The Mortgage Bankers Association released the results from their Q4 Quarterly Performance Report, and boy, are they ugly. On average, lenders LOST 99 BPS on each loan, and the Cost to Produce per loan hit a record high of $12,450.
A Look at Performance 🫣
According to MBA estimates, that $12,450 breaks down as follows:
The real culprit here is that lenders’ fixed costs are being spread over much fewer loans. Q1 data will be interesting to see if this was finally the quarter where lenders were able to realign costs with current volume.
- Patrick O'Brien, CEO at LenderLogix
From The Team's Bookmarks 📌
The usual - some stuff we thought was informative, helpful, or cool.
- Mortgage lenders, borrowers react to bank closures
- Home prices drop 1.2% - first YoY decline since 2012
- Share of Mortgage Loans in Forbearance Decreases to .6%
- Is apartment-phobia driving America's housing crisis?
- NAMMBA Webinar Registration: Applying the Unity Principle
- [VIDEO] Women in Mortgage Tech: How to Serve the Underserved
- Nominations Open: The Most Powerful Women in FinTech
- [VIDEO] Shredding Social: Diversifying Social Platforms, TikTok & More
- ICE Mortgage Technology Virtual Event Registration: Experience 2023
- [VIDEO] Using Data to Stand Out in Your Market, Next Level Podcast
- An Olga cocktail pick: French 75
- Disney Says Goodbye to the Metaverse
- [Video] In honor of MC Hammer's 61st birthday tomorrow
An Upcoming Webinar 🎥
Somewhere along the way, we let Silicon Valley convince us that we needed to buy a second loan origination system and call it a point-of-sale. So instead of having one expensive system that we have to train everyone on, now we have two.
What if you could maximize your investment in Encompass® Consumer Connect by layering on a beautiful front-end interface instead? You can with LiteSpeed.
CRA Data with One Search 🏡
We recently added a free new tool to our website to help mortgage lenders easily identify properties that may be contained within an underserved census tract to help comply with the Community Reinvestment Act and majority-minority eligibility requirements.
This was a meaningful and impactful project for our engineering team to combine a few publicly available data sources and APIs to help mortgage lenders attempt to increase homeownership in traditionally underserved areas.
It’s simple to use - just enter a property address and you will get information about the property’s census tract, income level, and minority percentage.
- Scott Falbo, CTO at LenderLogix
The Latest from Our Blog 🖊️
The Mortgage Firm selects LiteSpeed as its POS Platform | We're excited to spotlight The Mortgage Firm, an independent retail mortgage lender headquartered in Florida. They recently chose LiteSpeed to power their application process and deliver superior borrower experiences at the initial point of contact. Check out their thoughts on the POS so far.
LenderLogix 2022 Year in Review | Last year, the company helped a record number of lenders deliver high-touch borrower experiences during early origination milestones. Check out some notable achievements - numbers we are primarily proud to share because of their impact on our clients.
Employee Spotlight: Serina "Fire" Callea | Meet Serina "Fire" Callea, the OG Customer Success Specialist on the LenderLogix team. She shares the story behind how she began her career in Real Estate and a bit about herself.
For Our Readers in Texas🧊
Next Wednesday, April 5th, the Austin Mortgage Bankers Association is hosting a luncheon, and you're invited! Ryan Black, Partner at Black, Mann & Graham LLP, will provide a legislative update alongside Kevin Gillespie, Coach at Mortgage Marketing Animals. Register here to save your spot!
A Tech Partner Must: Strong Support 🛠️
I recently had the privilege to meet with one of our clients who implemented LiteSpeed a few months ago. This call was a routine temperature check to see how things were going, if they encountered any issues, etc. I was happy to hear them rave about the positive feedback they have received from agents and the efficiencies it has already created for their team.
However, what really made me smile was when they referenced a "snag" along the way. Of course, you don't often want to boast about clients with problems, but this moment spoke to the strength of our team. The branch manager talked about how impressed he was at how quickly we identified the issue's origin, implemented a resolution, and communicated the results to him.
While I'm proud of our Customer Success team here at LenderLogix and the level of support we provide our clients, I'm just as impressed with our Software Engineers, who understand and prioritize our customers' needs. Their hard work behind the scenes translates into fantastic customer experiences.
- Derrick Enderby, Director of Customer Success at LenderLogix
Burnin' Love in Memphis 🕺
Did you know Elvis Presley's Graceland Mansion is the second-most visited home in the United States - second to the White House? Over 600k people travel each year just to visit. When we first attended the Great River MBA Conference two years ago, our team joined that visitor log. Pat even made a funny video observing a few things that would’ve given Elvis some problems if he were getting a mortgage today.
If you'll be at the Peabody next week for this year's event, stop by our booth and block your calendars for our 7-in-7 session around 1:30pm on Wednesday, April 5th. In the session, we'll look at the mortgage lead funnel, discuss how to identify leaks at each stage, and highlight the strategies lenders can take and tech they can integrate to improve conversions and close more loans.
See you on Beale street! ✌️
Quote of the Month:
“You'll never plow a field by turning it over in your mind." – An Irish Proverb 🍀
Interested in signing up for our newsletter? Only subscribers get access to all of the updates, giveaways and insights. Click the button below to subscribe!
