Hey, for you LOs who think things are slow, you can always go into golf. The best example of this is ex-LO Ben Griffin who has racked up $11 million in PGA winnings! A large number of professional athletes, active or retired, seem to live in Florida, Texas, or Arizona (taxes and climate being what they are). Of those, who suckles up to the federal government the most? As of 2022, federal funding made up 40% of overall revenue in nearly half of US states. Federal funding accounted for the greatest share of state revenue in Louisiana (50.5%), Alaska (50.2%), and Arizona (49.7%). By contrast, it accounted for just 22.2% of ND state revenue, 25.9% in HI, and 27.6% in VA. With Republicans looking to cut federal spending, some states will be more vulnerable than others. It is believed that President Trump will cut federal funding to California. California, by the way, not only accounts for 20 percent of the nation’s mortgage activity, but overtook Japan to become the 4th largest economy in the world. (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 Cardinal Financial’s Brian Hurd on how manufactured housing, lender-builder innovation, and shifting policy and market dynamics are reshaping the path to attainable homeownership amid today’s affordability crisis.)
Products, Software, and Services for Brokers and Lenders
“When Mortgage Companies Need Real Legal Counsel, They Call Garris Horn! From TRID to Fintech, Garris Horn LLP delivers legal insight that drives results. Want guidance from the attorney who helped write the TRID rule? Need employment agreements crafted by someone fluent in both LO Comp and wage-and-hour compliance? Looking to launch or scale a Fintech platform with lawyers who have done it before… successfully? Whether you are facing enforcement, building a new product, navigating 50-state licensing, or preparing for litigation, Garris Horn brings practical, experienced-based counsel. Our team includes former CFPB attorneys, GCs of national lenders, corporate level doc prep lawyers, and seasoned trial lawyers. We serve mortgage companies that demand sharp thinking, business fluency, and legal precision, all under our Triple E model: Effective. Efficient. Evolved. Ready to talk? Visit garrishorn.com/people to find your go-to counsel or email Troy Garris to be directed to the appropriate lawyer.”
CXOs, ever feel like your borrower experience only works when conditions are perfect? In aviation, that’s called flying visual flight rules (VFR), relying on visibility and clear skies. But pilots are trained for IFR too, where instruments take over when the weather turns. That’s the kind of flexibility Tropos brings to mortgage lending. Whether you’re navigating smooth operations or facing complexity, Tropos keeps borrowers on a clear path from application to disclosures and keeps your team in control. It integrates cleanly, adapts in real time, and evolves with your needs. Whatever conditions you’re flying in, Tropos is built to land it.
When a lead goes to voicemail, it's not just a missed call; it's a missed deal. Stop losing deals to voicemails! On Tuesday, June 17th at 1 pm ET / 10 am PT, the next NMP Webinar: OriginatorTech Deep Dive featuring Angel Twin, you’ll see how top producers are using Angel Twin to never miss an opportunity, without sacrificing control of data or expertise. Hear from Pavan Agarwal, CEO and Founder, and Angel Sumlin, Managing Director at Sun West Mortgage & AngelAi, as they reveal why voicemail is costing you business, how to stay connected to every lead 24/7, and the risks of using AI platforms that train systems with your knowledge. With blockchain-backed security and zero cost, Angel Twin offers full protection and performance, without handing over your intellectual property. Learn how to embrace AI on your terms and stop letting leads slip away. Register for the webinar here.
Gen Xers are confident in many things: Seinfeld trivia, Pac-Man patterns, and rocking Doc Martens. The only thing they aren’t sure about is retirement. 45% of Gen Xers report low confidence in their retirement savings, compared to 30% of Boomers. With the oldest Gen Xers turning 60 in 2025, now’s the time to start offering Finance of America's second-lien reverse mortgage, HomeSafe Second. This solution gives homeowners 55+ a lump sum payout while preserving their low-rate first lien. Contact ss@financeofamerica.com to get started with HomeSafe Second. The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid. Finance of America | NMLS #2285.
On today’s episode of Last Word at 10am PT, Brian Vieaux, Christy Soukhamneut, Kevin Peranio, and Courtney Thompson break down key insights from the MISMO Spring Summit and analyze the latest CPI data’s impact on rates and inflation. They also cover U.S.-China trade updates, highlights from the MBA Florida Conference, the trigger lead bill’s progress in the House, and Andrew Hughes’ confirmation as HUD Deputy Secretary. With expert commentary, the team connects the dots between policy shifts, economic signals, and their effects on the housing industry.
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.
A Rose By Any Other Name
Who says you can’t have Shakespeare quotes in a mortgage commentary? FBC Mortgage announced it will rebrand as Acrisure Mortgage effective July 1, 2025. “This change reflects the company’s continued alignment with its parent company, Acrisure, a global fintech leader with operations in 23 countries and more than 19,000 team members… This transition is a name change only: Leadership, team structure, and the company’s commitment to delivering personalized, high-quality mortgage solutions remain unchanged. The update strengthens FBC’s integration into Acrisure’s global platform, which offers tailored financial services across insurance, reinsurance, payroll, benefits, cybersecurity, real estate services, and more.”
Influencer Communes? Sovereign Consultants?
