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2020 is now officially in the books. While it was a perilous year for many globally, domestically it was an incredible year for the US mortgage lending industry and the 215+ members of The Mortgage Collaborative.

These last few months, we've been talking about a slow and modest drop off for closed loan units and new applications, and that's what we continued to see in December.

Let's start with the data on closed loan units. September 2020 was the pinnacle. Most lenders will look back at that month as their busiest closing month of the year and for many, in the history of their company. Closed loan units fell by 2% in October, another 8% in November, and here in December we were down just 1% from the prior month. So looked at another way, closed loan volume in December was down 11% in total from the September peaks our lender members saw. 76% of December closed loan units were on conventional loans, down 2% from November's 78% total. Government closings represented 20% of December volume, up 2% from November's 18% total.

The refi % share was down 7% from November, but still accounted for 51% of all December closed loans. Here's a look at the TMC Benchmark purchase/refi mix (closed loan units) since the pandemic started:

May - 42% purchase/58% refinance
June - 51% purchase/49% refinance
July - 58% purchase/42% refinance
August - 55% purchase/45% refinance
September - 51% purchase/49% refinance
October - 51% purchase/49% refinance
November - 42% purchase/58% refinance
December - 49% purchase/51% refinance

Applications fell off a little more than closings in December, down 10% from November's new application totals (off the heels of a 7% drop the month prior), portending a 10-15% drop off in closed loan units in the winter months to come. 78% of new December applications were on conventional loans, 17% on government products, and 5% on all other products.

Operational efficiency bettered in December, ending a four-month trend of waning efficiency that we started to see on August closed loans. The number of closed loan units closed per full-time processor in December increased to 13.9 from 13.2 the month prior, with the peak for 2020 being 17.2 on June closings. Closed loan units per full-time underwriter increased to 44.3 from 41.9 the month prior with the 2020 high of 54.8 in this area also coming in June. Closed loan units per full-time closer increased to 52.2 on December closings from 51.0 in November. The high water mark here was also in June, coming in at 64.9 that month. The average loan originator closed 7.8 loans in December, up from 7.5 in November. That average was in the low 8's all summer before peaking at 8.6 in September. LO comp came in at an average of exactly 100.0 bps in December, up from 99.3 bps on November closings.

The average "app date to clear to close date" time frame continued to rise in December, hitting an all-time TMC Benchmark high of 47.4 days. Let's take a look at how this number escalated throughout the year:

July 37.2
August 39.5
September 42.8
October 43.4
November 45.3
December 47.4

After peaking in the summer, and subsiding in the fall, average salaries paid to processors, underwriters, and closers ticked up this month. On average, processors in our network were paid $54,800 annually in November, while underwriters came in at $88,400 and closers at $58,100.

The average cost per closed loan unit our members paid for their loan origination system came in at $117 in December, down from a 2020 high of $124 the month prior. We also saw decreases in the average cost per closed loan for point-of-sale systems to $53 and for CRM's at $108. The average non-third party lender fees charged by our members on December closed loans was $1,119 on conventional loans, $1,035 on government, and $1,282 on all other products.

50% of this month's participants in TMC Benchmark were IMB's and 50% were depositories. 42% originate under $500M a year in annual volume, 23% originate between $500M-$1B, and 35% originate over $1 billion per year in annual production.

Rich Swerbinsky
President & Chief Operating Officer
The Mortgage Collaborative

During last week's TMC Team strategic planning meeting for 2021, we all shared our favorite recipes that we used during 2020 that helped get us through the year. Instead of hogging these delicious concoctions to ourselves, we wanted to share it with the rest of our TMC Family!

In this post you can find:

• Jim's Lemon Ricotta Pancakes
• Rich's Sunday Sauce & Meatballs
• Kathy's Sriracha Jerk Chicken
• Faith's Captain Crunch Chicken
• Ashleigh's ​Pay Day Bars
• Sarah O.'s Hearty Chili
• Angie's Cherry-Topped Cheesecake
• Ryan's Mama's Pecan Pie
• Tom's Instant Pot French Dip Sub
• Gabi's Classic Ratatouille
• Toni's English Lemon Shortbread Strips
• Sarah V.'s Buffalo Chicken Chili

If you end up making some of these recipes, let us know how it went. Enjoy!

