Here at San Diego’s MCT Exchange 2026, the hallway chatter is varied. These are capital markets personnel, so things are pragmatic. One topic is Freddie Mac’s earnings: $2.8 billion in income for the fourth quarter of 2025 and $10.7 billion for 2025. Another is large companies becoming larger, exemplified by Tradeweb making an investment in MAXEX and by yesterday’s news of Pennymac entering into an agreement to acquire subservicer Cenlar (sponsor of this week’s podcasts with its 2 million loans). In fact, today’s podcast includes an interview with Pennymac’s Chief Strategy Officer Kevin Ryan on the acquisition of Cenlar. Yup, there’s no reason to think that the big won’t keep getting bigger in 2026, as has been mentioned many times in this Commentary. Credit score policy changes, political whipsawing, tariffs and their impact on the economy, new technology releases, and trends with correspondent investors are just part of the agenda, as they are with many other conferences in the coming weeks. Where lenders are prioritizing their resources in 2026 is important, and on today’s The Big Picture at noon PT Natalie Lanham, President & CFO of Willow Bend Mortgage, will be discussing that as well as single credit score implementation. (Today’s podcast can be found here and this week’s ‘casts are Sponsored by Cenlar. Cenlar supports lenders and investors with scalable, best-in-class loan servicing built for today’s complex market. From compliance to customer experience, Cenlar helps portfolios perform better, borrowers stay supported, and servicers focus on growth. We’re proud to partner with a true industry leader. Hear an interview with Kastle’s Rishi Choudhary on how AI agents are moving from hype to real impact in mortgage lending and servicing by automating unstructured, high-friction borrower interactions at scale, delivering measurable ROI through lower servicing costs, higher loan officer productivity, and production-proven deployments.)
Products, Services, and Software for Brokers and Lenders
Home equity may have dominated the conversation in 2025, but the bigger question for lenders is what comes next. That question will be front and center at Optimal Blue’s conference, February 23–25, at the Talking Stick Resort and Conference Center in Scottsdale, where FirstClose will be on site as a proud sponsor. With nearly $35 trillion in homeowner equity and growing pressure on margins, lenders are taking a closer look at pricing accuracy, cycle times, and the technology decisions that separate fast operators from slow ones. Those themes were also covered in a recent webinar with Optimal Blue and FirstClose, which examined the factors influencing home equity performance, from secondary-market trends to automation improvements and cost management, and how lenders are positioning themselves to leverage these opportunities. Attending Optimal Blue? Connect with the FirstClose team and access the full webinar here.
Many mortgage professionals use some type of business intelligence or reporting tool to transform raw data into analytics. However, many of these tools are not built with mortgage in mind; therefore, they may require significant customization. This forces organizations to rely on internal analysts or IT teams who may not have the deep mortgage expertise needed to effectively analyze the data. This dependency not only slows decision-making but also introduces risk, as misinterpretation of data can lead to compliance challenges and missed opportunities for growth. Luckily, there is a solution to address these challenges - ICE Business Intelligence (BI). Read how leveraging a BI tool built specifically for mortgage can provide significant benefits for both lenders and servicers.
What does it take to navigate the shifting currents of today’s mortgage capital markets? MCT Exchange 2026: Currents of Capital begins today, bringing lenders, investors, and partners together in San Diego to explore how the flow of capital through the secondary market is evolving. Taking place February 12–13 at the InterContinental San Diego, this year’s Exchange focuses on expert market analysis, new technology announcements, in-depth learning tracks, and peer-driven discussions designed to help participants adapt to changing conditions and emerging opportunities. As financial conditions and macroeconomic headwinds continue to reshape the landscape, MCT Exchange provides the insights, connections, and perspective needed to chart the path forward. Sign up for MCT’s newsletter to follow conference highlights and stay informed on the latest market insights and technology updates coming out of Exchange.
You don’t notice traffic until it brings everything to a standstill. Appraisals are no different. For many lenders, the appraisal process creates a traffic jam, adding days to cycle times, increasing costs, and putting loans on hold. With CVUE, Class Valuation has reinvented the appraisal process to shorten timelines by 2–3 days, removing steps from your process and saving up to $100 per loan file, without increasing risk. Lenders like Filo, Churchill, and American Portfolio Mortgage have partnered with Class Valuation to improve speed and consistency across appraisal operations. See why lenders are turning to Class Valuation to clear appraisal gridlock.