Fed up with The Gathering’s lack of “personal brand alignment,” a rogue group of consultants has broken away to launch their own splinter movement: The Ascension: A Higher Path to Monetized Thought Leadership. In his latest piece, Rich Swerbinsky reports from the Broadmoor Spa, now occupied by LinkedIn influencers and freelance visionaries who’ve traded traditional networking for guided revenue visualization, influencer communes, and the dream of registering as a religion.
FHA, VA, and USDA Program Changes
As announced through GovDelivery on March 18, 2025, the Single Family Housing Guaranteed Loan Program (SFHGLP) terminated, effective immediately, the temporary authority that allowed some non-U.S. citizens to be eligible to apply for a guaranteed loan.
The Single-Family Housing Guaranteed Loan Program (SFHGLP) creates incredible opportunities for homeownership with its zero down loan program. The Agency’s GovDelivery notices are the best way to stay up to date with all changes, and if you feel your team could benefit from further training, contact the Lender and Partner Activities branch with any training requests.
The VA ended the Veteran Affairs Servicing Purchase (VASP) program, which helped borrowers on VA mortgages avoid foreclosure. Following the move, the Veterans Housing Stability Act was introduced by Sen. Lisa Blunt Rochester (D-Del.) and Sen. Mike Rounds (R-S.D.). Donna Schmidt, managing director, DLS Servicing, opined, “This needs to pass as soon as possible. The house has already unanimously passed a similar bill, and the Senate must do the same. Our veterans deserve our prompt replacement of the overly expensive and difficult to complete VASP program. This gives the veteran borrower the same benefits already provided to FHA and Rural Housing Service borrowers, and it is years overdue.”
Effective June 22, 2025, trended data will be required in credit reports for initial submissions to LPA of U.S. Department of Veterans Affairs (VA) loans. To avoid delays, confirm with your credit provider that you’re prepared for this change. Preview of feedback messages includes Risk assessment technology update and impacts, New and revised messages to support updates to make sure that LPA’s risk assessment capabilities are current. DPA One® integration, New messages to support LPA’s integration with DPA One. LPA will return up to five down payment assistance programs for which the loan may be eligible.
FHA published Mortgagee Letter (ML) 2025-14, Updates to Modernization of Engagement with Borrowers in Default and Loss Mitigation. This ML revises and streamlines policy established in ML 2024-24, Modernization of Engagement with Borrowers in Default, published on December 4, 2024, and provides clarifications to ML 2025-12,Tightening and Expediting Implementation of the New Permanent Loss Mitigation Options, published on April 15, 2025. With the implementation of the provisions in ML 2025-14, FHA is further aligning its borrower engagement policies with the Trump Administration’s goals of reducing unnecessary regulatory and financial burdens on the industry and fostering long-term economic stability and viability for all Americans.
Manufactured Homes are now allowed with USDA and USDA Streamline Assist from JMAC. Backed by the United States Department of Agriculture, USDA loans provide low- and moderate-income households the opportunity to own a primary residence in eligible rural areas.
Capital Markets
Despite the Administration’s attempt to lessen conflict in the area, Israel attacked Iran’s nuclear facilities and killed its military commanders earlier today, causing investors to sell stocks but the U.S. bond market is nearly unchanged. While it is still a developing story, if sustained, energy prices will become yet another headwind for the global economy.
Oil prices are something for the Federal Reserve to address after next week’s meeting, as the expectation is to leave rates unchanged and stress that the outlook for the U.S. economy remains uncertain. The median dot for 2025 is expected to show only 25-basis of policy easing this year, down from 50-basis points at the March meeting. A slightly different expectation, rather than the flight to quality, is that investors are going to move out of dollar-based assets over time. With the Fed in position to cut short-term rates dramatically in the next year, there’s an awareness that a steepening yield curve makes the long-term Treasury bond not a legitimate flight-to-quality asset. But let’s look at the bright side. Optimism about easing inflation (we received both lower-than-expected CPI and PPI reports in the last couple of days) has caused bond yields to decline. And strong demand at Wednesday’s 10-year Treasury auction and a solid 30-yr bond reopening yesterday further bolstered sentiment toward U.S. government debt. While some market participants are quick to draw bearish conclusions from routine supply events, analysts argue this behavior often overlooks the consistently solid sponsorship Treasuries have attracted. In this environment, any yield backup following the auction may offer a buying opportunity rather than signaling a shift in trend.
Broader investor sentiment remains influenced by ongoing trade tensions, as President Trump signaled imminent unilateral tariff decisions, potentially ending the current pause in reciprocal tariffs by early July. Markets remain uncertain whether this is another negotiation tactic or a sign of fatigue with multilateral trade diplomacy. Despite trade-related risks, the U.S. economy continues to show resilience (e.g., job growth remains positive, unemployment low, and inflation subdued for now). However, yesterday’s unexpected rise in unemployment claims may validate concerns about labor market softening, which could shift the economic outlook heading into the Fed’s policy decision next week.
Today’s lone data point is preliminary June Michigan sentiment, due out later this morning. After Israel’s attack on Iran, indicating a big drop in America’s influence in the Middle East, we have Agency MBS prices unchanged from Thursday’s close, the 2-year yielding 3.91, and the 10-year yielding 4.36 after closing yesterday at 4.36 percent.
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