Lenders often ask about improving their execution, and STRATMOR’s current blog is “Pricing That Can Help Borrowers.” MLOs occasionally ask about an online tool that can help potential borrowers understand the process. Here’s something for your new clients, especially those who are first-time home buyers: a short quiz to get them started on what to think about in financing a home. For those of us in the industry who ask about some of the terms in our business, here’s something to keep in your back pocket: The MISMO Business Glossary delivers a curated set of standardized business definitions used across the mortgage lifecycle. By providing consistent terminology, the glossary helps industry participants communicate more clearly, improve operational efficiency, and reduce misunderstandings that can lead to risk and errors. (Today’s podcast can be found here and this week’s ‘casts are sponsored by Experian. From lenders and landlords to employers and consumers, Experian helps connect the housing ecosystem with the data and insights needed to make faster, confident decisions. Lead a smarter housing journey with Experian. Today’s has an interview with Clear Capital’s Jason Legare on why appraisal modernization adoption remains uneven despite clear efficiency gains, where alternatives such as inspection-based waivers are gaining traction, and the operational and cultural barriers slowing broader acceptance.)
Broker and Lender Software, Products, and Services
Partial automation can create a false sense of completeness in mortgage operations. Many AI tools handle pieces of the process but leave gaps for teams to identify manually, relocating risk instead of reducing it. JazzX AI closes those gaps by reasoning across the entire loan lifecycle and cross-checking data across documents, producing outputs that are fully explainable and audit-ready. Every finding is traceable to a guideline, document, and field, giving your team full visibility and control. The result is automation you can trust… Not just at first glance, but under audit. Book a demo to learn more.
“A subservicer who leads with partnership doesn't bury you in boarding fees. At MSF Servicing, the first thing we offer isn't a contract. It's a conversation. MSF Servicing takes a transparent, collaboration-first approach to onboarding, structuring fees to your specific engagement, even reducing them. We believe the right partnership pays for itself. So, we remove the financial friction upfront and let the relationship do the talking. If boarding costs have kept you from making a move you know you should make… Let's fix that. MSF Servicing. Premier servicing. Personal accountability. Get a custom onboarding proposal: Rick Smith. (860) 989-9006.”
National eSign Day Is Tomorrow. Is Your eClose Strategy Ready? For years, the mortgage industry pushed toward digital adoption. And it worked. Today, most lenders can support documents for eClose. But that raises a bigger question: If nearly everyone can offer digital closings, why isn’t everyone executing them consistently? The gap is no longer technology. It’s execution. Successful eClose requires more than electronic documents and signatures. It takes accurate documents, early borrower readiness, integrated workflows, settlement coordination, compliance controls, and strong post-close processes. As National eSign Day approaches, Docutech is looking beyond adoption to what matters next: consistent, scalable digital closing execution. Explore the real transaction data and practical strategies in our latest white paper, eClose Is No Longer the Game Changer: Execution Is What Matters.
AI that actually understands mortgage lending. Most AI tools are layered onto existing workflows. Blue Sage embeds AI directly into the lending lifecycle… And we just expanded the entire suite. From document extraction to cross-checking income data to clearing conditions, Blue Sage AI handles the work that slows loans down. Less manual review. Faster closes. Built into the platform you already run. The result? Faster loans. Fewer manual reviews. Greater operational efficiency. Full auditability. This isn't AI for AI's sake. It's AI built specifically for mortgage lending. See it in action. Book a demo today.
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.
Now Next Later is today at 10AM PT, powered by Relcu! Brian Conneen joins Jeremy Potter and Eric Lapin to discuss how AI, data, and financial services innovation are reshaping housing finance. The conversation explores what mortgage can learn from fintech and the governance frameworks lenders need as adoption accelerates.
The Chrisman Marketplace is a centralized hub for vendors and service providers across the 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.
Conventional Conforming Changes
Freddie and Fannie, with their lion’s share of applications, are still the “game to beat” volume-wise. So, when they say “jump” the industry replies, “How high?”. Meanwhile, Agency gfees are being ratcheted up which is pushing lenders toward cash execution. Who’s doing what out there?
Fannie Mae reminded lenders to stay on track for the Uniform Appraisal Dataset 3.6 deadline of November 2, 2026. View Job Aids for Completing URARs Using UAD 3.6.
Gain clear guidance on the new escrow reporting requirements, including loan data expansion and principal and interest remittance reporting. Ensure your operations are ready by reviewing Fannie Mae’s latest Lender Letter 2026-05, data requirements, technical specifications, and more.
Pennymac updated Conventional LLPAs effective for all Best-Efforts Commitments taken on or after Tuesday, June 23, 2026. See Announcement 26-71 for details.
Pennymac updated Conventional LLPAs effective for all Best-Efforts Commitments taken on or after Friday June 26, 2026. View Announcement 26-72 for details.
