The use of down payment assistance has risen sharply over the past year and a half, especially among FHA borrowers. Participation has jumped from 7.5 percent at the start of 2025 to over 21 percent recently, near the highest levels in years, as high home prices and borrowing costs push more buyers to seek help. Despite this increase, borrowers using DPA look very similar to those who don’t in terms of credit scores, debt levels, and loan sizes, indicating the program is being used broadly rather than just by riskier borrowers. Performance differences are modest but consistent: DPA borrowers tend to have slightly higher rates of serious delinquency and loan buyouts over time, though their prepayment behavior is largely similar. In the mortgage market, these borrowers are concentrated in higher-coupon Ginnie Mae pools, meaning the impact is more about where the risk sits in the market rather than a major shift in overall credit quality. (Today’s podcast can be found here and this week’s ‘casts are sponsored by Figure, which is shaking up the lending world with their five-day HELOC, offering borrower approvals in as little as five minutes and funding in five days. Figure has hundreds of partners in the Banking, Credit Union, Home Improvement, and of course, IMB space embedding their technology. Today’s has an interview conducted by Movement Mortgage’s Lyra Waggoner of the “Chrismen” (Rob and Robbie) on a listener mailbag list of topics.

Lender and Broker Products, Software, and Services

“Consumer Direct Lenders: this one is for you! One of the nation’s largest CD lenders partnered with Loansure to rebuild its funnel after aggregator leads dried up. Within 18 months, the client scaled from 12,000 to 200,000 weekly contacts, funded $750M in 2024 (beating their $500M goal) and achieved 30 percent higher ROI than with any other partner providing leads. "With Loansure, I don't need to micromanage… They optimize everything." Client (References furnished upon request) If you ran direct marketing lead generation before and it didn't work, you weren't running our model. Schedule a Demo at loansure.ai.”

The NFTYDoor platform’s buy box does more work than most: 600+ FICO, 90 percent CLTV on all occupancy types, and loan amounts from $25K to $750K across primary and second home properties. That's a wider aperture than most HELOC platforms are running, and it translates directly into more fundable files. The operational model is fully managed (underwriting, processing, closing, and title curative all handled) with no warehouse line required on the broker side (NFTYDoor funds off its own line). The platform is 100 percent B2B, no direct-to-consumer division, so brokers aren't competing with their own vendor for the borrower relationship. Applications take about a minute; decisions are nearly instant; average close is six days. Comp is paid at funding. For brokers who haven't looked at NFTYDoor lately, the buy box alone is worth the conversation. More at nftydoor.com/home.

Every channel. Every product type. Every integration point. That's what a real Enterprise PPE looks like: Home Equity & Mortgage. QM & non-QM. Loans & Lines. Auto & Student. Customer-facing & Loan Officer facing. PAR & rates. Future & Past. LendingTree & Consumer Affairs. Rate Widgets & In-Depth AI Recommendations. Brokers & TPO. API & web components. TOGAF & BIAN. Integrated with Encompass & free-standing. LoanCraft built it from the ground up for speed: auditable, testable, enterprise-ready, and fit for your environment. Email us at info@loancraft.net.

AI isn’t just being bolted on to ICE solutions. It's being embedded directly into the servicing workflow to boost efficiency for borrowers and back-office teams. Matt Dowd, vice president of product strategy, spoke about how ICE is giving servicers more time to focus on judgement, empathy, and outcomes by incorporating AI into borrower-facing chat and voice capabilities, predictive call center tools, and chat agents for the back office. ICE is also developing these new tools with robust compliance guardrails and role-based controls, which can help alleviate concerns and allow servicers to embrace AI without taking on unnecessary risks. The result is a smarter, more responsive servicing operation where technology handles routine tasks so people can focus on the most important items first. Watch the full interview to learn more about what these innovations mean for servicers.

