The Mortgage Collaborative
  • Home
  • TMC Conferences
    • 2021 Summer Conference
    • 12 Days of TMC
  • The Network
    • The Power of the Network
    • Preferred Partner Network
  • Benefits
    • Collaboration Labs
    • Working Groups
    • TMC Benchmark
    • Member Event Calendar
    • TMC Blog
    • TMConnect
  • Join Our Family
  • About TMC
    • Our Team
    • Contact
    • Testimonials

TMC Blog

Closings Still Strong in October, Apps Tailing Off, Efficiency Consistent

11/26/2019

0 Comments

 
Picture
As expected, volumes are starting to tail off for the lender members of The Mortgage Collaborative that submit data to TMC Benchmark as we head into the winter months.

Closed loan units were down an average of 5.8% per lender (units) in October as compared to September, but September was the biggest closing month of the year for TMC members. So October was still a very strong closing month for our network. And it is now widely expected that 2019 will be the biggest closed loan year for the mortgage industry since 2007 ($2.3T). Most projections now have 2019 annual originations coming in at slightly above 2016's 2.05T total. The product mix of closings continued to be more conventional heavy, coming in at 70% in October, up 3% from September's 67% total. The purchase/refi mix stayed the same month-over-month, at 58% purchases and 42% refinances. It should be noted that in general, TMC members do a higher % of purchase business than the entire US mortgage market as a whole.

After falling 18% (units) in September versus August, new applications fell again in October, down 19% on average for lenders. For the second straight month, we saw a fairly significant mid-month interest rate increase in October, only to see rates trickle back down towards the end of the month.

Through these continued busy closing times in October, operational efficiency stayed consistent for our network. The average underwriter decisioned 48.8 loans in October, which was identical to the September figure. The average "app to clear to close" cycle time increased slightly on October closed loans, rising to 41.2 days from 40.8 days on closings the prior month. Units closed per processor, underwriter, closer, secondary personnel and per loan originator decreased slightly in October by each position.

The average LO comp rose to 95.3 bps on October closed loans from 91.3 bps in September. The average non-third party lender fees charged stayed pretty flat at $1,102 on conventional loans and $1,096 on govies. Average salaries paid to processors ($51,531), underwriters ($84,521), and closers ($52,832) also increased by 1-3% in October.

This was yet another record month for participants in TMC Benchmark! 52% of participants were IMB's and 48% were depositories. 44% of October participants originate $500M or less in annual production, 27% are in the $500M-$1B annual originations range, and 29% of October TMC Benchmark submissions were from companies that originate more than $1B/year.

Rich Swerbinsky
Chief Operating Officer
The Mortgage Collaborative
​rswerbinsky@mtgcoop.com
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Rich Swerbinsky

    TMC - Chief Operating Officer

    View my profile on LinkedIn

    Archives

    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    June 2019
    April 2019
    March 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    January 2016
    December 2015
    November 2015
    October 2015
    August 2015
    June 2015
    May 2015

    Categories

    All
    MBA

Proudly powered by Weebly
  • Home
  • TMC Conferences
    • 2021 Summer Conference
    • 12 Days of TMC
  • The Network
    • The Power of the Network
    • Preferred Partner Network
  • Benefits
    • Collaboration Labs
    • Working Groups
    • TMC Benchmark
    • Member Event Calendar
    • TMC Blog
    • TMConnect
  • Join Our Family
  • About TMC
    • Our Team
    • Contact
    • Testimonials