Coming off a $4.4+ trillion year in 2021, this past year was a big change for many lenders. What are the industry's final numbers for 2022?
As we near the end of the first quarter of 2023, the final numbers are falling into place that will make 2022 a year for the history books. For many in our industry, it was a tough year, at least in comparison to the two that preceded it.
Lenders in 2020 and 2021 were gifted with a real estate market on fire, which many did not expect given the global pandemic that threatened to derail other parts of the US (and world) economy.
Homeowners who were locked in their homes for an extended period of time and forced to work remotely decided, in large numbers, to move. Never in U.S. history have we seen a real estate boom that matches what happened during COVID.
But by the beginning of 2022, it was over.
The February MBA Mortgage Finance Report now puts the total 2022 loan originations at 2.245 trillion. Further, MBA’s economists predict that loan volume this year will fall to $1.873 trillion before rebounding to $2.279 trillion next year.
Coming off a $4.4+ trillion year in 2021, this was a big change for many lenders, but it was still over $2 trillion in new mortgage business, making it a top 10 year in mortgage history. If this is normal, normal is pretty good.
The slowdown last year also gave lenders, who were sitting on previous year profits, to take a closer look at their operations and tech stacks. For developers, it was a great time to pour effort back into their existing platforms, which is exactly what we did.
We upgraded a number of tech stacks in our new MCP and moved over 23 clients onto the platform last year. Our pipeline of lenders interested in moving over to our next generation LOS is healthier than it has ever been.
For Mortgage Cadence, 2022 was a great year for news. Here is just a sampling of what we accomplished last year.
Partnership with Accurate Group
Last year we formed a partnership with Accurate Group that will give our lender clients access to the company’s real estate appraisal, title and e-closing solutions. The partnership will enable lenders using Mortgage Cadence to access Accurate Group’s full spectrum of product and service offerings – including traditional appraisal, ValueNet™ hybrid and desktop appraisals, automated valuation models (AVMs), title data and closing technologies.
Partnership with AppraisalWorks
We also created a new partnership with AppraisalWorks last year that will allow MCP users to quickly select the best-fit property valuation model directly from within the Mortgage Cadence platform. This will allow lenders to consolidate multiple appraisal vendor and order management systems onto the AppraisalWorks platform – for centralized management and automation of the complete appraisal management function.
Mortgage Center chooses MCP
We were proud to announce last year that Mortgage Center, a premier mortgage lender for the credit union community, has selected the Mortgage Cadence Platform (MCP) as its Loan Origination System. Mortgage Center has been working with credit unions, their members, and home loan borrowers since 1990, through more than 100 experienced home loan experts.
National MI integrates with MCP
National Mortgage Insurance Corporation made the decision to integrate with the Mortgage Cadence Platform (MCP) last year. The integration enables mutual lender customers to obtain price quotes and order National MI’s real-time, risk-based mortgage insurance through its Rate GPS® tool instantly, without having to leave the MCP platform.
We released MCP 2.0
We reached a significant milestone in the evolution of our loan origination technology last year with the release of version 2.0. This was a significant milestone for us and we are very proud of this new version. There are too many good things to say about this software to fit into this post, but you can find out more by seeing a demo today. Reach out today to find out more about why we are looking back at 2022 as a good year and a return to a more normal lending environment. If you’re ready to be a stronger competitor in 2023 and beyond, sign up for a demo of MCP today.
By Joe Camerieri, EVP, Sales & Strategy at Mortgage Cadence
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