With the CRE debt bubble unwinding, extend and pretend ending, and more than two trillion dollars in commercial debt maturing, residential mortgage brokers are looking to add or transition into this massive commercial opportunity. Oceanview was built for this market. The platform provides brokers with training, underwriting fundamentals, deal sizing, lender navigation, and the support needed to step confidently into commercial. Once certified, brokers gain access to Oceanview’s six thousand lender network and receive seventy-five high‑intent commercial leads per month. Top commercial mortgage brokers today are earning between three hundred sixty thousand and more than one million annually through consistent lead flow and lender fit. For producers who want scale, the POD Leadership model offers a turnkey, full‑blown commercial lending business you own, complete with deal support, lender access, team training, joint recruitment, and a defined pathway to grow a team. POD Leaders run between ten and sixty brokers and earn forty thousand to one hundred ten thousand dollars per year per certified team member. POD seats are limited by state. Schedule an exclusive interview.

In a market where timing is everything, hustle and instincts will only get you so far. The competitive edge for top producers in the next era of lending won’t just be more data; it will be context. Customer IQ from Total Expert transforms fragmented databases into a system of context that gives lenders a deeper understanding of every customer. By unifying data across the lifecycle, Customer IQ surfaces intent, highlights key financial moments, and turns insights into action so originators can engage smarter and show up for customers when they need you most. This contextual data powers both human and AI-driven interactions that always feel personalized, timely, and impactful. Now, originators can act on signals like rate opportunities, equity positions, and life events to drive stronger relationships and better outcomes. Customer IQ doesn’t just inform engagement… It fuels it. Learn more about Customer IQ.

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.

Non-Agency Investor News

Whether it is non-QM, DSCR, jumbo, private money, or HELOCs, volume is on the march. No mortgage loan originator (MLO) wants to say, “Sorry, we don’t have a product to help you” when a borrower doesn’t meet Agency guidelines. Who’s doing what?

Home Equity Products: Driving Production Without Disruption, Lenders One Webinar, May 5th! Join Lenders One and Deephaven Mortgage on Tuesday, May 5 at 2:00 PM ET for a powerful 60‑minute live webinar exploring how home equity can drive higher production while improving borrower retention and recapture rates. Deephaven experts Tom Davis, Matt Rohl, and Tyler Bohn will break down the $5 Trillion+ Consumer Debt Consolidation Tsunami, examine the $600 Billion Renovation Opportunity in 2026, and explain how a Second Lien Closed‑End works in today’s market. The session will also focus on the core value proposition, preserving the first mortgage, and share real‑world insights on leveraging equity to build a portfolio. Tapping Into a Generational Opportunity with Home Equity Products is complimentary and open to the mortgage industry. Register today and join Lenders One on May 5.

Pennymac debuted a first-of-its-kind “Welcome Home” Mortgage Program for Team USA athletes providing specialized support and resources as they navigate their homeownership journey. The program will provide a comprehensive ecosystem of assistance, including dedicated home-lending experts, exclusive mortgage benefits, and tailored tools and insights designed to assist Team USA athletes whether they are accessing home equity, exploring refinancing options, or purchasing a home.

JMAC's Newport DSCR / Asset Depletion program allows you to structure negative DSCR (.75 to.99) files with higher LTVs and significantly improved pricing. This program is designed to close deals other lenders decline combining low DSCR tolerance, high leverage, and unmatched flexibility to help your investors scale faster and access equity sooner.

National retail lender loanDepot has partnered with Figure Technology Solutions to launch the 5×5 HomeLoan. The digital mortgage product aims to deliver loan approvals in five minutes and funding within five days by utilizing Figure’s proprietary underwriting engine. The offering is available across all 50 U.S. states for home purchases, refinances, and equity lines without requiring an appraisal or standard closing costs.

Pennymac updated non-QM LLPAs effective for all Best-Efforts Commitments taken on or after Wednesday, April 15, 2026. See Announcement 26-38 for details.

