“Did you hear what NASA's new slogan will be once its budget is cut? ‘NASA: The Sky's The Limit’” If you’re a conference organizer, do you have a catchy slogan for the event? That certainly seems to be expected. Fannie Mae has a slogan (“Powering America’s Housing” or “Supporting America’s Housing,” depending on who you ask) as does Freddie Mac (“We Make Home Possible”). The two have been in the news lately after President Trump proposed his “representatives” will buy $200 billion of mortgage-backed securities. FHFA Director Bill Pulte stepped up and said, “We’re here for you” and waited for marching orders. Agency MBS prices improved but then worsened more than they had gained when “Sell America” arose. Do the markets trump government intervention? Pulte confirmed that Fannie Mae and Freddie Mac will not exceed $200 billion in additional mortgage-backed securities purchases, halting speculation that buying could expand further. While the agency has granted the GSEs legal flexibility beyond prior caps, some of the uncertainty around the scale of government support of the mortgage market was reduced helping give investors a more defined framework for assessing housing and real estate conditions, signaling that any impact from GSE MBS purchases will be capped until changed by a tweet. (Today’s podcast can be found here and this week’s are sponsored by Truework, the one verification solution to replace in-house waterfalls. Verify any borrower with a VOIE solution that automates the entire process to quickly deliver the most accurate and complete reports with broad GSE coverage. Today’s has an interview with Experian’s Michele Bodda on how evolving credit data, new scoring models, and shifting renter sentiment are reshaping mortgage access and underwriting economics.)

Products, Services, and Software for Brokers and Lenders

“Stallion Funding delivers construction capital with clear communication and a fast, transparent process. From application through closing, borrowers always know where their deal stands. We’re currently offering rates as low as 8.5-9.5%, with final pricing based on LTC and borrower experience, and programs well-suited for qualified new nationwide fix and flip projects and new construction projects, including early-stage deals. Apply now or contact us for more information.”

“Luxury Mortgage continues to invest in and strengthen its correspondent lending channel, with a focus on long-term growth in non-QM and single-family lending. As the platform continues to evolve, Jeff Lemieux and Nick Lemieux are playing expanded roles supporting correspondent leadership and partner relationships. “Building a strong correspondent platform means investing in people, products, and consistency,” said David Adamo, CEO of Luxury Mortgage. “Jeff and Nick bring the experience and relationship focus that help us deliver dependable execution for our partners.” They work alongside long-time industry veteran Larry Mailtin, Managing Director, whose leadership and deep correspondent experience continue to be foundational to the channel’s growth and stability. Together, this leadership team reflects Luxury Mortgage’s ongoing commitment to providing flexible lending solutions, reliable execution, and a correspondent platform built for the long term. Click here to learn more about our Correspondent channel.”

CANDID is a unified sales and marketing operating system built for the modern mortgage experience, now adopted by some of the industry’s leading mortgage organizations like Acrisure, Lower, and Kind Lending. It replaces and enhances fragmented tech stacks by consolidating legacy CRMs, POS systems, social tools, recruiting platforms, and client retention vendors into one seamless ecosystem. With automation driving every stage, CANDID helps lenders, LOs, marketing, and recruiting streamline workflows, strengthen relationships, and accelerate growth while staying on brand and compliant. By housing every interaction from lead through lifelong client in a single data source, CANDID creates a more personal, connected, and efficient homebuying journey, redefining how mortgage organizations operate, scale, and win. Reach out to schedule a call today.

“As servicers navigate a changing regulatory landscape, rising borrower expectations and increasing portfolio complexity, having the right solutions in place matters more than ever. Schedule a meeting with Covius at the upcoming MBA Servicing Conference and learn how we support servicers across the full lifecycle with integrated solutions spanning compliance management, document and borrower communications, escrow and tax services, default support, lien release preparation, and data-driven risk mitigation. Backed by deep regulatory expertise and purpose-built technology, Covius helps servicers stay ahead of change while delivering consistent, compliant borrower experiences across all 50 states. If you’re attending MBA Servicing and want to strengthen compliance ownership and simplify servicing operations, let’s connect. Schedule a meeting with the Covius team at MBA Servicing to learn more.”

