If you're reading this, we'd like to say thank you.
Year after year we've been amazed at just how wonderful our TMC Family truly is. Though this past year has been challenging, our members and partners have stepped up to the plate and have truly made the most with what we have, bringing the Power of the Network to more of our membership than ever before. Needless to say, we never would have made it this far without the combined efforts of each and every one of you.
We asked everyone on our team to share what they're thankful for this holiday season, and we would love to hear from you as well. We hope that you had a safe and happy holiday!
I registered for the event - now what?
Once you send us your registration information, you should receive an email with instructions on how to access your event account using the same email that you registered with. If you have not received that email, contact Amy at firstname.lastname@example.org or your Member Benefits Advocate.
What's the difference between the mobile and desktop 'app'?
The web 'app' is just the website. The mobile 'app' is like any other app you download on your phone, which you can learn how to do here.
On the mobile app it is easier to find talks, add items to your agenda, networking via the community boards, watch videos or webinars, and receive communication from organizers and attendees. Your phone camera and microphone will work via the mobile app for zoom communication. The desktop app is better for zoom communication when you need/want to use a desktop or laptop webcam and videos will be larger on the desktop app.
Is there a preferred browser that I should use?
It is strongly recommended that you download and use Google Chrome for minimal difficulties in accessing the event. If you use Safari, Microsoft Edge, or Firefox, it may be easiest for you to participate in sessions by utilizing the Zoom link that will be dropped into the session chat function at the start of each session.
Can I familiarize myself with the app before the event starts?
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How can I ask the presenters questions?
What should I do if I can't access the session I want to attend the day of?
Check the Whova chat box and access the session through the Zoom link that the moderator will have posted at the start of the session.
What if I can't hear the presenters?
If you're accessing the session through your web browser, try refreshing the page. If that doesn't fix the problem, then check the Whova chat box and access the session through the Zoom link that the moderator will have posted at the start of the session.
Who should I contact if I'm having technical difficulties?
Black Knight Announces Addition of Catherine Burke to Board of Directors
Plaza Home Mortgage & Planet Home Mortgage Recognized by MReport among Top 30 Institutions in Mortgage & Servicing
SimpleNexus Collaboration with Progressive Insurance to Bring Home Insurance to More than 3 MM SimpleNexus Mobile App Users
Arch MI Capital Commentary: featuring VP, Government & Industry Relations, Kirk Willison
Blend Head of Diversity, Inclusion & Belonging, Ulysses Smith: You're Doing Diversity Wrong Again, Here's 5 Ways to Do it Right
Total Expert Founder & CEO, Joe Welu: 4 Ways to Operationalize Empathy in Your Customer Communications Now
MGIC Integrates with Mortgage Coach on Online Borrower Conversion Platform
MQMR Weekly FAQ: Vendor & 3rd Party Oversight
SimpleNexus presents SNUG 2021: February 22-24, 2021
12 Days of TMC Kicks off Tuesday, December 1st!
First American Docutech - Encompass Integration: Allowing Lenders to Implement Dynamic Doc Generation & eClosing
NationalMI Ranked 24th on Fortune 100's Fastest Growing Company List
Check Out the New Informa: FBX - Financial Benchmarking & Omnichannel Experience
MQMR: 'Let's Do Lunch' Contest Continues Through 11/27; Recognize Your Compliance Team Today!
Try Out SimpleNexus' ROI Calculator to Realize Your Potential Savings
LBA Ware's LimeGear BI Platform Enhances Performance Dashboards & Scorecards for Users
Stewart Partners With CertifID to Help Eliminate Wire Fraud
Arch MI's Fall 2020 HaMMR Report presented by Ralph DeFranco, Ph.D.
Scotsman Guide Feature: SocialSurvey CEO, Scott Harris
Virtual Event: Maxwell presents MAXOUT - Fall 2020" Nov 16-18, 2020
Virtual Event: Notarize Presents Rewired: Nov 18th, 2020
Virtual Event: SimpleNexus Presents SNUG 2021: Feb 22 - 24, 202
LBA Ware Announces the Addition of Kim Schneiders as Senior Sales Consultant
Stewart Blog: Pandemic Job Recovery Progresses
Capacity: 20 Marketing Leaders Elevating Tech Across Industries
Blend: Adopting Your New eClose Solutions - Overcoming Objections
Sales Boomerang: Learn How to Get a Shot at 100% Client Retention
MQMR: 7 Tips For Ensuring a Successful MERS Annual Report Review
SocialSurvey: 3 Tips to Close Every Referral
Total Expert Whitepaper: Changing Role of the Financial Services CMO
LoanLogics B-Logics: Digital Labor - You're Hired!
