What is $9,140? It was the production cost, per IMB loan for the 3rd quarter in 2021. (The Q4 2021 results are coming out on March 22.) I bring this up because, generally speaking, lenders are selling the loans they manufacture at roughly the same price, so profitability, and long-term success, will depend on lowering their manufacturing costs. Costs “may” very well set a record-high in Q4 2021. As is, for Q3 2021 we were at the second highest levels, right behind the 1st quarter of 2019 when volume was much lower than Q3 2021. (Questions about the MBA Quarterly Performance Report, including what is in the numbers, should be directed to Marina Walsh, VP, Industry Analysis, Research, and Economics with the MBA.) Residential volume is impacted by interest rates, which in the short-term have been driven down by Russia attacking Ukraine, but in the long term influenced by economic trends… Are we heading toward a market with ramped-up adjustable-rate mortgage volume? Perhaps. Mortgage rates, through their volatility, have moved higher, and we have the recent release of the CFPB’s Prepaid Interest and the General Qualified Mortgage APR Special Rule for Adjustable Rate Mortgages factsheet. (Today’s audio version of the commentary is available here and this week’s is sponsored by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortgage lender.) Lender and Broker Products and Services Alexa, play Feeling Good by Michael Bublé… Our friends at LenderLogix are excited to announce that they have been named a 2022 HousingWire TECH100 Mortgage Honoree! LenderLogix creates customized mortgage technology for IMBs, banks, and credit unions and currently works with lenders in 42 states. LenderLogix’s products include adjustable pre-approvals, automated fee collection, automated closing gifts, milestone SMS and CRA analytics. Products are offered a la carte and designed specifically to each lender. On average, LenderLogix can save lenders up to 40% more time in their day, increase their conversion rates up to 60%, and realize hundreds of thousands of dollars in unpaid upfront fees. With 300% revenue growth over the last three years and a team that’s doubled in size in just the last eight months, LenderLogix is definitely a name you’re not going to want to forget. Check out its site for more information.