Docutech's Solex eClose Engage Gives Lenders the Insights They Need to Determine eEligibility for Every Loan
Fannie Mae Reports $2.5B Net Income for Q2-2020
Freddie Mac Partners with Housing Action Illinois for Uniform Counseling Data
Blend Listed Among Business Insider's Top 25 Best Small Companies to Grow Your Career
National MI Announces New Integration to Enhance Access to NMI's RateGPS Offering
PHOENIX: June 2020 Market Snapshot
LoanLogics, EVP & Chief Business Officer, Craig Riddell in The M Report: There's No Turning Back from Digital Labor
Total Expert, Chief Customer Officer, Sue Woodard on 'The Financial Experience' podcast: Are You 'All-In-All-On' When Engaging Your Customer?
Docutech EVP of eStrategies, Harry Gardner: RON Has Evolved from a 'Nice-to-Have' to 'Must Have' Technology
SocialSurvey: Top Performing Mortgage Companies Think Differently About Customer Experience
Arch MI: Make Online Reviews Part of Your Referral Strategy
MCM: Learn About MCM Hedge Commander Today
Capacity: 10 Examples of Cutting-Edge Technology for a Modern Mortgage Experience
Blend: Can Digital Mortgage Solutions Level the Playing Field for Community Banks?
MQMR Weekly FAQ: Separate Itemization of Appraisal Fee & AMC Fee
Credit Plus: How You Can Speed up the Supplement/Forbearance Verification Process
Built CEO & Co-Founder, Chase Gilbert featured on 'Bank on It' Podcast
Capacity CEO, David Karandish on 'Startup Stories' Podcast: The $900MM Flip of Answers.com
National MI University Podcast: Oh Shift!
Taco Tuesday Talks features Certified Credit VP, Mark Teta
ICYMI: Sales Boomerang's Attention to Retention Challenge Starting August 17th
Blend Presents Blend Forward, Sept 22 - 23
A New Kind of Event for the Fall: HousingWire Annual
MeridianLink Summer Road Trip Series presents: The LendingQB Destination: What's Next for Mortgage After COVID-19?
HousingWire's 2020 Women of Influence winners represent 100 of the most influential women in leadership in the housing industry, and it was no surprise to us that we had so many of our lender members and preferred partners honored this year. These are women that have risen through the challenges of this year to provide guidance and inspiration for their organizations and communities, and foster the next generation of women in leadership.
Charlotte Catalfo, SVP of Enterprise Operations – Freddie Mac
Chao Cong, VP of Business Strategy, Data & Analytics – Black Knight
Riham El-Lakany, VP & Chief Marketing & Communications Officer, Single-Family Division –
Pam Faulkner, Director of Mortgage Solutions – SimpleNexus
Amy Keyser, SVP & Chief Human Resources Officer of Global Mortgage – Arch MI
Terri Merlino, SVP & Chief Credit Officer, Single Family Business – Freddie Mac
Cecelia Raine, Senior Director, Reimagine Servicing Integrations & Adoption, Single Family –Freddie Mac
Anna Ratanawan, VP of People Operations – SimpleNexus
Leanne Spies, SVP of Multi-Family Asset Management & Operations – Freddie Mac
Crystal Sumner, Head of Legal – Blend
Jacqueline Welch, Chief Human Resources Officer & Chief Diversity Officer – Freddie Mac
Patty Arvielo, President & Co-Founder – New American Funding
Annie Gotch, AVP, Wholesale Branch Manager – PRMG
Tawn Kelley, President – Taylor Morrison Home Funding
Lisa Fenske, SVP of Marketing & Communications - Waterstone Mortgage
Laura LaRaia, Chief Legal Officer & General Counsel – First Guaranty Mortgage Corp.
Chrissi Rhea, CEO, Founder & President – Mortgage Investors Group
Marilyn Richardson, President & CEO – Mason-McDuffie Mortgage Corp.
