The MBA's National Advocacy Conference in DC wrapped up this week, and any time you have a gaggle of mortgage personnel in one place, talk in the hallways inevitably turned to current market conditions. For example, servicing rights have increased in value, and MSR trading multiples are in the mid 5x range for certain cohorts (markedly higher than the 4x1 value where it was for years), depending on asset mix, recapture assumptions, and servicing execution. Servicing portfolios are being bought and sold... everyone can afford servicing wants the inside track in retaining the borrowers backing that servicing. But back to the conference… The MBA has remained focused on policy wins over the past year and is making progress on many more goals, said MBA President and CEO Bob Broeksmit, CMB. The Senate’s 21st Century ROAD to Housing Package is a step in the right direction, but issues, include a drafting error related to FHA multifamily loan limits, a single-family housing investor ban, costly FHA disclosure changes, and a proposal to divert funds from the FHA Mutual Mortgage Insurance Fund to support foreclosure counseling for FHA, VA and USDA loans could be problems. And, of course, everyone is pushing for the modernization of credit scoring and reporting as well and word from the FHFA about it. (Today’s podcast can be found here and this week’s ‘casts are Sponsored by Truework. Replace costly, error-prone verification waterfalls with a single, fully automated VOIE solution that delivers faster, more accurate, GSE-ready reports. So, your team can close more loans with less effort and lower cost. Today’s has an interview with Verisk’s Kingsley Greenland on how insurance companies are using climate modeling to improve their granularity of pricing, though ambiguity still exists.)

Products, Services, and Software for Brokers and Lenders

Warehouse lending is better CONNECTED. Modern warehouse lending demands more than just software; it requires a secure, integrated ecosystem that delivers speed and control for every stakeholder. OptiFunder has bridged the gap between originators and lenders. Genesis by OptiFunder is now funding 1 in every 4 warehoused loans, giving originators the confidence and capability to scale. Greyhound by OptiFunder is connecting warehouse lenders with the real-time data and risk signals they need for faster, safer processes. When Genesis and Greyhound work together, friction disappears. As Joe DeDominicis, CFO of Stockton Mortgage, puts it: “I have used Genesis for many years. We recently had a warehouse partner implement Greyhound, and the expanded OptiFunder ecosystem has made the process even better for both of us.” Experience a better process for everyone involved. Learn more at MBA Secondary or visit optifunder.com.

Stellar Innovations announced that Steve Greenfield, CMB, has joined the company as SVP, Mortgage Solutions, as it continues to advance mortgage technology supporting operations, risk, and compliance across the full mortgage lifecycle. Greenfield brings a hands-on background working with mortgage operations and technology teams to improve efficiency, strengthen data quality, and support consistent regulatory outcomes. His experience across lending functions reflects a practical understanding of how technology can help simplify complex processes while fitting into real-world workflows. In his role, Greenfield will work alongside clients and partners using Stellar’s platform and solutions, including ULRS™ and UniDex™ helping automate and coordinate workflows across origination, underwriting, servicing, and secondary market activities, reducing manual effort while supporting consistent, compliant decisioning. Stellar also has a strong pipeline of new products and features in development. Greenfield welcomes the opportunity to connect with lenders to learn more about their challenges and collaborate on meaningful, practical solutions. To start the conversation or schedule a complimentary review, reach out at Steven Greenfield. For those in Texas, Greenfield will be in Austin at the upcoming Texas MBA Conference. Learn more here.

“As the spring and summer buying season heats up, many clients are eager to make their next move, but their equity is still tied up in their current home. That’s where strategic financing solutions can make all the difference. Join American Heritage Lending for our upcoming Bridge Star Loan Webinar and discover how to help your clients leverage their existing equity to purchase their next home without waiting to sell. Register here. In this session, we’ll cover how to structure deals that allow buyers to purchase before they sell, eliminate contingent offers, and overcome common DTI and qualification challenges. You’ll also walk away with real-world scenarios you can use immediately to grow your pipeline. We’ll highlight two powerful options: a Stand-Alone Bridge Loan and a Simultaneous Bridge + Purchase structure. Don’t miss this opportunity to strengthen your strategy and help your clients win. For more details, contact James Gueltzow or visit here.”

