As nearly a thousand capital markets staff, managers, and vendors head home from Manhattan, united in trying to help borrowers, in a reflection of the times, it’s interesting how divisive the times are given the phone call this week between Vladimir Putin and Donald Trump. Fox News noted, “Trump Confident Putin Wants Peace” versus nearly every other publication who wrote things like “Trump Hands Putin Win.” I mention this as it relates to the economy and mortgage rates, are there two ways to look at a rating cut? No one disagrees with the fact that the United States no longer holds a perfect credit rating with any of the three major agencies. Now we’re “behind” countries like Canada (51st state?), Australia, Denmark (owner of Greenland), Germany, even Liechtenstein. Does anyone care? Lenders will certainly care if it impacts U.S Treasury rates as the risk on these securities is a notch higher, which in turn impact mortgage rates (which are usually priced as a spread to Treasuries) and in turn impact borrowers. To put a positive spin on this, if there is one, the rating agency change was expected and already in the market. Nonetheless, if the Administration continues to move the dollar away from being the world’s reserve currency, we can expect more worldwide consequences, and perhaps not in favor of our borrowers. (Today’s podcast can be found here and this week’s is sponsored by Xactus and its commitment to the continued transformation of the mortgage verification industry. Pioneering a new class of technology, “Intelligent Verification,” Xactus is redefining how the industry originates and services mortgages. Today’s has an interview with Optimal Blue’s Mike Vough on ways technology is advancing the pricing and hedging space, specifically the granularity of pricing and timing of transactions, as well as how it can help companies save money from the beginning of the origination process.)
Software, Products, and Services for Lenders and Brokers
Did you know that Symmetry can accept a lender-ordered full XML appraisal on all transactions, including Stand-Alones? A complete file with the XML appraisal included in the submission package can typically close in approximately 7-10 days from start to finish (sometimes even quicker). We can also order the valuation through our AMC, if preferred. When providing the appraisal, we request PDF & XML formats - Subject to approval from Symmetry’s Internal Appraisal Review Department. Appraisal must have been completed within the last 120 days. Reach out to your Area Manager today to learn more about Symmetry’s commitment to Service, Speed, & Simplicity.
“PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), understands the importance of efficiency when it comes to meeting mortgage lenders funding requests. “Express Funding” is how we help our customers reduce the time needed to get loans funded quickly. Express Funding allows our customers to submit multiple loans for funding in one simple data upload, whether it is one loan or 100 loans. We have a growing list of 5,000+ approved closing agents, No Doc funding requirements and funding turn times averaging under 20 minutes! As a well-capitalized financially strong banking partner we give our customers confidence in an uncertain market. If you are interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Deric Barnett, (469) 955-6786.”
“Finally, a mortgage Point of Sale that’s configurable, not complicated. With the industry-first configurability of Maxwell Point of Sale, lenders can define workflows for any mortgage product, while configuring triggers and business rules to align the borrower experience to operational processes… no developers needed. Maxwell Point of Sale also features more than 60 third-party integrations, allowing lending teams to seamlessly connect with other vital pieces of their workflow, from credit and verifications to pricing and disclosures. It’s no wonder that Maxwell Point of Sale is the top ranked mortgage point of sale on Capterra with 4.8/5 stars. Want to learn more? Let us know and we’ll show you what Maxwell can do for you and your borrowers.”
In post-closing, it’s all fun and games until a missing doc turns into an investor fine. Indecomm’s Post-Closing Hub keeps the surprises out of your pipeline, and the penalties off your P&L. Our end-to-end solution blends smart workflow solutions (hello, DocGenius) with mortgage muscle to audit and track every document, flag issues early, and get you across the finish line without breaking a sweat… or the budget. Late docs? Risky timelines? Compliance issues? Not our vibe. From meticulous document audits through e-record, lien release, assignments, and tech-enabled trailing doc management, we help lenders turn post-close from a high-cost scramble into a cost-saving powerhouse. Whether you are working with conventional, FHA, or even bond loans, our Genius-enabled solutions paired with a fully staffed document control center will give you tech + talent advantage your investors and partners need. Plus, you will love the math! Reach out to Indecomm for a detailed ROI analysis.
HomeLend brings non-QM solutions to sellers looking for speed, flexibility, and execution certainty. Its lineup includes Full Doc, Bank Statement, 1099, Asset Depletion, ITIN, Foreign National, and Doctor loans, all designed for today’s diverse borrower needs. HomeLend also offers 2nd Liens, including Closed-End Seconds and HELOCs, giving originators new ways to serve clients and capture more volume. On the high-balance side, the Super Jumbo program offers loan amounts up to $5MM with Alt Doc flexibility, while the Prime Jumbo program delivers highly competitive pricing on ARMs and 15-Year FRMs. Whether you’re looking to place flow, access specialized capital, or grow your product footprint, HomeLend offers a platform that helps sellers compete without adding internal overhead. www.homelend.com.