MIAC Analytics continues to lead the non-QM pricing solutions with a fully integrated rate sheet, bulk market and securitization execution expertise and proven experience. Originators can compare their pricing against the competitors and know at what levels they can transact at in the bulk market. To price accurately requires complex nonQM prepayment and credit models informed with real price executions in both rate sheet and bulk markets. And bulk market participants can compare bulk market executions against securitization executions with MIAC Analytics BondAgent™ waterfall and structuring software tools. Learn how to lead in the nonQM market with the industry nonQM analytical and pricing solutions leader, MIAC Analytics.
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.
How to Add Value With Servicing
Servicing Smarter in 2026! The latest QC Now webinar offers mortgage servicers clear strategies to address evolving technology and regulatory demands. Industry experts explain how to use data and automation to manage increased volume and complexity, discuss AI’s impact on servicing quality, and outline a practical planning framework for 2026. The webinar features insights from Brock Miller, Director of Business Development at ACES Quality Management, and John Freda, VP of Compliance and Quality Control at Selene Finance. Watch the webinar on demand.
When delinquencies rise, Planet’s rated agency sub-servicing platform safeguards portfolios and protects value. Proprietary rapid onboarding streamlines transfers, shortens blackout periods, and maintains borrower contact continuity so loans perform from day one. Transparent, all-inclusive pricing keeps partnership first and removes surprise fees. Portfolio analytics and loan-level reporting provide clear sightlines into delinquency, true recapture, and loss mitigation performance. As markets or asset strategies shift, Planet’s nimble operating model lets you pivot quickly. Elevate agency performance: Contact Planet’s sub-servicing team at 214-983-2288.
TUESDAY NIGHT LIGHTS ELEVATED TAILGATE EVENT. ONLY AT MBA SERVICING. MBA Servicing is a full-contact week: tight schedules, packed agendas, and very few breaks between plays. On 2/17, industry players are calling an audible. Sagent, ACI Speedpay, and Assurant are hosting Tuesday Night Lights, a stadium-inspired evening designed to take the conversation off the conference floor and into a more relaxed setting. Think game-night atmosphere, familiar faces, and the kind of networking that happens when the pressure’s off. With servicers navigating constant change, relationships matter more than ever. Tuesday Night Lights offers a chance to huddle up, compare notes, and reconnect without slides, scripts, or sales pitches… just good conversation and a little extra energy midweek. The invitation-based event is expected to draw a solid lineup of mortgage pros attending MBA Servicing. Check it out here for more info and register to reserve your spot.
“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.“
The CFPB Hasn’t Vanished
“Sometimes, someone unexpected comes into your life out of nowhere, makes your heart race, and changes you forever. We call those people cops.” My cat Myrtle was never a fan of the CFPB, but she would have liked some of the past employees. Employees of the Consumer Finance Protection Bureau aren’t “cops,” but you probably don’t want to hear about them reserving your conference room for two weeks.
“Rob, have you heard that the CFPB just changed the process for consumers to submit credit-related complaints to the CFPB?” Yup. One way to lower the number of complaints is to make it more difficult, of course. Consumers who file a complaint with CFPB are now hit with aggressive new warning notices alerting them not to submit a credit reporting complaint to the consumer agency unless a dispute has already been formally filed with the credit reporting agency (CRA). The notices, which went live on February 4 without any formal notice, also require people to agree to legally uncertain statements about their eligibility to seek help. The notices are not limited to complaints about credit reporting errors but appear before consumers file complaints for any financial issue ranging from mortgages to debt collection. (More CFPB news below.)
After Trump fired Rohit Chopra, Scott Bessent took over. But that didn’t last long. The OMB (under Mark Calabria) is effectively running the CFPB, which now consists of a small group doing maintenance functions; most are on administrative leave. State level CFPBs are rising in prominence, the bane of multi-state lenders.
One year after the Trump administration took control of the Consumer Financial Protection Bureau, the consumer watchdog has largely retreated from enforcement and regulatory work, changes that consumer advocates and Democrats now estimate have cost Americans at least $19 billion in financial relief. In a report provided to The Associated Press ahead of its release by the office of Sen. Elizabeth Warren, the authors say the CFPB harmed consumers by abandoning major consumer protections, stalling investigation, and dismissing a number of lawsuits.
Time passes, years go by, and our biz has watched the CFPB change, adjust, and swing back and forth based solely on politics. The CFPB, HMDA, and redlining? Skip ahead to the six minute mark. Interested in data? Data collection versus data verification versus data analysis is a topic in the CFPB’s hallways. Changes at the CFPB reflect a change in priorities and philosophies with the administration. Been that way since it became operational in 2011. This administration won’t pursue redlining. No emphasis on appraisal bias, or limited English proficient borrowers, junk fees, UDAP will be pulled back.