America's Homeowner Alliance presents ForbearanceReport.org as a resource tool for all members of The Mortgage Collaborative. Designed to educate and empower Lenders, Realtors, Mortgage Practitioners, Housing Counselors and the 35,000 city Managers and Mayors about homeowners impacted by COVID-19. ForbearanceReport is the only resource that provides comprehensive, rational, real-talk information with video explanation in English and Spanish. It is not intended to provide legal advice – just common sense explanation.
It is the comprehensive collection of public information and mentoring particular to forbearance and loans in distress housed in one centralized location. Highlights include:
Also, in support of protecting and promoting sustainable homeownership for all segments of America, America's Homeowner Alliance is currently offering all TMC Member employees and customers a FREE lifetime membership to AHA when entering promo code 'aha2020' when you click to join on AHA's website. Or – simply use the BROWSER on your phone by entering - aha.rocks.
Arvest Bank Rolls Out SimpleNexus Mobile-First Mortgage Platform
Black Knight to Acquire Optimal Blue to Expand Origination Offerings
Register Today for Sales Boomerang's Attention to Retention Challenge!
Fannie Mae Expands Green Bond Issuance, Single-Family Green MBS
ICYMI: SimpleNexus & Optimal Blue Partner to Release Fully-Integrated Mobile Rate-Locking Solution
Multi-Bank Securities Sponsors Operation HomeFront's 2020 Back-to-School Brigade
SocialSurvey Presents Top Performer Best Practices Guide
Stewart: Interest Rates, Housing Sales & Residential Lending Forecast
Vice Capital Markets Principal, Chris Bennett: Unprecedented Growth Requires Counterintuitive Thinking
#NEXTraordinary People: Planet Home Lending COO, Suzy Lindblom Loves a Challenge
CWDL | MortgageBanking CPA Adds Industry Vet Dustin Pfluger for Partner Mortgage Banking
Planet Home Lending Promotes Four Women to Vice President Roles
Total Expert Welcomes Kevin Dotzenrod as VP of Engineering & Laura Theodore as VP of Customer Success
Notarize Welcomes Wendy Ivanoski as VP of Enterprise Strategy
meridianlink Blog: 15 Tips to Optimize Digital Lending & Account Opening for Financial Institutions'
Maxwell Free eBook: Lend From Home - Practical Tips for Remote Mortgage Teams
ACS Accounting: HEROES Act Can Combat Economic Downturn
Capacity: Improve Your Time Management While Working From Home
Freddie Mac: Disaster Preparedness - Know Your Risk
ICYMI: iEmergent: COVID Impact on Housing & Mortgage Markets - Homebuyer Pool, Part 2
LoanVision: Expediting the Mortgage Bankers' Financial Reporting Form
Total Expert: Top Strategies for Technology-Driven Member Retention & Engagement
LoanLogic B-Logics: A Virtual 2020 Fall Conference Season
Timios: How to Build A Stronger Bridge of Trust to Your Clients
These are robust times for mortgage lenders. Anecdotally all month we've been hearing from our members how busy things continue to be, with no sign of let up. And the strain it is putting on their entirely remote and completely worn down operations staffs. The June TMC Benchmark numbers certainly back that up. We've talked in this space these past few months about our members having record months in nearly every measurable area. And once again in June, our members achieved new record highs for new apps, closed loan units, and operational productivity.
Let's start with the bread and butter - closed loans. After a very slight dip in May off April's record closing month, TMC's members saw closed loan units increase by 7.2% in June over May. The mix of closed loan business stayed nearly identical - 74% conventional, 22% government, 4% other (jumbo, portfolio, etc.). Closings continue to become more purchase-heavy. Purchases were 41% of closings in April, 44% of closings in May, and came in at 51% here in June.