Pennymac updated Jumbo LLPAs effective for all Best-Efforts Commitments taken on or after Friday, April 10, 2026. View Announcement 26-35 for details.

Pennymac updated Jumbo LLPAs effective for all Best-Efforts Commitments taken on or after Friday, April 24, 2026. View Announcement 26-43 for details.

The Onslow Bay portal was updated to include lists of companies, appraisers, and borrowers who are not eligible to be a party, vendor or to otherwise participate in a Mortgage Loan purchased by Onslow Bay (the “Exclusionary Lists”). Sellers are reminded they are required to review the portal to ensure compliance with Onslow Bay’s requirements including that no one associated with a Mortgage Loan appears on the Exclusionary Lists.

In light of Fannie Mae & Freddie Mac’s announcement regarding the “limited rollout” of VantageScore 4.0 credit scores for loans delivered to the GSEs, Onslow Bay has clarified that all their underwriting programs will continue to require Classic FICO scores. VantageScore 4.0 credit scores will not currently be accepted.

In an effort to continually provide value to Sellers, eRESI has made updates to their rate sheet and Enhanced Doc matrix. Some updates include improved pay-ups for P&L with bank statement LLPAs, updated FICO/LTV LLPAs for enhanced, full, and DSCR programs and more.

As digital assets continue to gain traction across the broader economy, Newrez Correspondent is expanding its qualification options for its Non-QM Smart Series. Eligible cryptocurrency holdings when verifying assets or calculating income can now be used. Loans using cryptocurrency must be submitted to Newrez for underwriting. The Crypto Currency Assets Borrower Disclosure must be completed and be sent with the initial underwriting package.

LoanStream Mortgage introduced its Foreign National DSCR program. Offering flexible options, competitive guidelines, and the support you need to grow your business.

AmeriHome Mortgage’s Non-Agency Scenario Desk Zoom Room is now live. Discuss your non-agency loan scenario in real-time directly with an Underwriter. See Operations Announcement 20260402-CL for details.

Get ready to open the door to more non-QM deals. Coming soon, Loan Stream Mortgage’s Non-QM Core Flex program with extended FICO scores down to 500.

Capital Markets

There was a large slate of economic data on yesterday’s docket, and in aggregate it painted a picture of an economy that is still expanding, but losing some momentum while inflation remains elevated. Q1 GDP grew at a modest 2.0 percent, driven primarily by private investment and consumer spending, even as inflation measures like the PCE price index (above 4 percent year-over-year!) and the GDP deflator came in hotter than expected. Labor market indicators were resilient: initial jobless claims remain exceptionally low and wage growth is steady. However, earnings are only slightly outpacing inflation, pressuring real purchasing power. On the bright side, consumer spending has held up better than expected, supported by income gains and tax refunds, though rising energy costs and early signs of credit strain portend demand degradation. Leading indicators and regional manufacturing data showed contraction, pointing to pockets of weakness.

The Federal Reserve is firmly in a “higher for longer” posture, prioritizing inflation risks (exacerbated by rising oil prices and geopolitical tensions) over growth concerns, even as internal divisions are at the highest level since 1992. Sticky inflation coupled with resilient consumer demand reduces the likelihood of near-term rate cuts and increases the risk of a prolonged period of tight financial conditions. AI-driven investment and government spending provide some support, but elevated energy prices threaten both growth and inflation dynamics, and there doesn’t appear to be a quick recovery. Outcomes could range from a soft landing to stagflation, depending on the Fed’s ability to remain flexible without losing credibility.

Today’s economic calendar kicks off later this morning with Final April S&P Global U.S. Manufacturing PMI and will be followed shortly thereafter by March Construction Spending and the April ISM Manufacturing Index. We begin Friday with Agency MBS prices roughly unchanged from yesterday’s close, the 2-year yielding 3.88, and the 10-year yielding 4.38 after closing yesterday at 4.39 percent, up 8-basis points over the course of April.