If you’re hoping that the summer is going to bring a trend of purchase market prosperity, I hope you’re right but there are indications otherwise. Rocket Companies’ CEO reported its highest profit in four years, but CEO Varun Krishna told investors that the company’s real-time data shows the spring homebuying season is not delivering the volume increase that historical patterns would suggest. The cost of war, oil prices, and homebuyer psychology are heavy (let’s hope temporary) weights. And Optimal Blue’s latest Market Advantage report finds mortgage lock activity cooling in April after a strong first quarter. Total rate-lock volume declined 9 percent month over month (though it was up 11 percent on a year-over-year basis). Purchase demand was down about 2 percent in March but up more than 9 percent from April 2025. (Refinance activity cooled more sharply, easing refi share of total production to just 23 percent.) (Today’s podcast can be found here and this week’s ‘casts are sponsored by nCino, and its Mortgage Suite that supports a modern homeownership journey. One of the major themes emerging from nSight 2026 this week is how lenders can move beyond traditional workflows through AI, intelligent automation, and connected lending experiences. Hear an interview with Truework’s Ethan Winchell on how rising income volatility is reshaping homebuyer eligibility and what lenders must do to adapt to a more complex and less predictable income landscape.)

Lender and Broker Products, Software, and Services

April showers didn’t just dampen spring plans; they cooled mortgage activity, too. After a strong first quarter, Optimal Blue’s April Market Advantage report finds total lock volume fell 9 percent month over month, though it was 11 percent higher than a year ago. Purchase demand proved more durable, slipping less than 2 percent from March and still up more than 9 percent year-over-year, while rate-and-term refis dropped nearly 38 percent. On the secondary side, agency MBS share rose to 44 percent and MSR values increased as higher rates reduced refinance expectations. Get the April Market Advantage report today.

Most AI in mortgage automates individual tasks, but doesn’t change how work actually moves between roles, keeping costs high and transformation stagnant. The bottleneck isn't inside any one step, but is in the handoffs, the exceptions, and the decisions that span the entire loan process. JazzX AI digital assistants don’t just automate steps, they coordinate complex decisions end-to-end across processing, underwriting, QC, and servicing. Every finding is reasoned against your guidelines and overlays, continuously reassessed as new information arrives, and cited to the specific policy that produced it. Meaning your team stays in control. The result: lower cost per loan, faster decisions, and higher loan quality. Book a demo to see how JazzX AI optimizes mortgage execution from end-to-end.

MBA Secondary: Navigating Regulatory Uncertainty and Liquidity Pressures with Clean, Connected Data. Shifting regulatory expectations and volatile liquidity conditions are putting pressure on mortgage professionals to improve execution, provide accurate disclosures, and drive operational readiness. Understanding how to navigate these fluctuating market conditions is critical. If you’ll be at MBA's Secondary & Capital Markets Conference, make sure to join the breakout session “Navigating Regulatory Uncertainty and Liquidity Pressures with Clean, Connected Data” on May 18 at 2:30 p.m. as ICE’s Conrad Ficca and other industry experts discuss how potential federal- and state-level changes and tightening liquidity will impact capital market workflows, and why consistent, connected data can be the difference between keeping pace and falling behind. Get tips on how data hygiene and workflow strategies can help you reduce rework, control costs, and support faster delivery, even during market uncertainty. Visit the session landing page for more information.

Class Valuation just became the first AMC to guarantee its appraisals. CVUE, its new Underwriting and Appraisal Assurance Program, assumes full repurchase risk on eligible files, combining AI analysis and expert human review so lenders' underwriters never have to open them. No new software, no IT involvement, no workflow changes required. Eligible files come back guaranteed. The program has been piloted with 20+ lenders, including three of the nation's top 10. About 80 percent of conventional appraisals qualify, saving lenders $100 per file and cutting 2 to 3 days from turn times. With UAD 3.6 expected to add 10 to 20 percent more review time per file, a lighter underwriting load matters more than ever. See what CVUE means for your operation.