Jim Park: Lemon Ricotta Pancakes

1 ½ cups all-purpose flour
1 Tbs baking powder
3 Tbs sugar
½ tsp salt
1 cup milk
1/2 cup ricotta cheese
2 eggs
1 tsp vanilla extract
2 Tbs fresh lemon juice
1 Tbs fresh lemon zest
2 Tbs butter for cooking

OPTIONAL FOR SERVING
Extra ricotta, lemon zest, powdered sugar & blueberries

1. Grab two bowls, one large, one medium.
2. In the large bowl, whisk together dry ingredients: flour, baking powder, sugar, and salt until well combined.
3. In the medium bowl, add the milk and ricotta and whisk until well blended. Then add the eggs, beating between each. Then add the vanilla, lemon juice and lemon zest.
4. Make a well in the dry ingredients and add the blended wet ingredients – just fold it in gently, until JUST combined. Don’t over mix – you’ll have tough pancakes. We want fluffy pancakes!
5. Melt or brush butter onto a large griddle and heat to medium.
6. Add pancake batter, a cup at a time (or smaller if you want smaller pancakes).
7. When you get bubbles, flip the pancakes over and cook on the other side. Should be a minute or two per side, and golden brown.
8. Devour.

Rich Swerbinsky: Sunday Sauce & Meatballs
 
First things first. Open a good bottle of wine to get the morning started. Making sauce is a perfectly acceptable reason to tie on a little Sunday morning buzz. You’ll use wine in the sauce recipe & need to give it a little time to breath anyway. We all know food is funner to prepare & eat when drunk. I like dry sweet Italian wines in my sauce, a nice Chianti or Sangiovese.

You’ll want to get started about 10-11 AM if you want to eat at around 5 PM. You’ll need about 45 minutes to an hour to get it going, then another 45 minutes or so to make and fry the meatballs a couple hours later.

To get things started, in a large stockpot, sear and brown desired meat in Extra Virgin Olive Oil. You can use Italian sausage, pork chops, or western style ribs. The browned meat gives the sauce a lot of flavor and provides the base. I usually use some hot Italian sausage and a few FAT bone-in pork chops. The bone adds flavor. The meat will stay in the sauce for the duration. Thinner chops or ribs will shred in the sauce when stirring it, some people like that, some don’t.
 
When meat is browned, add a generous amount of chopped garlic (between a golf ball and tennis ball sized, depending on your love of garlic) and let it fry with the meat. The garlic will cook quickly, don’t let it burn, especially if you’ve already had a couple glasses of wine. After the garlic cooks a bit, I add about ¾ cup of red wine (see above) and 3 or 4 tablespoons of sugar. Let the meat/garlic/wine/sugar mix come back to a slow boil and add the following:
 

• Three 29 oz cans of tomato sauce (My personal ranking in order – San Marzano, Cento, Redpack, Contadina)
• Two 29 oz cans of crushed tomatoes (same brands)
• One and a half of the empty 29 oz cans filled with water

 
Let the sauce come to a light boil and add the following - fresh parsley, oregano, grated parmesan cheese, crushed red pepper, basil, garlic salt, pepper, and 2-3 bay leaves
 
It’s crucial that you use fresh spices. Most spices stay good in the cupboard for a couple of years, but they lose flavor over time. If you can use fresh chopped basil and oregano … that’s only going to make the sauce tastier. Fresh parsley is a must. Of course the amounts you add of each of the above ingredients will help determine the taste. I add less than I want to and then supplement throughout. The best part of making sauce is tasting it throughout the day and tweaking the taste of it.
 
You may have to add water through the cooking process if the sauce gets too thick.  I usually end up adding another can or two of water as the sauce cooks.  Remember, you can always add water to thin … but not take water out to thicken. Also, my recipe calls for more crushed tomatoes than other recipes, which inherently makes the sauce a little thicker to begin with.

