobe’s on Royal. And we’ll be giving away some goodies to our most engaged members - there are always fantastic prizes up for grabs, and you won’t want to miss it!
Where are the best places to visit, eat and drink to squeeze in as much as possible?
We’re glad you asked… we’ve put together a pretty fantastic list, thanks to our friend Stephen Barton from Eustis Mortgage. He knows how to have a lot of fun, and we consider him our unofficial guide to the city.
Things to Do:
Places to Eat:
Places to Drink:
We’ll be in the thick of the Mardi Gras festivities, too!
Check out the parade schedule here, and be sure to plan your travel accordingly so you’re not delayed getting to where you need to be. It’s gonna be a blast!
We’ve added yet another best-in-class independent mortgage bank to our swelling lender member list with Mountain West Financial! Headquartered out of Redlands, CA they are one of the largest mortgage lenders in the Western United States. They might be large, but their focus continues to be on personalized service to their valued clients.
With 150 licensed mortgage professionals in more than 40 locations. Specializing in FHA and VA, assisting homebuyers with the purchase or refinance of a primary or investment properties. Holding licenses in AZ, CA, CO, NV, NM, OR, TX, UT and WA, their knowledgeable staff has a “Make It Happen!” philosophy.
We’re thrilled to welcome Mike Delehanty and team to the TMC Family and share the Power of the Network with them in 2020 and beyond. Let the collaboration begin!
When it comes to maximizing secondary execution, experience matters. Since 2001, Vice Capital Markets has successfully managed interest rate risk and maximized profitability on over $400 billion of MBS trades and mortgage-related transactions for lenders of all sizes. With an average of 10+ years’ experience behind each of the traders on their team, Vice Capital has helped its clients realize, on average, a 25 to 55 bps improvement over their best effort execution.
Whether its providing full-service hedge management or simply reporting and market insight to guide internally-driven activities, Vice Capital delivers the same level of care and attention to ensuring the success of its clients, creating lifelong raving fans like TMC Lender Member Success Mortgage Partners – a Vice client since 2013. As Success’s EVP of Capital Markets Victoria DeLuce noted in a recent case study:
We took our whole loan trading in-house in May 2018, and since then, we have also taken hedging in-house. Vice was there every step of the way with us on both of those initiatives and built some new tools for us to help us perform those functions internally…One of the mottos that we have at Success Mortgage Partners is that we only work with people that we like, know and trust…For us, Vice brings all three of those elements to the table, which is why we continue to work with them to help us maximize our execution.
To learn how Vice Capital can help your organization maximize its execution, contact Chris Bennett or Scott Colclough to schedule time to meet at the TMC Winter Conference in New Orleans.
We’re thrilled to welcome Russell Cole, Lori Michaud and team at CUSO Home Lending to our growing best-in-class lender network! A subsidiary of Main Savings Federal Credit Union, CUSO Home Lending is headquartered out of Hambden, Maine. With their membership in TMC, our network now boasts 8 credit union/CUSO members!
They’ve been originating and servicing mortgages since 1993, following their mission of providing consumers, credit union members as well as non-members, with a full menu of competitively priced residential mortgage products with extraordinary courtesy and exceptional customer service. CUSO Home Lending strives to provide a variety of loan programs for both low-income and first-time home-buyers, as well as for moderate to higher income borrowers.
We look forward to sharing the Power of the Network with our new friends at CUSO Home Lending and look forward to collaborating with the team at your first TMC event in 2020!
Focused on delivering a superior mortgage lender client and borrower experience, Old Republic provides nationwide solutions to accelerate mortgage originations and optimize the management of mortgage servicing portfolios. Their centralized title, settlement, valuation and ancillary services help mortgage lenders to quickly and consistently underwrite, close, fund and mitigate regulatory risk more efficiently.
We offer nationwide title solutions ranging from fully insured title insurance products to uninsured reports and full ALTA title insurance commitments. To create a streamlined process, they customize our title products, along with their closing, settlement and escrow services, for every loan transaction type, including home equity, refinance, purchase and even private wealth transactions.
Their full-service appraisal management company provides nationwide real estate appraisals and appraisal reviews for conventional and government-guaranteed loans, supporting both mortgage origination and servicing operations.
In addition to their full suite of title, closing and valuation products and services, they utilize state-of-the-art-technology to deliver solutions that enhance the borrower experience, like digital closings and integrations with multiple third-party portals and Loan Origination Systems. Their dedicated customer integration specialists are here to support your digital strategy and help you explore connectivity options with your platform of choice.
If you’re interested in understanding how Old Republic can support and enhance your business, connect with Eric Lapin, FVP, Corporate Development.
We’ve always said that the best and the brightest are part of our TMC family, and here’s more proof! Congrats to our lender members and preferred partners that made this year’s “40 Under 40” list:
And be sure to keep an eye on these two lenders members listed on “The Next 40 to Watch” list:
Check out the full article in NMP magazine here.
Lender Member Spotlight: RiverWood Bank
We’re thrilled to announce the addition of RiverWood Bank to the TMC Family. A wholly-owned subsidiary of Great River Holding Company, RiverWood was founded in 2003. As an employee-owned community bank, they’ve been serving local customers through personal relationships since 1910.
Headquartered in Baxter, MN, Riverwood has locations across central and northern Minnesota, providing both personal and business banking services. The company has grown from the original four banking offices with $85 million in total assets to ten banking offices with more than $400 million assets today.
As a true community bank, board members and employees live, work and volunteer in the communities RiverWood serves. We look forward to having Bart Taylor and team collaborate with our growing network of community bankers and our entire TMC family, so they can share in the Power of the Network.
