April delivered the strongest monthly performance of 2026 across nearly every major operational metric. Spring purchase demand is flowing through the network, productivity remains near record levels, and cycle times have finally broken through the plateau we saw at the beginning of the year.
Cycle times averaged 31.9 days, a meaningful improvement from the 34.8 day level recorded in February. This is the progress we have been looking for. Higher spring volume paired with faster execution suggests that investments in process, automation, and operational discipline are beginning to produce measurable results.
Productivity remained exceptionally strong at 2.78 funded loans per FTE, one of the highest readings in the dataset. That performance becomes especially important when viewed alongside the continued cost pressures facing lenders. Industry cost to originate remains above $10,000 per loan, making productivity one of the most important levers available for protecting margin.
Purchase activity also strengthened considerably. Purchase loans represented 76.3% of funded volume, the highest concentration of 2026. At the same time, the credit pull to fund ratio improved to 3.1x, signaling better pipeline conversion and stronger qualification discipline across the participating member group.
Key Themes
- Cycle times improved to 31.9 days, breaking the early 2026 plateau.
- Productivity reached 2.78 funded loans per FTE, maintaining near record performance.
- Purchase mix increased to 76.3%, the highest concentration of 2026.
- Credit pull to fund improved to 3.1x, compared with 4.2x in January and February.
- Average funded loan amount came in at $360,327.
- Average interest rate among reporting members was approximately 6.09%.
- Elevated origination costs continue to make productivity and automation critical areas of focus.
April shows what stronger volume paired with disciplined execution can produce. The focus now moves to sustainability. Maintaining these cycle time, productivity, and conversion gains through the remainder of Q2 will tell us whether spring performance is becoming a stronger operational baseline for the network.