“AI in mortgage is everywhere, but where is it truly delivering results, and where is it still just hype? Join JazzX AI on Monday, April 20th at 1PM ET / 10AM PT for our webinar, AI in Mortgage: From Pilot to Production – How Leading Lenders Are Deploying AI Today. We’ll be joined by industry leaders to explore how they’re prioritizing AI initiatives, measuring ROI, and transforming early pilots into real impact. Expect honest insights on what’s working, what’s not, and how teams are approaching time-to-value as adoption accelerates. Save your spot today to learn how leading lenders are putting AI to work.”

“You knew us as CoreLogic. Now meet Cotality, the nexus of your AI strategy. Powered by the industry’s most complete property data set, your agentic journey starts here. From acquisition to servicing, Cotality helps lenders turn data into action, fueling smarter decisions, faster execution, and real growth. No fragmented tools. No disconnected data. Access everything through MCP, your data platform, API, or directly in your warehouse, so your AI integrates cleanly into how you already work. AI is only as powerful as the data behind it, so partner with the one name that brings it all together: Cotality.”

Consumer Financial Regulation in Transition: Navigating the Shifting Landscape. Gain expert insight into the evolving regulatory changes impacting the mortgage industry in the latest QC Now webinar. ACES’ General Counsel and EVP of Compliance, Amanda Phillips, joins Ballard Spahr’s Senior Counsel, Richard J. Andreano, to unpack the latest developments shaping the industry. From CFPB leadership changes and legal uncertainty to shifting fair lending expectations and emerging enforcement priorities, this webinar delivers insight for your organization to prepare for what’s ahead. Watch the webinar on demand.

“Manufactured housing is at the center of the biggest federal housing push in decades and Arrive Home’s New Foundations DPA sits squarely at the intersection of it all. With bipartisan momentum behind major manufactured housing reforms and new efforts to expand FHA and secondary market support, the industry is moving fast. Solutions that help borrowers qualify for manufactured homes already exist today without waiting for Washington DC. Join Arrive Home EVP Shawn King on Tuesday, April 21, for an originator–focused webinar: From “Almost” to Approved: A New Foundation Program for Manufactured Homes. Arrive Home’s New Foundations DPA provides 3.5 percent down payment assistance for single- and double-wide manufactured homes on permanent foundations, including single-wides that many DPA programs exclude. It pairs with a 30-year FHA loan priced at 1 percent below the first mortgage rate, is available in 49 states, and is open to repeat buyers. As manufactured housing innovation accelerates and affordability pressures intensify, originators who understand this space will be best positioned to serve underserved borrowers and grow production. Join us April 21 and start closing more manufactured housing loans now.”

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.

Dark Matter in the News

Dark Matter Technology’s CEO, Vikas Rao, had a note for the industry. “I wanted to reach out to you personally and share the news that, effective today, I have stepped into the role of Chief Executive Officer at Dark Matter Technologies. I am excited to accelerate the company’s delivery of innovation, including the commitments that we have made to you. I appreciated the opportunity to work with your team in my previous role as Chief Technology Officer, where I drove the new direction and strategies that we recently shared at our Horizon conference earlier this month. I also want you to know that I will be directly involved in our ongoing relationship, as I completely understand the importance of listening to and prioritizing your needs as a critical partner to your business.

“When you’re available, I would love to schedule 30 minutes with your team to provide a quick progress update on all the new initiatives, share the specific changes that I am driving, and make sure I hear directly from you on your priorities.”

At that point, Vikas’ note took a turn. “Additionally, there are other organizational changes taking place today as part of a broader effort to streamline how we operate, accelerate decision-making, and deliver more value to you, our clients, faster. Dark Matter remains committed to your success, and that commitment is unwavering.”