The sauce should be of medium consistency and you should let it cook for 4-5 hours.  If you leave the lid on, the sauce will thin out.  Lid off, and the sauce will thicken. I usually crack the lid for the majority of the time. Stir the sauce at least every 20-30 minutes, making sure to scrape all the goodness off the side and bottom of the saucepan as it builds up.
 
I like my sauce a little thicker than most and go heavy on the wine, garlic, and crushed red pepper. It’s all a matter of preference and the beauty of making sauce is that you will tweak the recipe a little bit every time you make it. This will make enough for a feast, as well as enough extra to freeze for 3-4 additional meals. I fry meatballs and dump them in the sauce about 2-3 hours before it’s done.  Here is the homemade meatball recipe:
 
Buy 1 ½ lbs of the pork/beef/veal ground meat combo that they sell at all grocery stores. Add 4 large pieces of Italian bread.  Before adding the bread, quickly soak the bread with water and wring out before breaking up bread pieces into the meat mixture.  Add 2 eggs and all the ingredients you used to season the sauce (except wine, sugar, and bay leaves).  Heavy on the garlic.  Mix everything together and roll into meatballs.  Fry in extra virgin olive oil until browned and dump into sauce after they cool.
 
You will now have a plethora of meats in the sauce to serve with cavatelli (or your pasta noodle of choice) and the sauce and the rest of the loaf of the Italian bread. Feast. Sleep. Wake up and eat cold leftovers for breakfast.

Kathy Acosta: Sriracha Jerk Chicken
 
4 chicken breasts
½ cup Sriracha
6 spoons oregano
2 spoons cumin
1 spoon cayenne pepper
2 limes
½ cup canola oil
Salt & pepper
 

1. In a mixing bowl, add the Sriracha, oregano, cumin, cayenne and canola oil to make a paste and set aside.
2. Take a meat tenderizer to flatten the chicken breast evenly to a ½ inch width so it cooks evenly. Add chicken to the jerk sauce and add salt and pepper. Heat oven to broil.
3. Once the oven is ready, add the chicken on a roasting rack, broil for 15 minutes.
4. Garnish with wedges of limes.

Faith Howard-Mooney: Planet Hollywood Captain Crunch Chicken
 
2 Cups Cap’n Crunch Cereal
1 ½ cups corn flakes
1 egg
1 cup milk
1 cup all-purpose flour
1 tsp onion powder
1 tsp garlic powder
½ tsp black pepper
2 lbs chicken breasts cut in 1 oz tenders
Vegetable oil (if you want to fry).  I use my air fryer.

1. Coarsely grind or crush the two cereals and set aside.
   
2. Beat the egg with milk and set aside.
   
3. Stir together the flour, onion and garlic powders and black pepper. Set aside.
   
4. Dip the chicken pieces in the seasoned flour.
   
5. Move around to coat well, then shake off the excess flour.
   
6. Dip in the egg wash, coating well, then dip in the cereal mixture, coating well.
   
7. If using air fryer, cook at 300 for 15-20 minutes or until the internal temperature reached 165 degrees.

 
Can also be fried in oil: Heat in oil in a large heavy skillet to 325.  Drop coated chicken tenders carefully in hot oil and cook until golden brown and fully cooked, 3-5 minutes depending on size.

Ashleigh Alexander: Pay Day Bars
 
1 box yellow cake mix
1/3 cup margarine
1 egg
3 cups mini marshmallows
2/3 cup light corn syrup
¼ cup margarine
2 tsp vanilla extract
1 12 oz. package peanut butter chips
2 cups chopped salted peanuts
 

1. Combine cake mix, 1/3 cup margarine & egg. Mix well. Spread in a 9 x 13 ungreased pan. Bake at 350 degrees for 12-18 minutes until golden brown.
2. Remove & sprinkle marshmallows over cake & return to oven until it puffs up.
3. While baking, mix corn syrup, ¼ cup margarine, vanilla and peanut butter chips together. Add peanuts to mixture. Spread over top of cake.