Beneath the surface, aspen groves are often connected by a single root system, distributing resources and strength that can last for thousands of years. Their strength lies in connection, and lenders looking for a powerful mortgage verification strategy need to find similarly unified systems to support dependable back-end processes. Informative Research’s AccountChek® empowers lenders to verify assets, income, and employment from a single, connected source of truth. One borrower-permissioned workflow can power multiple verification requirements, reducing the need for separate reports and manual follow-ups. Plus, AccountChek reports are underwriter-ready and integrate directly into LOS and AUS systems, while supporting GSE programs like Day 1 Certainty® and AIM. The result is a more unified process: cleaner data, fewer touchpoints, and faster movement from application to approval. Explore how a more connected approach to verification can strengthen your entire workflow.

Borrowers don’t care if your AI can write a haiku about underwriting. They care whether someone answers their question, tells them what comes next, and helps the process feel less like a black hole. LenderLogix’s free eGuide, What Today’s Mortgage Borrowers Expect and How AI Is Closing the Gap, looks at how lenders are using AI to reduce repetitive backend work, keep loan teams informed, and deliver a more responsive borrower experience without replacing the human relationship. Download the free eGuide to see how AI can help your team stay focused on borrowers, not busy work.

The servicing landscape is consolidating. Technology is accelerating. Borrower expectations are rising. Join LoanCare on June 4 at 2 p.m. ET for a live discussion on how MSR owners and lenders can build a smarter, more resilient servicing strategy in today’s evolving market. Featuring insight and expert perspectives from Seth Sprague, CMB, Director of Mortgage Banking Consulting Services, Richey May; Joe DeDominicis, CFO, Stockton Mortgage, Brent Potter, COO, LoanCare, and Dave Vida, CRO, LoanCare. This one-hour session will explore how consolidation among subservicers is reshaping the market, what lenders should expect from a modern servicing partner, and how technology is transforming servicing operations and strategies to better position portfolios. Reserve your spot and stay ahead of what’s next in mortgage servicing.

NFTYDoor will be at MBA Secondary next week with a full team on the ground. American homeowners are sitting on more than $21 trillion in home equity. NFTYDoor's end-to-end platform is purpose-built to help lenders, banks, credit unions, brokers, IMBs and fintechs originate HELOCs consistently, cleanly, and at scale. We're hosting meetings throughout the conference in our suite on the 44th floor of the Marriott Marquis. If home equity origination is on your radar (it should be), grab time by emailing us at hello@nftydoor.com. If you're not attending secondary but are interested in learning more, let us know here.

Less back-and-forth. More first-time-right verifications. Truework replaces manual verification waterfalls with a single automated platform, so underwriters, LOs, and ops can cut down the document chasing, conflicting numbers, and last-minute corrections. Lenders see up to 50 percent cost savings on verifications, with faster turn times, higher accuracy, and stronger R&W relief. Trusted by 4 of the top 5 lenders in the U.S., Truework gives your team verification results they can rely on. Learn more.

Going to MBA Secondary? Get More from Every Loan You Sell. Meet with MAXEX and see how leading lenders are driving more liquidity, better execution, and less operational burden through the industry’s first true mortgage exchange. Access a deep marketplace of active institutional buyers through a single counterparty, creating competitive tension that improves execution while simplifying the way you sell. Expand into non-Agency programs including jumbo, non-QM, and DSCR with maximum flexibility across bulk, delegated, and non-delegated channels. Reduce warehouse exposure and streamline operations with a multi-buyer settlement process that converts loans into cash faster. Schedule your meeting with MAXEX at MBA Secondary.

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.

MISMO’s Focus During the Credit Controversy

I recently received a “VieauxPoint” from Brian Vieaux, the President of MISMO and who will on the Lenders One call tomorrow at 11AM PT. “The announcement from the Federal Housing Finance Agency and HUD advancing the use of VantageScore 4.0 and FICO 10T is more than a credit policy update. It is a sign that the mortgage industry is moving deeper into modernization, where standardized data and interoperability are critical to success.

“While much of the attention has focused on the scoring models themselves, an equally important story is the foundational work already completed by the MISMO community to support implementation across the mortgage ecosystem. MISMO does not advocate for one scoring model over another. Instead, MISMO’s role is to create the standards infrastructure that allows lenders, loan origination systems, credit resellers, investors, and technology providers to efficiently exchange and operationalize data regardless of the model selected.

