Here in Tampa, I was walking through the hotel bar last night when I overheard someone say, “Age 60 might be the new 40, but 9:00 PM is the new midnight.” True dat. (There is also plenty of attention on the House Financial Services Committee advancing the Trigger Leads Bill.) Speaking of Florida, the state has certainly been subject to some dramatic business cycles over the last 100 years since the railroads helped populate the Sunshine State. ATTOM released its May 2025 U.S. Foreclosure Market Report, which shows there were a total of 35,498 U.S. properties with foreclosure filings, default notices, scheduled auctions, or bank repossessions, down 1 percent from a month ago but up 9 percent from a year ago: fewer starts but a continued rise in completed foreclosures. Delaware, Florida, and Illinois posted highest foreclosure rates. (Today’s podcast can be found here and this week’s are presented by Flyhomes, the leading wholesale lender for Buy Before You Sell solutions. Whether your borrowers run into DTI issues, need to unlock home equity for down payment, make a stronger, cash-like offer, or even move potentially with no cash out of pocket, Flyhomes provides a full suite of financial products to help them move forward, before selling their current home. Hear an interview with Flyhomes Dan Richards on the growing buy-before-you-sell (BBYS) market, with insights on the process, competitive advantages, wholesale focus, industry trends, and how brokers and consumers can get up to speed on this evolving home buying solution.)

Products, Software, and Services for Brokers and Lenders

“Struggling to manage the complexity of selling loans to aggregators instead of agencies? Many IMBs are navigating a major shift as they move away from direct to agencies in favor of aggregator sales. While this change can boost margins, it often creates friction across post-closing, funding, and accounting teams. Each aggregator brings its own set of requirements, leading to time-consuming, manual workflows for funding, collateral shipment, and purchase advice reconciliation. OptiFunder eliminates these inefficiencies with end-to-end automation built for each investor. From automated collateral movement to purchase advice reconciliation, we reduce operational burden and risk. Our award-winning optimization engine ensures every loan is funded by the best-fit warehouse line, improving turn times and reducing warehouse expense. As IMBs adapt to changing market conditions, accurate and efficient funding operations are critical. OptiFunder delivers both. Ready to simplify your warehouse funding strategy? Let’s talk.”

MortgageFlex has successfully launched its new cloud native LOS, with the first client going live at the beginning of June. The new LOS was redesigned entirely and written utilizing the same cloud-native tech stack as the company’s recently released servicing, interim servicing, and default platforms. This release represents the completion of the company’s vision of a full life-of-loan platform utilizing a shared cloud-native tech stack. All products share the same DNA, including architecture, reporting tools, tailoring tools, system administration tools, user interfaces, and third-party integrations. Designed to support mortgages, HELOCS, chattel, and consumer lending, the system provides the ability for lenders and servicers to tailor the system using low-code/no-code tools, create queue-based workflows, add screens/fields, create rules to manage fees and field-level requirements, and utilize default templates. The platform is a much more flexible and cost-effective model than the current outdated legacy platforms. This is the fifth generation of the company's LOS platform and the industry's first life-of-loan ecosystem with shared DNA. To learn more, contact John McCrea, SVP, MortgageFlex Systems.

Verus Mortgage Capital is leading the charge in one of the fastest-growing areas of the mortgage industry: Non-QM lending. With the non-agency market projected to exceed $40 billion in 2025, the opportunity to serve borrowers outside conventional guidelines is bigger than ever. Demand is especially strong among self-employed borrowers, investors, and those with unique income profiles. Verus has already completed five securitizations this year, underscoring strong investor demand and secondary market stability. Backed by proven execution, competitive pricing, and dependable products, the company aims to fund $10 billion in non-agency volume in 2025. Whether you're expanding your non-QM business or just getting started, Verus here to help you grow in a market that’s no longer niche… it's essential. To learn more, contact Jeff Schaefer, EVP of National Sales at 202-534-1821.

“PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), is committed to providing mortgage lenders with a sustainable funding source in an uncertain market. With over 30 years’ experience and a well-capitalized, diversified financial holding company. PlainsCapital Bank National Warehouse Lending provides confidence to meet our mortgage lending partners’ funding needs. With exceptional operational performance, and a focus on relationship-driven business geared towards long-term success, we do not dwell on unnecessary fees. With PlainsCapital Bank National Warehouse Lending there are NO non-usage fees, NO application or renewal fees, NO third-party due diligence fees or Third Party Doc Custodians and NO interest charged on the day of loan settlement. If you are interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Deric Barnett, (469)955-6786.”

“When 16.75M self-employed Americans need mortgages, where do smart TPO brokers and clients turn? Logan Finance just launched the Open Road series: seven non-QM solutions that close deals others can't. Full Doc handles complex jumbo borrowers. Bank Statement uses 12-24 months of deposits when tax returns don't tell the story. P&L streamlines qualification with profit & loss statements. Asset Qualification converts wealth to income. DSCR/DSCR No Ratio qualifies investors on cash flow alone. Short-Term Rental finances Airbnbs and VRBOs. Condotel brings luxury investments to your clients. With same-day scenario analysis, 24-hour income calculations, and white-label marketing ready to deploy, Logan makes non-QM easy. Stop losing deals to conventional lending limitations. Read the full Open Road announcement. Questions? Contact us at bizdev@loganfinance.com.”

“Are you interested in outsourcing your processing workload, but nervous about trusting a third-party with your clients and processing their loans? Well, when you partner with wemlo® you can rest easy knowing that we’re committed to delivering loan processing services that feel like your own personal concierge. So how does third-party processing benefit you? When you pass the baton to wemlo’s highly trained processors, you’ll be able to focus more on client-facing activities while we handle the processing work. You can count on our straightforward process, and emphasis on clear communication to facilitate a seamless experience, both for you and for your clients. Ready to reap the benefits of third-party processing? Connect with wemlo today! NMLS ID #1853218”

What's going on with the CFPB? Watch ACES’ QC Now Webinar series covering all you need to know about Mortgage Compliance. This 2-part ACES QC Now webinar is presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Richard J. Andreano. During this webinar, our industry experts review the status of the CFPB; Congressional Input; Future of Certain Final and Proposed Rules; Actions on Guidance Documents and UDAAP Including Discrimination; Enforcement Actions; and CFPB Supervision and Enforcement Priorities. Watch the webinar on demand.

The Chrisman Marketplace, a centralized hub for vendors and service providers across the mortgage industry, is up and going. The site features third-party providers offering powerful partnerships and solutions driving innovation in the space. We’ll be adding new vendors daily, so check back often to see what’s new. To reserve your place or learn more, contact us at info@chrismancommentary.com.

Mergers and Acquisitions

“Covius Expands Its Title Business with Title365 Acquisition. We’re excited to share that Covius has signed an agreement to acquire Title365, a nationally licensed title insurance and settlement services provider operating in 43 states. The transaction, which is subject to regulatory approvals, is expected to close in several months. Known for serving premier lenders, servicers, and capital market players, Title365 will bring a robust suite of solutions spanning first and second mortgage originations and default title. This strategic acquisition will strengthen Covius’ footprint in the origination and home equity space, enhance our default title capabilities, and advance our mission to deliver end-to-end, tech-enabled solutions across the mortgage lifecycle, from origination to servicing to secondary markets. Read more about this exciting announcement for Covius and Covius clients.”

Yes, Covius Services will acquire Title365 Holding Co. from Blend Labs, Inc. (NYSE: BLND), a leading digital origination platform for banks, credit unions and mortgage lenders. The transaction is subject to certain required third-party consents and regulatory approvals. It is expected to close in the coming months. Title365’s full range of products covers first and second mortgage origination services as well as default title. The company is also broadly integrated with leading loan origination and industry platforms. In addition to servicing its own client base, Title365 will continue to partner with Blend to provide integrated title and closing services for Blend customers. Kirby Hulbert, President of Title365, and his team will be joining Covius’ Settlement Services team.