Supporting our members "no let up" comments, the new application train is not stopping. Overall new applications (units) were up 12.4% in June, an astonishing figure given May's record new app numbers. The mix of that new business is right in line with what we've been seeing post-pandemic - 76% conventional, 20% government, 4% other. We'll see many of our members continue to set new company records for closings in July and August while trying to figure out how to keep their ops staff sane through it all.
After seeing a slight dip in operational productivity in May off April's record figures, our members set new productivity records in June. Here's the closed loan unit totals per FTE (full-time employee) for the last three months (April/May/June):
Processor - 16.0/15.2/17.5
Underwriter - 51.8/49.1/54.9
Closer - 63.8/61.0/64.8
Loan Originator - 7.3/7.0/8.1
The average LO comp on May closings came in at 97.1 bps in June, down from May's 99.4 total. We've seen this number vacillate between 95-105 bps these last six months. We saw a drop in the average non-third party lender fees per loan our members charge their customers, with conventional loans coming in at $1,115 and government at $1,042.
Not surprisingly, underwriter annual comp continues to rise, climbing to an average of $94,767, up almost $10,000 from before the pandemic. Average annual salaries paid to processors ($55,409) and closers ($54,001) also continue to increase. We saw increases in the average cost per closed loan our members paid for their LOS ($115, up $10) and POS ($76, up $14). After a huge April/May spike in the average cost per closed loan for CRM related to add on campaigns targeted at refinance opportunities, that number fell in June, dropping from $202 to $134.
53% of companies that submitted June data to TMC Benchmark were IMB's and 47% were depositories. 36% originate $500M or less annually, 25% originate between $500M-$1B, and 39% originate $1 billion per year or more in total volume.
Freddie Mac Celebrates 50 Years & $10 Trillion Funding the American Dream
Plaza Home Mortgage Now Accepting Full eClosings
CBC Mortgage Agency Extends Borrower Counseling to 18 Months
LBA Ware Issues Q2 2020 LO Compensation Report
Fannie Mae: Explore eClosing Scenarios
MERSCORP Holdings: Widespread eNote Adoption Depends on the 5 Pillars of Liquidity
Planet Home's Correspondent Lending Grows 93% in 1st Half of 2020
Total Expert: Building Trust in Digital Mortgage Closings
Maxwell presents FlexLetters: Pre-Approval & Pre-Qualification Letters Made Easy
MGIC's Hispanic Marketing Tools
Fannie Mae: Self-Assessment - Mortgage Servicer COVID-19 Response
SimpleNexus' Enhanced Integration Helps Lenders Curb Abandoned Applications
Capacity Infographic: AI Mortgage Lending - A Better Loan Experience with Chat Bots
Notarize Partners with Stripe to Pay Notaries Faster
HW Daily Download Podcast: Fannie Mae Chief Economist, Doug Duncan Projects Mortgage Lending in 2020 to Reach 17-Year High
Maxwell President, Brian Simons: The Modern Operating Model for Mortgage Lenders
Total Expert's Bobbi Jo Dallas: Gen Z Homebuying - The Next Wave
Sales Boomerang: What is a Mortgage Inquiry Alert?
meridianlink Blog: Who Should Be Responsible for Installing LOS Technology?
MQMR Weekly FAQ: HUD Guidance on Affiliate/Vendor/Third-Party Monitoring
SimpleNexus Launches ConnectUS Chat to Facilitate Collaboration Between Lenders, Realtors & Borrowers
Credit Plus Announces Integration with Day One Certainty Services
Fannie Mae's Ask Poli: Your Resource for Seller & Servicer Questions
How Blend Fuels the Trillion Dollar Mortgage Market
Access Your Borrower Retention Report from Sales Boomerang Today!