For job seekers, joining Chrisman LLC’s Talent Community is completely free. I had noticed subscribers at Dark Matter recently changing their email addresses for receiving the daily Commentary but of course could not report on that. Rumors quickly flew about Dark Matter laying off its entire executive team. Rumors also spread of “radical changes to become much more modern and giving the right people the authority to make decisions.” Given the prominence of Dark Matter in our biz, many are waiting to hear details, and any questions should be addressed to your Dark Matter contact.

Capital Markets

I’d hate to think that people profited from politics, right? Michael Selig, chairman of the Commodity Futures Trading Commission, addressed Congress yesterday amid concerns about insider trading linked to White House policy shifts. Selig emphasized the agency's commitment to combating fraud and market manipulation, noting the CFTC's expanded role in digital asset oversight.

Meanwhile, Chicago Federal Reserve President Austan Goolsbee has warned of a "double danger" to inflation control from the conflict with Iran and the tariffs imposed by President Donald Trump. Goolsbee notes that the war has pushed gasoline prices to a high for Trump's presidency, and he says the central bank should delay a rate cut until inflation stabilizes. Certainly, no one is predicting that inflation is on its way down.

Markets have drawn cautious confidence from the U.S. economy’s apparent resilience to the Middle East conflict, with equity strength reflecting a belief that higher energy costs may be absorbed by consumers without derailing growth; however, this optimism rests heavily (not only on rising optimism the U.S. and Iran may extend their truce and return to the negotiating table, but also) on the durability of household spending and labor market stability, both of which face increasing strain that may only become evident in upcoming data.

Altogether, the U.S. economy continues to expand, but with subdued momentum and heightened sensitivity to external risks. Rising mortgage rates following the U.S. attack on Iran, up roughly .25 to .375 percent across major loan types, are pushing marginal buyers to the sidelines and contributing to the weakest start to a year for home sales since 2009.

Yes, the housing market is showing clear signs of strain, as evidenced by existing home sales (released earlier this week) falling to their slowest first-quarter pace since 2009 and builder sentiment remaining deeply negative across most regions, particularly in the West and South. Weak buyer traffic, declining sales expectations, and already stretched affordability have been further pressured by geopolitical uncertainty and rising inflation, dampening both consumer and builder confidence.

Additionally, structural imbalances continue; namely, a severe shortage of existing homes (driven largely by homeowners locked into low mortgage rates… yes, we’re all tired of hearing that) has constrained supply and even pushed existing home prices above new home prices in a rare reversal, while years of underbuilding have left overall inventory well below historical norms. Although new home sales have been relatively more resilient due to greater pricing flexibility, they now face heightened risk as consumer sentiment deteriorates, reinforcing the unfortunate reality that an already-fragile housing market is becoming even more challenged by economic and geopolitical pressures.

Expectations for Federal Reserve policy have shifted toward prolonged inaction, pushing anticipated rate cuts out to 2027 and mirroring prior years where early skepticism eventually gave way to easing. However, such an outcome is far from certain given still-firm economic conditions. Clearly complicating matters, the rise in oil prices has temporarily disrupted the traditional inverse relationship between stocks and bonds, while Treasury markets remain range-bound amid balanced risks, and ongoing debates around Fed balance sheet reduction (likely to surface in upcoming leadership discussions) underscore broader uncertainty that will inevitably shape both monetary policy and market direction.

There is no economic data on today’s schedule, though markets will digest remarks from multiple Fed speakers (San Francisco President Daly, Richmond Fed President Barkin, and Governor Waller) and Treasury activity will be headlined by an auction of 5-year TIPS (Treasury Inflation-Protected Securities). We begin today with Agency MBS prices little changed from Thursday’s close, the 2-year yielding 3.77, and the 10-year yielding 4.30 after closing yesterday at 4.31 percent.