Mortgage Industry Legal News

The new national law firm of BRODY | GAPP LLP has launched with a mortgage industry focus! “Clarity in Compliance. Confidence in Litigation.” BRODY | GAPP LLP is a new national law firm built exclusively for mortgage lenders, brokers, credit unions, and FinTechs. Founded by James Brody, Ron Gapp, and Ashley Jumpp (recognized leaders in mortgage banking “bet the company” lawsuits around the country, as well as in audit defense, compliance and licensing services) the firm delivers invaluable advice to its national client base. With a combined 50+ years of hands-on industry experience between the founding partners, as well as the handful of litigation and compliance attorneys that work for them, Brody | Gapp provides high-impact legal solutions without the overhead of traditional firms. The firm also offers on-demand counsel and fractional compliance packages to meet clients where they are. Learn more by directly emailing James Brody or calling (415) 246-3995. Also, don’t miss their inaugural webinar with The Mortgage Collaborative, titled “2025 Regulatory Roundup: Trends, Challenges & Actions,” on Thursday, June 12 at 10:00 AM PT / 1:00 PM ET. Registration is open by clicking here.

In "The GSE Guaranty, Credit Boxes, and Market Power," Attorney Brian S. Levy uses personal anecdotes and sharp analysis to explore how Fannie Mae and Freddie Mac shaped America’s mortgage market by enforcing credit box uniformity, and how that influence may soon be tested. Levy reflects on the tradeoffs of market liquidity versus innovation, questioning whether the current GSE-driven system fairly supports homeownership or quietly enforces outdated boundaries. With renewed calls for GSE privatization, this piece is a timely and provocative read for anyone interested in housing policy, financial regulation, or the future of home lending in America.

Garris Horn issued a write up titled, “The CFPB May Propose to Rescind the LO Comp Rule and Loss Mitigation Requirements - What Would Happen?” “On June 4, 2025, the CFPB submitted to the Office of Information and Regulatory Affairs (OIRA) of the Office of Management and Budget (OMB) five rulemakings for OMB review. The CFPB appears poised to propose a rescission of the Loan Originator Compensation (LO Comp) rule and may propose to rescind the loss mitigation provisions of the mortgage servicing rules, based on the official titles of these rulemakings.”

Capital Markets

The U.S. and China yesterday agreed on the outlines of a plan to revive the flow of sensitive goods, though markets were unimpressed with the lack of details. Attention now to today’s release of U.S. consumer price inflation numbers for May, though keep in mind that the impact of tariffs will probably be more pronounced in June. Markets also remain in a holding pattern ahead of next week’s Federal Open Market Committee meeting. That certainly includes the Treasury market, which saw yields drift slightly lower following Friday’s selloff. The post-payrolls weakness was seen by many as a disproportionate response to a mixed jobs update. Shorter duration bonds dipped to fresh lows after a soft $58 billion 3-year note sale yesterday.

Uncertainty continues to weigh on the broader economic outlook, as the full impact of ongoing trade disputes has yet to be reflected in the data. Businesses remain hesitant to make long-term commitments, with shifting tariffs and inconsistent policy signals creating a clouded environment for planning and investment. Despite earlier expectations that economic indicators would more clearly show signs of trade-related stress, the unpredictable pace and tone of negotiations (particularly with China) have left markets and decision-makers navigating a murky landscape. China seems confident in its ability to withstand or outlast a prolonged trade conflict. In response to U.S. trade moves, Europe has imposed countermeasures of its own. These actions reflect a shifting global posture where traditional U.S. leverage is being tested on multiple fronts.

Today’s economic calendar kicked off with mortgage applications increasing 12.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 6. However, The May Consumer Price Index report and the 10-year auction are today’s key events. CPI was +.1 percent month-over-month, +2.4 percent year-over-year (as expected), core +.1 percent, lower than expected. The U.S. Treasury then auctions $39 billion in “reopened” 10-year notes before releasing the May budget deficit, which the CBO estimates at $314 billion compared with $347 billion in the prior fiscal year. After the inflation data we find Agency MBS prices better by .125-.250 from Tuesday’s close, the 2-year yielding 3.96, and the 10-year yielding 4.45 after closing yesterday at 4.47 percent.