LoanLogics Chief Business Officer, Craig Riddell on Digital Technologies
Blend Platform Engineer, Keith Soura: Future of APIs & MISMO
MGIC's Ben Smidt: Technology to Grow a Personal Brand in the Mortgage Industry
Notarize Blog: Colorado & Oregon Become Latest States to Adopt RON
LoanLogics: Digital Labor is the Future of the Mortgage Industry
Capacity Blog: Chatbots for Work
Built Blog: Construction Loans, Interest Reserves + COVID-19
MQMR Weekly FAQ: OCC Guidance on Third-Party Relationships
MGIC Connects: 8 Ways to Wreck Video Calls
LBA Taps Brian Jordan as Director of Product Development
Docutech Insights: Digitize Your Fulfillment Process with Docutech's Fulfillment API
Download Black Knight's New Servicing Advance Calculator
MQMR Blog: HUD Current Positioning Regarding Borrower's Authorization
Fannie Mae - Know Your Options: Here to Help
Docutech: June Compliance Updates
Notarize Encompass Integration Demo
Credit Plus Presents America's Mortgage News: How to Verify a Forbearance?
Scotsman Guide's Top Mortgage Lenders is one of the industry's most comprehensive rankings of the nation's top producing mortgage companies, and nearly twenty of our TMC Members were featured in 2019's Top Mortgage Lenders Rankings. Congratulations to everyone who was recognized this year!
American Pacific Mortgage
Atlantic Coast Mortgage
George Mason Mortgage
LeaderOne Financial Corp
Michigan Mutual Mortgage
Mountain West Financial
New American Funding
NOVA Home Loans
Paramount Residential Mortgage Group
The Power of the Network...
Docutech's Solex eClosing Chosen by LendingQB to Streamline Digital Closings
SimpleNexus & Mortgage Coach Expand Integration with Real-Time Data Syncing for Instant Analysis of Lifetime Loan Costs
HousingWire & Freddie Mac Present: The Forbearance FAQ - A Continually Updated Resource For Mortgage Lenders
Docutech Surpasses 100K Successful eClosings
Notarize Experiences 400% Growth in Last 90 Days
Nova Home Loans Selects OptiFunder Warehouse Management System
SimpleNexus Launches ConnectUS Chat to Facilitate Collaboration Between Lenders, Realtors & Borrowers
Built Technologies Sees Effects of COVID-19 Jobsite Shutdowns
Preferred Partner Leadership Perspectives...
LBA Ware CEO & Founder, Lori Brewer: The Road to Recovery Will Be Paved with Data
Sales Boomerang CFO, Arend de Jong: Got RODA? Turn Your Customers Into an Income-Generating Asset
MQMR's Mike Steer & Erin Harris: Accelerated Digital Mortgage Tech Strategies Must Also Include Sound Vendor Management
LBA Ware Director of Marketing, Kelley Mangel: Agile Marketeers Poised for Success in Challenging Environment
Preferred Partner Blog Content...
Loan Vision Blog: 4 Reasons an FHA Lender May Have to File a Notice of Material Event
MQMR Weekly FAQ: FHA Issues Temporary Waiver of QC Requirements for EPDs
Blend Blog: Navigating eClose Options to Better Serve Borrowers
ICYMI Preferred Partner Features...
Maxwell Expands Loan Services Offering New Onshore Fulfillment Platform
(VIDEO) Arch MI: Counterparty Financial Strength
MGIC On-Demand & Upcoming Training & Education Sessions
PHOENIX: May 2020 Market Snapshot
(Case Study) How Notarize Helps Thrive Mortgage Funds Loans in Minutes
For the second year in a row, Forbes has partnered with Statista, a market research firm, to produce their list of World's Best Banks. It may not surprise anyone that COVID changed the game on how many customers had to turn to online banking practices, forcing banks around the world to raise the bar on the quality of their service. Equally unsurprising: several of our TMC Members made the cut! These banks are rated by key attributes such as trust, fees, digital services, and financial advice, and we couldn't be prouder of our TMC Family once again representing the Power of the Network on an internationally respected listing.
First National Bank of Omaha
United Community Banks
TMC - Chief Operating Officer