Sarah Oldani: Hearty Chili
 
3 lb ground beef sirloin (we prefer to use ground sirloin but any beef will do)
Any combination of ground beef, turkey, or pork works well. Sometimes I use 2 lb ground sirloin, 1 lb reg ground beef or turkey, etc. Use 2 lbs venison meat and 1 lb beef for the “Hunter’s” version of this recipe.

4 cans Hunt’s Fire Roasted Tomatoes (they’re diced-these are our personal favorite)
2 cans black beans
2 cans chili beans (not kidney)
1 can beef broth
1 green pepper (I add extra bell peppers when first making it & as we eat leftovers to keep the crunch – yellow, orange, red are yum too.
2 medium onions or 1 large onion
2 packets of brown gravy (I use low sodium version)
2 packets of chili seasoning (I use low sodium version)
2 teaspoons cumin
6 teaspoons chicken bouillon
1 cup brown sugar
1 tablespoon cayenne pepper
Salt and pepper to taste
Dash of Garlic powder

1. Chop onion in chunks (or whatever size you’d like). Add onions and garlic powder to the skillet along with meat and cook until browned. Once done, drain grease from meat.
2. Put meat, onions, and all ingredients except the black beans in either a large stock pot or large crock pot and cook. In the meantime rinse the black beans and set aside. Once the chili is about done, add the black beans. We do this just so they stay firm but really they can be added at anytime.
3. I typically turn the crock pot on low and let it cook overnight or all day, but it can be eaten as soon as you’d like once it’s mixed & hot! You can easily omit any ingredients you’re not a fan of, and adjust the brown sugar/cayenne pepper to your sweet/spicy liking. Freezes well in a Ziploc for enjoying later.

Angie Scarfino: Cherry Topped Cheesecake
 
1 package Duncan Hines yellow cake mix
2 tbsp oil
2 8 oz. pkg cream cheese, softened
1 lb., 5 oz. cherry pie fillinf
½ cup sugar
4 eggs
1 ½ cups milk
3 tbsp lemon juice
3 tsp vanilla

1. Preheat oven to 300 degrees, reserve 1 cup dry cake mix.
   
2. In large mixing bowl, combine remaining cake mix, 1 egg and oil (mixture will be crumbly). Press crust mixture evenly into bottom and ¾ way up the sides of a greats 13 x 9 pan.
   
3. In same bowl, blend cream cheese and sugar. Add 3 eggs and reserved cake mix; beat 1 minute at medium speed. At low speed slowly add milk and flavorings; mix until smooth. Pour into crust.
   
4. Bake at 300 degrees for 45-55 minutes until center is firm.
   
5. When cool, top with pie filling; chill before serving. Store in refrigerator.

Ryan Carr: Mama’s Pecan Pie

Pillsbury All-Ready Pie Crust (This is cheating, but it is incredibly good - find in dairy case) Or make homemade pie crust if time allows}
3 eggs
1 cup corn syrup (light or dark, I use light)
2/3 cup sugar
1/3 cup margarine or butter, melted
1 tablespoon all-purpose flour
1 teaspoon vanilla
1-1/2 cups pecan halves  
​

1. Place pastry into pie plate. Fold under extra pastry. Make a fluted edge. Do not prick pastry.  For filling, in a mixing bowl beat eggs lightly until combined.
2. Stir in corn syrup, sugar, margarine, the 1 tablespoon flour, and vanilla. Mix well. Stir in the pecan halves. Pour the filling into the pastry-lined pie plate.
3. Cover edge of pie with foil. Bake in a 350-degree oven for 25 minutes. 
4. Remove foil; bake for 20 to 25 minutes more or until a knife inserted near the center comes out clean.
5. Cool. Serve with whipped cream or ice cream! Cover and chill to store. 