“That work is already underway through MISMO’s Credit Reporting Community of Practice, which developed standardized Credit Scoring Implementation Artifacts, designed to reduce implementation complexity and improve interoperability across the market. Without common standards, introducing new scoring models could quickly become fragmented, expensive, and operationally burdensome. For lenders, these standards can reduce costly custom integrations and operational inconsistencies. For technology providers and credit vendors, they create a more scalable framework for supporting clients and investors. Ultimately, consumers benefit from a more efficient and predictable process.”

Capital Markets

Why isn't unemployment data causing rates to move one way or the other? The basic answer is, the flood of employment data has not given anyone much direction. On a micro level, put yourself in “a borrower’s shoes.” On one hand, higher unemployment rates are risky. If you’re among those who lose their jobs, you might not be able to afford a home or even qualify for a mortgage loan. But if a borrower keeps their job and is financially stable, higher unemployment typically drives rates lower. When unemployment rises, mortgage rates typically go down since mortgage rates tend to decrease overall when the economy struggles. Mortgage rates, and all rates, generally increase when the economy does well, in part because financial security encourages people to buy houses, and this increased demand pushes up interest rates. But gas prices are impacting inflation and borrower psychology.

Recently several employment data reports were released, each providing different information about the jobs market. The March Job Openings and Labor Turnover Survey (JOLTS, released by the Bureau of Labor Statistics) showed the number of job openings in March was about flat. The ISM Services PMI Report, provided by the Institute for Supply Management, tracks employment in the manufacturing and services sector; the job numbers came in a little lower than predicted, but the sector expanded for the 22nd straight month. The April ADP Employment Report came out on May 6. This report assesses the private-sector labor market. Private companies added 109,000 jobs last month, exceeding expectations. This report resulted in positive news for jobs (or bad news for mortgage rates). Friday’s BLS April employment report showed positive trends, with the unemployment rate steady at 4.3 percent, employment growth at a solid 115k, and wage growth picking up to 3.6 percent at an annual rate. But the three-month trend is not quite as strong.

With no deal in sight and the Strait of Hormuz still effectively blocked, Treasury yields drifted higher to start the week; concerns about energy markets continued to outweigh domestic economic data, including last Friday’s employment report. Analysts expect yields to remain under upward pressure ahead of today’s $42 billion 10-year Treasury auction (this week's note auction slate kicked off yesterday with a weak sale of $58 billion in 3-year notes) and a potentially firm inflation report, with technical indicators suggesting rates could continue trading within their recent range. While investors are watching for inflation spillover into core prices, current focus remains centered on rising gasoline costs, the Strait of Hormuz situation, and the impact on growth and consumer spending.

Existing home sales increased 0.2 percent month-over-month in April to a seasonally adjusted annual rate of 4.02 million; sales were unchanged on a year-over-year basis. Sales remain well below their 5.2 million annual average century-to-date. Mortgage rates are lower than a year ago and average income gains exceed home price gains, but overall sales activity remains skittish. Reasons vary from tight supply and not being able to find the right home, to expectations that mortgage rates will come down more, to worsening confidence in the labor market.

Today’s economic calendar kicked off with April NFIB Small Business Optimism (95.9, better than the previous reading, but worse than expected) and ADP Employment (+33k week-over-week). We’ve also received the all-important April CPI (+0.6 percent month-over-month, as expected, versus a previous reading of 0.9 percent; 3.8 percent year-over-year figures were above estimates and the highest reading since May 2023) and Core CPI (+0.4 percent, higher than expected). The report is more significant than usual as higher energy costs filter into other sectors of the economy. Forecasts suggest that core CPI (which registered at 2.8 percent this report) will remain near 3.0 percent on an annualized basis for the remainder of the year. Later today brings the April Treasury Budget, and a Treasury auction of $42 billion 10-year Treasury notes; tomorrow concludes the quarterly refunding with an auction of $25 billion 30-years. There are also some remarks from Fed members. With the sticky inflation figures hitting print, we begin the day with Agency MBS prices slightly worse than yesterday’s close, the 2-year yielding 3.97, and the 10-year yielding 4.43 after closing yesterday at 4.41 percent.