“Chase Correspondent Lending: Non-QM alternatives & Project Flex! With Chase Correspondent Lending, you can get the flexibility you need without the non-QM label. We’ve expanded our Non-Agency credit box with larger cash-out limits of up to $2.5M, jumbo loan amounts of up to $10M, asset annuitization, competitive risk-based pricing, and no prepayment penalties. Access to our fortress balance sheet and the private label securitization market mean more options for you and your clients. Looking for a competitive advantage in delivering real value to clients who have properties in projects that have been deemed non-warrantable? Our ProjectFlex program brings you Non-Warrantable Condo and Co-op solutions, including resort-style condos, lower presale percentage requirements and recreational lease options without additional price adjustments. Connect with our Client Management Team to see how you can unlock more value with our Non-Agency suite of products.

In today’s evolving market, staying competitive means rethinking traditional approaches. In this new blog from ICE Mortgage Technology, industry leaders share actionable strategies to help title businesses thrive and build a resilient, future-proof business model. Get best practices for reimagining revenue streams, enhancing transaction security and leveraging technology to drive operational efficiency. Read the full blog here.

The Chrisman Marketplace is a centralized hub for vendors and service providers across the mortgage industry to be viewed by lenders in a very cost-effective manner. We’re adding new providers daily, so check back often to see what’s new. To reserve your place or learn more, contact us at info@chrismancommentary.com.

Do Housing Policies Move Rates?

Mortgage rates are being shaped less by where the 10-year Treasury trades and more by forces many market participants are still underestimating. From the GSEs’ $200 billion MBS purchase directive to the growing structural role of non-QM lending, today’s mortgage market is being driven by spread dynamics, policy signaling, and execution decisions that don’t always move in sync with headlines.

In a piece on the Chrisman Commentary website, Plaza Home Mortgage's Dawn Meshel breaks down why this moment is not a replay of COVID, why some widely debated housing policies are more symbolic than impactful, and what originators and capital markets teams should actually be watching if they want to navigate volatility without overreacting. If you want a clearer view of what truly moves mortgage rates in a politicized market, the full article digs into the mechanics that matter.

Capital Markets

A falling dollar impacts everyone who has dollars in their bank accounts. That will lead to a long term erosion of the economy, and raise the specter of inflation again, but in the mean time… It’s Fed decision day, and that comes with the expectation that the FOMC will conclude its meeting with a rate pause, as the Fed is still getting caught up with some of the delayed data from the government shutdown (which could occur again this Friday). Policymakers increasingly confident that rates are near neutral as employment remains stable and inflation manageable. Although the voting rotation tilts slightly more hawkish, the committee has reduced urgency to cut further, and this meeting is widely being viewed as a placeholder as the Fed waits for additional data. Bond yields have quickly reversed last week’s selloff, underscoring investors’ reluctance to press rates materially higher.

With money supply growth having normalized after the 2020–2021 surge and money velocity remaining low, underlying inflation pressures appear muted, leaving CPI and PCE more relevant as policy signals than pure cost-of-living gauges. Markets are therefore focused less on imminent data surprises and are currently pricing roughly two quarter-point cuts by year-end, while speculation that Powell could remain on the Board after his chair term would further limit political influence over policy and reinforce continuity at the central bank. A Kevin Warsh Fed chair outcome appears largely priced in, though a Rick Rieder nomination could still drive a modest bull-flattening, particularly at the long end.

Today’s economic calendar kicked off with mortgage applications falling 8.5 percent for the week ending January 23, reflecting higher mortgage rates and a holiday-adjusted slowdown, with refinance activity driving most of the decline. Refinance applications dropped 16 percent week-over-week as the 30-year fixed rate rose to 6.24 percent, though FHA refinances increased due to meaningfully lower FHA rates, while purchase applications were essentially flat on the week and remained 18 percent higher than a year ago. The data suggests refinancing remains highly rate-sensitive, but purchase demand and loan sizes point to continued buyer activity early in 2026.

Other events today include the Bank of Canada releasing its latest rate decision, Treasury auctioning $30 billion 2-year FRNs, and more quarterly earning reports from Wall Street. We begin Wednesday with Agency MBS prices roughly unchanged from Tuesday’s close, the 2-year yielding 3.57, and the 10-year yielding 4.23 after closing yesterday at 4.22 percent.