Tom Gallucci: Instant Pot French Dip Subs
 
3-4 lb chuck roast or bottom round beef roast
1/2 tsp salt
1/4 tsp pepper
1/2 tsp onion powder
1 Tbsp olive oil
1.25 oz pkg dry au jus mix
12 oz can beer
3 Tbsp butter melted
1/4 tsp garlic powder
12 slices of provolone cheese
8 large rolls
1 Tbsp freshly chopped parsley optional
 

1. Let roast rest at room temperature for at least 15 minutes before searing. Turn Instant Pot to Saute. When it reads HOT, add olive oil to pressure cooker.
2. Season roast with salt, pepper and onion powder. Sear roast on all sides in pressure cooker. Remove from Instant Pot and set aside.
3. Pour beer into pot and deglaze, essentially scrap all the stuck on food off the bottom of the pot. Place roast back in pot and sprinkle the Au jus packet over the roast.
4. Close lid and make sure pressure release valve is set to sealing. Turn pressure cooker to Meat/Stew function and set time to 100 (1 hr 40 minutes) minutes.
5. After the 100 minute cooking time is complete let pressure cooker naturally release for 25 minutes, then turn valve to venting to release any excess pressure.  Remove lid and transfer meat to serving plate, shred meat.
   
6. Set oven to broil and place sandwich rolls on a baking sheet.
   
7. In a small bowl combine butter and garlic powder. Brush over rolls and broil under low heat for 3-4 minutes, just until golden brown.
   
8. Pile meat onto rolls and top with cheese. Return to broiler and heat just until cheese has started to melt. Top sandwiches with freshly chopped parsley.
   
9. Strain liquid left in pressure cooker with a fine mesh strainer. Serve strained Au jus with sandwiches for dipping. 

Gabriela Mendicino: Classic Ratatouille
 
2 pounds ripe red tomatoes (6 medium or 4 large)
1 medium eggplant (1 pound), diced into ½-inch cubes
1 large red, orange, or yellow bell pepper (about 8 ounces), cut into ¾-inch squares
1 medium-to-large zucchini (about 8 ounces), diced into ½-inch cubes
1 large yellow squash (about 8 ounces), diced into ½-inch cubes
5 tablespoons + 1 teaspoon extra-virgin olive oil, divided
¾ teaspoon fine sea salt, divided, more to taste
1 medium yellow onion, chopped
4 cloves garlic, pressed or minced
¼ cup chopped fresh basil
¼ teaspoon red pepper flakes, more or less to taste
 ¼ teaspoon dried oregano
Freshly ground black pepper, to taste

1. Preheat the oven to 425 degrees Fahrenheit with one rack in the middle of the oven and one in the upper third of the oven. Line two large, rimmed baking sheets with parchment paper for easy clean-up, if desired.
2. To prepare your tomatoes, remove any woody cores with a paring knife. Then, grate them on the large holes of a box grater into a bowl (this is easiest if you hold the tomato at a diagonal), and chop any remaining tomato skin. Or, blitz the tomatoes in a food processor until they are broken into a frothy pulp. Set aside.
3. On one baking sheet, toss the diced eggplant with 2 tablespoons of the olive oil until lightly coated. Arrange the eggplant in a single layer across the pan, sprinkle with ¼ teaspoon of the salt, and set aside.
4. On the other baking sheet, toss the bell pepper, zucchini and yellow squash with 1 tablespoon of olive oil and ¼ teaspoon salt. Arrange the vegetables in a single layer. Place the eggplant pan on the middle rack and the other vegetables on the top rack. Set the timer for 15 minutes.
5. Meanwhile, warm 2 tablespoons of the olive oil in a large Dutch oven or soup pot over medium heat. Add the onion and ¼ teaspoon salt. Cook, stirring occasionally, until the onion is tender and caramelizing on the edges, about 8 to 10 minutes.
6. Add the garlic, stir, and cook until fragrant, about 30 seconds. Add the tomatoes, and use a wooden spoon or sturdy silicone spatula to stir any browned bits stuck to the bottom of the pan into the mixture. Reduce the heat to medium-low, or as necessary to maintain a gentle simmer.
7. Once 15 minutes are up, remove both pans from the oven, stir, and redistribute the contents of each evenly across the pans. This time, place the eggplant on the top rack and other vegetables on the middle rack.
8. Bake until the eggplant is nice and golden on the edges, about 10 more minutes (the eggplant will be done sooner than the rest). Remove the eggplant from the oven, and carefully stir the eggplant into the simmering tomato sauce.
9. Let the squash and bell pepper pan continue to bake until the peppers are caramelized, about 5 to 10 more minutes. Then, transfer the contents of the pan into the simmering sauce. Continue simmering for 5 more minutes to give the flavors time to meld.
10. Remove the pot from the heat. Stir in 1 teaspoon olive oil, the fresh basil and red pepper flakes. Crumble the dried oregano between your fingers as you drop it into the pot. Season to taste with additional salt (I usually add ¼ teaspoon more) and black pepper.
11. Serve in bowls, perhaps with a little drizzle of olive oil, additional chopped basil, or black pepper on top (all optional). Like all stews, this ratatouille’s flavor improves as it cools. It’s even better reheated the next day. Ratatouille keeps well in the refrigerator, covered, for 4 days, or for several months in the freezer.