Credit Plus Knowledge Center: Speeding Up Closings
ActiveComply: Why LO's Should Use Corporate Pages on Social Media
PHOENIX: Scratch & Dent Documents a Mess?
Plaza Home Mortgage National Correspondent: "Scratch & Dent" or Certified?
Freddie Mac: Top 4 Things Every New Homeowner Should Do
Blend On-Demand Webinar: Making the Shift to Contextually Relevant Banking
Maxwell - Clear to Close Podcast: Discovering Your Core Competency
(VIDEO) Fannie Mae's Noble Appraiser Series: The Myth of the One-Mile Rule
We all know how difficult the pandemic has been on our country, and it is changing the way many people handle their banking. From the best big bank to the best small bank and everything in between, Newsweek has named America's Best Banks for 2021 based on 55 different factors. Making the list are some of our own Lender Members and Preferred Partners - congratulations to everyone that was recognized!
People's United Bank
Bank of England
Nicolet National Bank
Black Knight: Rate Lock Data Suggest Originations Will Surpass $4T for First Time Ever
MERSCORP Holdings, Inc. Announces October Record of 66,000+ eNotes Registered in October
Fannie Mae's New Servicer Toolkit
SimpleNexus ROI Calculator: Key to Mortgage Lenders Modeling Benefits of Digital Mortgage Technology
ActiveComply: Social Media Compliance Cheat Sheet for LO's
PHOENIX - September 2020 Market Snapshot
ICYMI: LBA Ware Releases Q3 2020 Compensation Report Findings
MQMR: Internal Audit - Policies & Procedures
Sales Boomerang: How to Build an LO Team That Reflects Your Customer Base
Loan Vision Blog: Four Tips for Communicating More Effectively With Your Branches
Client Testimonial: Retention 1st Philosophy: Apex Home Loans Co-Founder & CEO, Craig Strent on Sales Boomerang
Virtual Event: Maxwell presents: MAXOUT Fall 2020 - Nov 16 - 18
Black Knight: The Seller's Market is Here to Stay for Awhile
Maxwell eBook: Mortgage Industry's Voter Guide 2020
Built Working with nCino to Drive Digital Transformation of Construction Lending for Financial Institutions
Capacity: Most Fundable Company Capacity Raises $11M in Series C Financing
Notarize: Make Virtual Signing Experiences More Personal
Blend President, Tim Mayopoulos on Where the Industry Needs to Be - More Affordable Housing, Better Credit Scoring
LBA Ware's Chris Gassel: Industry Forecasts - Best Bet to Read Your Own Tea Leaves
Video - MBANow: Interview with First American Docutech President, Amy Brandt
On Demand Webinar: Black Knight - No More Complex, Confusing Closings with Expedite Close
Arch MI Policy Cast: Solutions for Minority Homeownership with Alanna McCargo
Webinar: Achieving Frictionless B2B Commerce in the Mortgage Industry, featuring LoanLogics
Virtual Event: Maxwell presents: MAXOUT Fall 2020 - Nov 16 - 18
During this year's Mortgage Bankers Association virtual Annual Convention & Expo, MBA announced its 2021 Board of Directors and its Residential Board of Governers. We were thrilled to see so many members of TMC recognized in both groups.
The MBA Board of Directors comprises 39 elected members and one ex-officio member, MBA President and CEO Bob Broeksmit, CMB. MBA directors represent its commercial/multifamily, residential and associate membership. The Board of Directors sets the strategic direction for MBA and also oversees management of the association’s affairs.
New members of MBA's Board of Directors:
• Albert P. Blank, Union Home Mortgage
• Eric Gates, Apex Home Loans
• Nima Ghamsari, Blend
• Owen V. Lee, Success Mortgage Partners, Inc.
• Claudia J. Merkle, National Mortgage Insurance Corporation
• Christine C. Rhea, Mortgage Investors Group
Returning members of MBA's Board of Directors:
• William Lowman, American Pacific Mortgage Company
• Eduardo Perez, CMB, EPM
• Debra W. Still, CMB, Pulte Financial Services
RESBOG is the governing body for MBA’s single-family residential members, responsible for establishing legislative and regulatory policies and positions on residential lending issues.
Newly elected members of MBA's RESBOG:
• Patty Arvielo, New American Funding
• Jack Thompson, Legacy Mortgage
Returning members of MBA's RESBOG:
• Al Blank (Vice Chair), Union Home Mortgage
• Nicholas DelTorto, Inlanta Mortgage, Inc.
• David Gansberg, Arch Capital Group
• Eric Gates, Apex Home Loans, Inc.
