For those of you who like maps, here’s one of the states’ closing costs. And here’s something for companies who have training programs: New hires should check out the Business Glossary from MISMO. It covers business processes, events, calculations, documents, forms, regulations, AI terminology, and more. LOs of various ages tell me that people in their 20s not only are inclined to rent to “see how the weather is” but also because of money. LendingTree’s latest report shows U.S. homeowners with a mortgage now pay 37 percent more per month than renters, underscoring how sharply monthly housing costs have climbed in recent years. “Rent wins in every major metro, even in the tightest markets. When it costs so much more to own than to rent every month, it forces people who want to own a home to face some tough decisions, including potentially having to relocate to another city in search of reasonably priced property. (Today’s podcast can be found here and this week’s ‘casts are sponsored by TransUnion. Discover how data-driven mortgage intelligence is helping lenders identify in-market borrowers, strengthen portfolio performance, personalize outreach, retain customers, and drive smarter growth in an increasingly competitive housing market. Today’s has an interview with Lower’s Craig Montgomery on how strategic leadership is shaping lender growth in 2026 through effective team building, evolving production trends, competitive retail execution, and strong real estate agent relationships.)
Lender and Broker Products, Software, and services
At some point, every tech investment runs into the same question: is it actually moving the needle, or just moving budget? A new independent analysis from MarketWise Advisors takes a more structured look at that question, using client-reported data across the Optimal Blue platform. The conclusion is fairly direct: lenders reported about $1,000 in net benefit per closed loan on average. More interesting, though, is where that value shows up in the small, compounding places most teams don’t measure well. Case in point: 100 percent of respondents reported fewer errors, with measurable financial impact tied to better pricing and eligibility accuracy. In other words, the gains aren’t theoretical, they show up in execution, consistency, and fewer downstream surprises. If you want to see how it all ties together, download the study for the full breakdown and methodology
“Meet MeridianLink Intelligence: AI embedded into the flow of work! NEW and now available for mortgage lending: MeridianLink Intelligence, a native intelligence layer embedded directly within our platform. Unlike point solutions that address isolated steps, MeridianLink Intelligence operates across the full lending lifecycle through role-based AI agents that execute tasks within existing workflows. The first release under this new capability: Doc Agent for MeridianLink® Mortgage. Designed to address one of the most persistent bottlenecks in lending, Doc Agent will streamline document collection, review, and processing by: translating underwriting conditions into clear, borrower-ready requests, pre-screening documents for quality, completeness, and relevance upon submission, extracting and validating key data directly into the loan application, and delivering immediate accept/reject feedback to reduce back-and-forth. This transforms document workflows into a structured, intelligent process, so mortgage teams benefit from fewer manual touchpoints, reduced rework, and faster progression from submission to decision. Learn more about MeridianLink Intelligence.”
After an extreme weather event, two homes on the same street can experience completely different outcomes. Yet many lenders and servicers still rely on county-wide disaster designations that lack the property-level insight to understand true impact. ICE now integrates its robust climate risk data with proprietary property and parcel-level data to provide deeper visibility on nearly every property in the U.S. This means knowing what happened, where, and to whom, instead of relying on assumptions drawn along county lines. With ICE’s granular climate and property data, lenders and servicers can quickly identify the loans in their pipeline and portfolio that require attention, allowing them to reach the borrowers who need it most. See how timely climate intelligence and precise property data can help transform post-disaster property assessment and accelerate borrower support.
The best intel from the California Mortgage Expo in Irvine came from brokers talking between sessions and at the booth. On Thursday, May 21, at 1:00 PM ET / 10:00 AM PT, join the NMP Webinar, “Fresh Off the Expo Floor: What California Brokers Are Saying,” featuring Eric Morgenson and Larry Mize of Angel Oak Mortgage Solutions. They’ll share the recurring challenges and opportunities brokers raised, the hot products that sparked local interest, practical scenarios discussed at the booth, and how those scenarios are being positioned. Get the Irvine takeaways you can apply immediately in borrower conversations and your pipeline by registering here.
Ready to Make More Deals Happen?! LendingPro’s (dba of OCMBC, Inc.) May Deal Maker Specials are here with up to 50 BPS Price Improvement for loans locked May 11th – 31st, 2026. Specials include 25 BPS improvement on Non-QM Select & Core Pricing Improvement, includes Closed-End Seconds, DSCR and Jumbo, plus Specials on FHA & VA with 50 BPS improvement for loans with FICO 620+ Non-Select, includes DPAs, 25 BPS on FHA & VA Select and 12.5 BPS on Alt Agency. Restrictions apply so contact your LendingPros Account Executive to learn more about these deals before they are gone.
Less to Manage and More to Gain: Choose a subservicing partner that frees you to focus on what matters most: growth. With industry‑leading infrastructure, decades of proven performance and innovative AI technology, Cenlar is the trusted partner across the industry. We never compete with our clients. Instead, we strengthen your brand with a subservicing experience you can rely on. To learn more about how Cenlar can partner with you, reach out to Chief Client Officer Tom Donatacci and SVP, Business Development Matt Detwiler.
"AI-powered” can mean a lot of things, including absolutely nothing. LenderLogix made it mean something with LiteSpeed Intelligence, its AI functionality built into LiteSpeed, the Encompass-native point of sale. It helps LOs review loan files on command by summarizing files, surfacing red flags, and identifying what needs attention. It also works in the background to organize, orient, split, and rename borrower documents. Less buzzword, more workflow. Learn more here!