Preferred Partner Spotlight: Flatworld Solutions
Flatworld Solutions (FWS), a TMC Preferred Partner company, is a top-rated global technology and outsourcing firm for the mortgage industry. They've earned their stripes with over a decade of providing satisfying customer experiences working with over 60 mortgage lenders, including 6 of the top 20 independent mortgage lenders.
Flatworld believes efficient mortgage lending operations are key to fulfilling the American Dream. The team at Flatworld works tirelessly to empower those who help these dreams turn into reality. By leveraging technology and outsourcing back-office operations, Flatworld can boost a lender’s capacity, save operational costs and reduce cycle time up to 50%.
Flatworld provides outsourcing solutions for operational tasks from loan set up and initial disclosure through processing, underwriting, closing, post-closing QC and loan servicing. In addition to these operational solutions, Flatworld's experienced team of data scientists and AI experts have built MSuite, a next-gen automation platform that leverages OCR/ICR, Machine Learning and AI to make the digital mortgage a reality.
In today's mortgage environment of compressed margins and increased expenses, the team at Flatworld can assist in maximizing your bottom line and improve operational efficiencies. Among 60+ lenders that Flatworld already serves, 10+ are TMC members. Here is an example of one such success story.
In case you missed the team at TMC's Summer Conference, Flatworld is directly supported by Senior Partner Rob Porges, Partner Ron Howe, and VP of Mortgage Solutions, Rajeev Kumar. In addition to TMC's primary contacts named here, Flatworld is supported by over 3500 efficient and enabled employees and a solution-centric leadership team, all of whom have a hand in telling Flatworld's story - a story of expanding possibilities.
Don't miss our best-in-class Preferred Partners presenting at TMC's 2020 Winter Conference during our featured Lightning Showcase sessions on Monday, February 17th - live from NOLA!
Our partners will be featured in 8 minute Live-demo and Case study sessions where our partners will show off elements or their unique platforms and hear real-world examples of how our partners are positively impacting our members businesses and first-hand perspectives from TMC lender member clients. The best part? Now you get the opportunity to ask questions of our Preferred Partners immediately following their presentations.
For our partners, next Friday, January 10th, is the deadline to lock-in your spot in the Lightning Showcase sessions, so lock in your participation today by contacting Tom or Toni!
The November data is in for the TMC members that submit to TMC Benchmark.
Volume is down from the summer and early fall months. But not nearly as down as lenders thought or expected. Q4 2019 and Q1 2020 will be far better for most lenders than they anticipated earlier this year. As volume tails off a bit, operational efficiency is taking a hit. Unlike a year ago, lenders are leaner, less in need of staff cuts heading into the winter, and leery to do so with rates low, applications still strong, and the spring buying season just a few months away.
Closed loan units were down an average of 19.3% per lender (units) in November as compared to October, almost exactly matching the 19% drop in applications we saw in the month prior. The makeup of those November closings unsurprisingly was a little bit more purchase heavy (60%, up from 57%) and a little bit more government product (30%, up from 27%) weighted. Here's the month-over-month change in closed loan units we've seen this fall:
September +1.6% over August
October -5.8% from September
November -19.3% from October
November new loan applications were down 19% (units) from October, just as October saw a 19% drop from the September app totals. Here's the month-over-month change in new applications we've seen this fall:
September +13.6% over August
October -19.1% from September
November -19.0% from October
After seeing huge operational efficiency pickups throughout the spring and summer and a leveling off in September and October, November was the first month of 2019 where we've seen a pretty big drop-off in operational efficiency, which was to be expected given the drop off in volume and lenders not making any staff cute for all the aforementioned reasons. Closed loans per FTE processor in November fell from 12.2 to 9.8, closed loans per underwriter fell from 40.6 to 34.1, and closed loans per closer fell from 53.5 to 43.9. The average loan originator closed 4.3 loans in November after closing 5.4 loans on average in both September and October. Loans closed a bit quicker in November, with the average "app to clear to close" time frame falling to 40.1 days from 41.2 days in the month prior.
The average LO comp rose slightly to 95.5 bps on November closed loans from 95.3 bps in October. The average non-third party lender fees charged rose from $1,102 in October to $1,115 in November on conventional loans and dropped from $1,096 to $1,027 on govies. Average salaries paid to processors ($51,949), underwriters ($84,773), and closers ($52,972) also increased by 1-3% in November after a similar increase in October.
This was the 7th straight record month for participation in TMC Benchmark! 55% of participants were IMB's and 45% were depositories. 45% of November participants originate $500M or less in annual production, 25% are in the $500M-$1B annual originations range, and 30% of November TMC Benchmark submissions were from companies that originate more than $1B/year.
Congratulations to Barrett Burns, Phil Bracken, Teri Selin, Jeff Richardson, and the rest of the VantageScore team!
As the marketplace for credit scores becomes increasingly competitive, consumers are drawn towards new approaches that don't sacrifice quality or experience. In order to connect with consumer lenders, VantageScore has been blazing a trail into the mortgage market, keeping in mind the high quality innovation that their customers are looking to utilize in an ever-changing industry. Over the past few years, they have been steadily closing the gap in the volume of consumer credit scoring in comparison the industry giant FICO.
VantageScore totaled 12.3 Billion credit scores across consumer loan credit categories in last 12 months compared to 14.5 billion FICO scores. Lenders don’t appear to be tethered to the legacy process of credit scoring as they once were, as evidenced by VantageScore’s 20% growth YOY since 2015.
TMC - Chief Operating Officer