Founding Vendor Marketplace cohort closing this week! As we prepare to launch the Chrisman Vendor Marketplace, we're closing out the initial Founding Vendor cohort. This is a final reminder for those interested in being part of the first group featured on the platform. Reach out to info@chrismancommentary to join as a Founding Vendor. The Marketplace is designed to meet the mortgage industry where it already is, with a built-in audience from the Daily Chrisman Commentary, and aims to provide an open, unbiased resource for lenders to discover and evaluate vendors without paywalls, barriers, or favoritism. It’s a new platform where mortgage professionals can discover the industry's tech solutions to lender’s issues. If your product helps lenders streamline operations, improve compliance, or boost efficiency, this is your chance to get in early and stand out. If you're interested, let us know and we'll send over the details.
FHA, VA, USDA, and Ginnie in the News
MBA’s President and CEO Bob Broeksmit, CMB, released the following statement after the passage of the VA Home Loan Program Reform Act (H.R. 1815), which was passed unanimously (by voice vote) by the full U.S. House. This bill creates permanent authority for the Department of Veterans’ Affairs (VA) to create a partial claims program for VA Home Loan participants, bringing the program into parity with the Federal Housing Administration’s (FHA) and Fannie Mae and Freddie Mac’s loss-mitigation servicing options.
FHA announced Multi-Factor Authentication for FHA Connection
FHA announced in FHA Info #2025-23 implementation of a new mandatory phishing-resistant multi-factor authentication (MFA) requirement for all users of its FHA Connection (FHAC) system.
AmeriHome Mortgage April General Announcement 20250408-CL summarizes previously published changes made during April, additional changes made with this announcement, and recent Agency and regulatory news.
Ginnie Mae Press Releases added “Ginnie Mae Mortgage-Backed Securities Portfolio Reached $2.74 Trillion in April".
FHA Mortgagee Letter (ML) 2025-13 rescinds policies established in MLs 2022-01 and 2022-08, dated January 13, 2022, and May 5, 2022, respectively, which were later incorporated into FHA’s Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1). Specifically, FHA is:
removing the exclusive 30-day sales period for owner-occupants, HUD-approved nonprofits, and government entities as part of the CWCOT post-foreclosure sale process; and reverting the exclusive listing period on the HUD HomeStore website for REO properties from 30 days to the previous exclusive listing period of 15 days for owner-occupants, HUD-approved nonprofits, and government entities.
FHA’s Single Family Default Monitoring System (SFDMS) Reporting Codes and Reporting Elements was updated and is available on the supplemental documents webpage.
FHA’s Office of Single-Family Housing (OSFH) officially archived nearly 600 policy documents that are no longer active, and whose web location and availability have caused confusion and challenges for lenders and others trying to obtain accurate FHA Single Family policy information. This effort supports the Trump Administration’s goal of increasing government efficiency. This streamlining effort follows a recently completed review of Single Family policy artifacts posted on HUD’s Client Information Policy System (HUDCLIPS) webpages. Some expired Mortgagee Letters (MLs) and/or superseded by the Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1) or other policy documents have been archived in the inactive or superseded MLs webpages on HUDCLIPS.
Phishing scams are cybercrimes which are intended to gain access to online accounts or install malware to damage or steal data from a computer or network. It can take many forms, like emails, text messages, phone calls and social media posts. These messages often contain links to bogus websites but are instead designed to steal your personal and/or business information. FHA has implemented a new phishing-resistant multi-factor authentication (MFA) for its FHA Connection (FHAC) system. The phishing-resistant MFA is available now to all FHAC users and becomes mandatory beginning July 28, 2025. It is recommended that users set up and begin using this enhanced security feature as soon as possible.
Capital Markets
Bad news, which normally drives money into U.S. fixed-income markets, raising prices and pushing rates down, no longer seems to be driving money into our bond market and pushing rates down. Market sentiment remains cautious and largely reactive, shaped by ongoing uncertainty around trade policy, inflation dynamics, and Federal Reserve action. Investors are hesitating to take bold positions, instead deferring to the Fed’s measured approach while awaiting clearer signs of how the trade war will impact the real economy.
The risk of a recession has eased somewhat with the moderation of tariff threats, but uncertainty continues to cloud hiring and growth expectations. The resilience of the labor market is providing a buffer against more dire outcomes, but decision paralysis and inflation fears continue to weigh on investor confidence. This has created a market mood defined less by conviction and more by risk management, with a heightened sensitivity to shifts in policy or data that could tilt the outlook toward either renewed growth or inflationary pressure.
Looking ahead, monetary policy expectations will be a key driver of sentiment, especially if inflation shows any signs of acceleration. The Fed is widely expected to delay any rate cuts until at least September, with the possibility of holding off further if inflation proves more persistent than anticipated. Market participants are also eyeing the 2026 end of Fed Chair Powell’s term, anticipating that a more dovish successor under a second Trump administration could shift the policy stance toward lower long-term rates. Forward rate curves reflect this view, suggesting that normalization may resume at a lower terminal rate than previously projected. As the June FOMC meeting approaches, markets are hopeful for greater clarity on the Fed’s policy path, though there's growing skepticism about how much new insight will actually emerge, particularly if U.S. economic data continues to support a narrative of relative strength amid global uncertainty.
Today’s economic calendar will kick off with mortgage applications probably down slightly from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. The only other events happening today that could potentially sway sentiment are a couple Treasury auctions and remarks from a bevy of Fed speakers. It’s too early here at JFK for an accurate bond market read, but the 10-year closed yesterday at 4.48 percent.
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