“Are you in NYC for MBA Secondary? Grab time with JazzX AI to see how top lenders are putting AI to work: cutting manual effort, speeding up loan cycles, and improving borrower experience. Our team would love to give you a quick look at how we automate document workflows, surface real-time insights, and fit into your existing systems without disruption. We’ll share what’s actually working across lenders today, not just theory. Set up dedicated time with our team.
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 top lenders in the U.S., Truework gives your team verification results they can rely on. Learn more.
Black Lake Digital Markets is proud to work with Texas Capital on its launch of MAP™, the Texas Capital Mortgage Asset Platform. MAP™ is an end-to-end platform purpose-built for financing, hedging, pricing, trading, and transferring mortgage assets, across Agency loans, non-QM loans, and Mortgage Servicing Rights (MSRs). Operated by Texas Capital and powered by Black Lake's proprietary Dealer-in-a-Box™ technology, MAP™ brings institutional-grade trading infrastructure and integrated warehouse connectivity to a market that has long been defined by manual workflows and fragmented systems. MAP™ delivers a unified workflow for institutional participants trading Agency loans and other residential mortgage assets such as non-QM, second liens, HELOCs, scratch and dent, home equity participations, and reverse mortgage assets, as well as MSRs. Qualified counterparties can price, trade, review, settle, and transfer with end-to-end audit trails. To learn more about MAP™ connect with Jerry Levy and the Texas Capital Team at NY 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.
Live From New York City!
Put a thousand mortgage folks in one place, and news happens. Now Next Later today at 1PM ET, sponsored by Relcu… Jeremy Potter and Eric Lapin broadcast live from MBA Secondary, featuring special guests including Wendy Lee for a series of conversations from the conference floor. The discussion focuses on the trends, challenges, and ideas shaping mortgages across capital markets, regulation, and technology.
“The Administration has a choice: Keep prices high and protect existing owners, or let prices fall and restore affordability for the next generation. You can’t do both.”
Per-loan costs increasing to $11,898 per loan in the first quarter, up from $11,102 per loan in the fourth quarter, has tongues wagging. Given that, in general, the price of the mortgage asset is approximately the same, and the value of the servicing is approximately the same, so success will go to those with the lowest cost to produce.
In other news, the CFPB, despite Administration claims last year, is not going away, or even being reduced to “5 guys and a telephone in a room,” given the recent request for $140+ million in funding. Rulemaking is “up in the air” to some extent, but our MBA is focused on moving forward on discreet steps such as addressing LO comp, finishing the servicing rule, slight changes to the Ability to Repay and streamline refi requirements.
Of course, “credit modernization” is important, questioning the tri-merge, and awaiting the result of the FHFA’s “pilot program” which has many people in the industry shaking their heads in wonderment.
Tomorrow on Mortgage Law Today at 2PM ET, powered by Polunsky Beitel Green, Brian Levy, Loretta Salzano, and Marty Green are joined by Monika McCarthy and Tela Mathias to discuss the legal and compliance realities of AI in mortgage. The conversation explores governance, vendor oversight, consumer data usage, and evolving regulatory expectations.
And on Wednesday’s Credit Committee at 3PM ET, powered by Equifax, host Rob Chrisman will be joined by representatives from each of the national credit reporting agencies for a discussion on the unintended risks of mortgage credit cost-cutting initiatives, examining how tri-merge data, credit scoring models, cybersecurity investments, regulatory pressures, and evolving bureau practices impact consumer access, lender repurchase risk, loan quality, and the long-term stability of the secondary mortgage market.
Capital Markets
Investor demand, or lack thereof, drives mortgage rates. Investors continue to watch developments with the war in Iran, weighing what is said versus what is actually happening since this drives oil prices. Remember that nearly everything in your house got there via truck, ship, or railway. Inflation trends drive bond yields, and developments surrounding the Iran conflict and the Strait of Hormuz, which remain key drivers of energy prices and broader market volatility. Last week all of this was seen in hotter-than-expected consumer and producer prices with crude oil holding firmly above $100 per barrel.
Bond yields surged all over the world to fresh highs for the year at the close of last week due to intensifying fears that the Iran war-driven price shock will force central banks to raise interest rates to contain the impact. The selloff came as oil prices continued to climb and the U.S.-China summit failed to deliver any breakthroughs, compounding worries in the wake of sharp rises in consumer and wholesale prices.
Markets are starting to price in the Fed having to work harder to tamp down inflation; fed funds futures markets now see a roughly 60-40 percent chance of a hike in January. Until then, the Federal Reserve appears positioned to remain patient (resilient economic data, firm consumer spending, and a still healthy labor market, etc.). Despite elevated energy prices, recent retail sales and GDP tracking estimates suggest the U.S. economy retains meaningful momentum, reducing the urgency for near-term rate cuts.
This week sees the release of the April FOMC meeting minutes, which will provide insight into the discussion surrounding the path of monetary policy prior to the confirmation of new Fed Chairman Kevin Warsh, who was officially sworn in on Friday. Market participants will be focused on which committee members viewed the next policy move as equally likely to be a rate cut, or a rate hike. These discussions took place before the most recent inflation data came in hotter than expected, meaning any arguments in favor of a rate hike would likely now carry greater weight.
For other news this week, we can look forward to April housing starts and building permits, April Pending Home Sales, the Final May University of Michigan Consumer Sentiment. Today’s economic calendar kicked off with the NAHB Housing Market Index for May. We begin the week with Agency MBS prices unchanged from Friday’s ugly close, the 2-year yielding 4.09, and the 10-year yielding 4.60 after closing last week at 4.60 percent, up 24-basis points over the course of last week.
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