Amy Boor: Italian Wedding Soup

Meatballs (make them small, more work but worth it!)
8 oz lean ground beef
8 oz ground pork
1/2 cup fresh hearty white bread crumbs*
1/4 cup chopped fresh parsley
1 1/2 tsp minced fresh oregano
1/2 cup finely shredded parmesan (freshly shredded ideally, for the meatballs and the soup before serving)
1 large egg
Salt and freshly ground black pepper
1 Tbsp olive oil
 
Soup
1 Tbsp olive oil
1 1/4 cups 1/4-inch diced carrots
1 1/4 cups diced yellow onion
3/4 cup 1/4-inch diced celery
4 cloves garlic, minced (1 1/2 Tbsp)
5 (14.5 oz) cans low-sodium chicken broth
1 cup dry acini de pepe or orzo pasta**
6 oz fresh spinach, chopped
Finely shredded parmesan, for serving
 

1. Add beef and pork to a large mixing bowl. Add in bread crumbs, parsley, oregano, parmesan, egg, 1 tsp salt and 1/4 tsp pepper.
   
2. Gently toss and break up mixture with hands to evenly coat and distribute. Shape mixture into very small meatballs, about 3/4 inch to 1 inch and transfer to a large plate.
   
3. Heat 1 Tbsp olive oil in a large non-stick skillet over medium-high heat. Add half of the meatballs and cook until browned, turning occasionally (to brown on 2 or 3 sides), about 4 minutes total.
   
4. Transfer meatballs to a plate lined with paper towels while leaving oil in skillet. Repeat process with remaining meatballs (note that meatballs won't be cooked through at this point, they'll continue to cook through in the soup).
   
5. While meatballs are browning, heat 1 Tbsp olive oil in a large pot over medium-high heat. Add carrots, onions and celery and saute until veggies have softened about 6 - 8 minutes, add garlic and saute 1 minute longer.
   
6. Pour in chicken broth, season soup with salt and pepper to taste and bring mixture to a boil. Add in pasta and meatballs, reduce heat to light boil (about medium or medium-low).
   
7. Cover and cook, stirring occasionally until pasta is tender and meatballs have cooked through, about 10 minutes, while adding in spinach during the last minute of cooking. Serve warm, sprinkle each serving with parmesan cheese.

Sarah VanWagnen: Buffalo Chicken Chili 
 
I typically double the below recipe to fill the crock pot.
 
1 pound chicken (cooked then sliced or pulled into pieces)
15 oz canned white navy beans (drained and rinsed) 
14.5 oz can fire roasted tomatoes (drained) 
2 cups chicken broth
1/4-1/2 cup buffalo wing sauce
1 package ranch dressing mix
1 cup frozen corn kernels
1/2 teaspoon onion powder
1/2 teaspoon garlic powder
1/2 teaspoon celery salt
1/2 teaspoon dried cilantro
1/4 teaspoon salt
8 oz cream cheese

1. Brown chicken until fully cooked, place in crockpot (or brown ahead of time and store in fridge until ready to assemble)
   
2. Add remaining ingredients except for cream cheese and give it all a stir to combine
   
3. Add block of cream cheese on the top and cover
   
4. Cook on high for 4 hours or low for 8
   
5. Stir to incorporate cream cheese and add additional wing sauce as desired