Regulatory compliance doesn’t just go away. Unless the underlying laws and regulations are repealed, those laws remain on the books. States will step up, and most states have similar laws. LO comp is part of Truth in Lending Act. “A violation of federal law is a violation of our law.” State attorneys general can enforce TILA.
The CFPB’s memo from a while back spells out priorities. Certainly, a different approach to enforcement: it won’t be as aggressive. But lenders are not “off the hook.” Experts expect for an uptick in private litigation under Fair Credit or Fair Housing. We’re still dealing with consumer protection. Certain laws have look back periods. Fair Housing was created in 1968 as part of the Civil Rights legislation; it is not going away with a wave in the wand.
Nexa, Bevri, and POS Technology
The debate continues about whether systems that help originators should be licensed, and how that would even work. bevri.ai announced the rollout of its new Bevri Point-of-Sale (POS), an agentic AI–driven platform designed to intelligently automate and orchestrate the front end of the mortgage process for loan originators. NEXA Lending, “the nation’s largest mortgage brokerage, is Bevri’s first client for the agentic AI POS. This initial rollout represents a significant milestone ahead of Bevri’s broader expansion into the TPO channel.”
“Built as a true agentic AI system, the Bevri POS doesn’t just capture information. It actively works on behalf of the loan officer, coordinating data collection, calculations, and underwriting logic in real time. The platform is powered by TidalWave and represents a major milestone in Bevri’s mission to deliver intelligent, end-to-end automation across the mortgage workflow.
This launch marks Bevri’s transition from its initial beta phase into a broader closed rollout. Today, an additional 150 loan officers are being activated on the agentic AI POS, expanding access beyond early testers and continuing a phased deployment to attendees of NEXA’s annual NEXAfest. The Bevri POS uses agentic AI to complete the 1003 loan application with greater speed and accuracy, intelligently collect, calculate, and validate income, assets, and supporting documentation, run DU and LP findings for Fannie Mae and Freddie Mac, produce more reliable underwriting outcomes earlier in the process, and eliminate repetitive data entry through autonomous task execution.
Capital Markets
If you want lower rates, are you willing to accept a slow economy to obtain them? On the flip side, a much stronger than expected January jobs report has reduced rate cut odds for the first half of this year. UMBS30 spreads finished wider versus 10-year Treasuries yesterday (an underwhelming $42 billion 10-year note sale pressured the long bond back into the red), with lower coupons lagging, as the curve bear-flattened. In the mortgage-backed securities (MBS) market, a market preference for shorter-duration, higher-coupon securities has emerged amid new supply concentrated in the 5.0 percent and 5.5 percent coupons, particularly in higher FICO and investor pools.
In the January report for Ginnie Mae II 30 year pools, aggregate speeds declined 14 percent to a 10.6 one month CPR, with the 6.0 percent coupon down 7 percent and the rest of the stack falling an average of 19 percent, as VA loans continued to prepay faster than FHA, particularly in higher coupons where the VA streamline advantage remains pronounced. Although only 30 percent of the $2.4 trillion outstanding universe sits in 5.5 percent or higher coupons, speed dispersion across servicers remains notable, with firms such as Carrington, Freedom, loanDepot, Colorado HFA, Sun West, and Midfirst frequently ranking among the fastest, while AmeriHome, Guild, Idaho HFA, and Essex more often populate the slower cohort. On the front end of the aging curve, speeds were strongest in select 6 to 12 and mid seasoning buckets, underscoring how both coupon and servicer strategy continue to shape prepayment behavior across VA and FHA collateral.
Due out later today is the existing home sales report for January. Over the past three years, existing home sales have averaged just 4.1 million annually, well below the 5.3 million average from 2000–2019, driven largely by historically low inventory as Americans have stayed in homes with record-low Fed-driven mortgage rates and chronic underbuilding over the past 15 years, leaving only one home per 364 Americans on the market today compared with one per 138 in the early 2000s. Put another way, increasing supply is the true path to addressing the affordability crisis.
Today’s economic calendar is already underway with weekly jobless claims (227k, about as expected). Treasury activity today will be highlighted by auctions of 20-year bonds and 30-year TIPS for $16 billion and $9 billion, respectively, and $25 billion of 30-year bonds. Between auctions, Freddie Mac will release its Primary Mortgage Market Survey, and markets will receive remarks from Dallas Fed President Logan and Governor Miran. We begin the day with Agency MBS prices roughly unchanged from Wednesday’s close, the 2-year yielding 3.50, and the 10-year yielding 4.15 after closing yesterday at 4.17 percent.
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