• Tawn Kelley, Taylor Morrison Home Funding
• Bill Lowman, American Pacific Mortgage Corporation
• Gene Lugat, PrimeLending
• Steven Plaisance, Arvest Bank
• Chrissi Rhea, Mortgage Investors Group
• Fowler Williams, Crescent Mortgage
Built Technologies CEO, Chase Gilbert Honored by Goldman Sachs Among Top 100 Most Intriguing Entrepreneurs at 2020 Builders + Innovators Summit
LBA Ware's LimeGear: Inspire Results with Turnkey BI
Associated Bank: Q3 - 2020 Market Review
MGIC Digital Marketing Specialist, Zac Stoiber: 9 Reasons I'm Ready to Buy My First Home
TriServ Personnel Profile: SVP of Sales, Ted Venhorst
Blend: 4 Reasons Digital Agility in Lending Has Become A Necessity
Freddie Mac: Evaluating Income Among A Pandemic
LoanLogics B-Logics: Mortgage Doc Processing You Can Try Before You Buy
ActiveComply: Instagram for Business - Simple Steps to Transition from Personal Usage to Business with Ease
MQMR Weekly FAQ: Outsourcing - Contract Employees & Exclusionary Lists
SimpleNexus Announces Addition of Tracy Farber as Director of Solution Engineering
Podcast: The Future of Digital Closings, featuring First American Docutech President, Amy Brandt
Credit Plus Knowledge Hub: Add Previously Frozen Files to Credit Reports
Power Your Possibilities with Arch MI
Virtual Event: Maxwell presents: MAXOUT Fall 2020 - Nov 16 - 18
Webinar featuring LoanLogics: Achieving Frictionless B2B Commerce in the Mortgage Industry
TMC Benchmark September Data: Record Closing Pace Continues in September, But Applications Start To Slow
September was another record setting closing month for many of TMC's national network of best-in-class mortgage lenders that submit data to TMC Benchmark. Closed loan production (units) in September was nearly identical to August, making it five straight months of closings higher than we'd ever seen before from our network in the four-year history of our popular network data benchmarking tool. Our weary lender members may see a little operational relief in sight, as applications (units) were down 27.4% in September as compared to August. For some perspective, even with the drop-off, September application totals were still higher than any one single month in 2019. Operational efficiency stayed pretty flat for our network in September after reaching all-time highs in June, and slowly falling over the summer months.
As noted above, closed loan units were nearly identical month-over-month (-1.2% from August to September) as was the mix of conventional (76%) and government (19%) business. The purchase/refinance mix on closed loan units in September was 51%/49%. Let's take a look at that mix for the last five months::
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
Applications were down in September, but still strong. We've been seeing the % share of government loan applications slowly decline these past several months, topping out at 21% in June and falling to 17% for this latest month. The lagging closed loan data has followed this trend.
Operational productivity and efficiency stayed pretty consistent in September. On average, it took our members 3.3 days longer to close loans in September versus August, with the average "app date to clear to close date" time frame rising from 39.5 days to 42.8 days in the most recent month. It will be very interesting to see how operational efficiency holds up with lenders staffing up all summer and volume now starting to tail off a bit. Certainly efficiency will continue to drop as volume does, but how will efficiency this fall and winter compare with last fall and winter? We shall start to see in the coming months.
Here's the closed loan unit totals per FTE (full-time employee) for the last five months (May/June/July/August/September). While processor and closer efficiency stayed flat, underwriter efficiency fell off and LO productivity increased:
Processor - 16/17.2/16.8/15.2/15.1
Underwriter - 51.8/54.8/52.1/50.1/47.5
Closer - 63.8/64.8/62.7/61.8/61.8
Loan Originator - 7.0/8.1/8.2/8.1/8.6
The average LO comp on September closings came in at 97.5 bps, up 0.7 bps from August's 96.8 total. We've seen this number vacillate between 95-105 bps these first nine months of 2020. We saw increases in the average non-third party lender fees per loan our members charge their customers, with conventional loans coming in at $1,136 and government at $1,109.
On the compensation side, the average annual comp paid to underwriters fell for the fourth straight month to $88,419 after peaking in May at $94,767. Processor annual comp rose to $53,181 after declining each of the three months prior. Closer compensation has continued to increase all year, rising another $1,000/yr to $56,330 in September.
The average cost per closed loan our members paid for their loan origination system (LOS) fell from $95 to $93 per closed loan unit. We've continued to see the average cost of point-of-sale (POS) systems fall pretty precipitously all summer, with the September total at an all-time low of $42 per closed loan unit. The average cost our members pay for their CRM increased from $89 to $107 in September.
51% of companies that submitted September data to TMC Benchmark were independent mortgage bankers (IMB's) and 49% were depositories. 37% originate $500M or less annually, 22% originate between $500M-$1B, and 41% originate $1 billion per year or more in total volume.
Chief Operating Officer - The Mortgage Collaborative
TMC - Chief Operating Officer