Fannie Mae published SEL-2026-06 and Freddie Mac published Bulletin 2026-7 announcing Selling Guide policy changes. See AmeriHome Mortgage 20260604-CL Product Announcement for details.
Newrez Correspondent announced updates to the Conventional/Conforming and Government Overlay Documents. Effective immediately for all pipeline and new applications on and after June 25th, 2026.
Newrez Correspondent updated the Conventional/Conforming guides for Fannie Mae and Freddie Mac loans. Effective immediately for all pipeline and new applications on and after June 25, 2026, unless otherwise noted.
Ways to Think About AI
(The following is taken from a recent regular Chrisman LLC video show on AI.)
Artificial intelligence may dominate today's mortgage technology conversation, but industry executives say the biggest determinant of success remains whether borrowers actually use the tools lenders deploy.
Mortgage lending has experienced successive waves of technological innovation over the past several decades, with each promising to streamline operations and improve the customer experience. Yet adoption has often lagged behind capability. Industry observers increasingly note that technical sophistication alone does not guarantee success if new processes introduce additional complexity for borrowers rather than reducing it.
That dynamic has been evident in the differing adoption paths of remote online notarization and electronic promissory notes. While remote online notarization offered a fully digital closing experience, borrower adoption proved uneven in many markets, particularly where access to technology or familiarity with the process varied. By contrast, eNotes generated significant operational efficiencies for lenders while remaining largely invisible to consumers, allowing institutions to modernize back-end workflows without requiring borrowers to change how they completed their transactions.
Many lenders are now approaching artificial intelligence through a similar lens. Rather than focusing exclusively on workforce replacement, institutions are increasingly deploying AI to automate repetitive administrative functions, including document processing, accounting workflows, and reporting. The goal is to reduce time spent on manual tasks while allowing employees to concentrate on higher-value activities such as exception management, analysis, and customer communication. Industry participants generally view AI as a tool that enhances human decision-making rather than replaces it, particularly in a highly regulated environment where experience and judgment remain essential.
The conversation also reflects a broader shift in how lenders think about borrower experience. Mortgage customers are not a uniform audience, and their expectations often differ based on experience, financial circumstances, and transaction type. First-time homebuyers frequently require education and regular communication throughout the lending process, while repeat borrowers often prioritize speed, convenience, and minimal interaction. As a result, lenders are increasingly designing technology around different customer preferences instead of relying on a single standardized workflow.
Independent mortgage banks, in particular, continue to emphasize flexibility as a competitive advantage. Unlike larger financial institutions that often rely on more standardized operating models, many IMBs retain the ability to tailor processes and communication to individual borrowers while incorporating new technology where it improves efficiency. As AI adoption accelerates across the industry, many executives view its long-term value not in eliminating the human element from mortgage lending, but in enabling employees to spend more time on the aspects of the process that borrowers continue to value most.
Capital Markets
Economic data released last week painted a picture of resilience (don't confuse that with "acceleration"), leaving the Federal Reserve with little reason to rush toward additional monetary tightening despite stubborn inflation. First-quarter growth was driven disproportionately by business investment, particularly AI infrastructure spending, while household consumption slowed, raising questions about whether private investment can continue carrying economic growth if AI-related capital spending begins to normalize. Elevated Core PCE remains the primary obstacle to a sustained rally at the front end of the Treasury curve, though easing energy prices and moderating inflation expectations continue to be supportive for bonds, even as markets may be overestimating the likelihood of further rate hikes following Kevin Warsh's hawkish Fed debut.
Warsh's remarks at the ECB's Sintra conference this week will be closely watched, as will Thursday's employment report, both of which could reshape rate expectations. While markets continue to price in the possibility of another Fed rate hike, the drop in energy prices lowers the urgency for further tightening, supports consumers through lower gasoline costs, and reinforces demand for longer-duration bonds even as investors acknowledge it will take months to fully assess how the recent energy "shock" filters through to core inflation.
Trading was relatively quiet to close last week, with investors shrugging off volatility in global technology stocks, ultimately leading to bonds ending the week with a mixed performance, with 2-year, 5-year, and 10-year Treasuries all gaining in price, which means their yields fell, while the 30-year Treasury actually lost a little value, so its yield ticked slightly higher. Investor sentiment shifted meaningfully last week as easing geopolitical tensions and a sharp decline in oil prices reduced fears of a renewed inflation shock (there's that word again), prompting a rally in Treasury markets and improving confidence that inflation expectations remain anchored; the 10-year yield now sits lowest level in nearly eight weeks and the 2-year yield to its lowest level in more than a week, extending the market's recent rally. Many traders are thankful that implied volume has not jumped despite the flatter yield curve... If there was higher implied volume, that would lead to higher MBS option cost, higher prepayment risk, and wider spreads.
Agency MBS also held up better than expected in the face of falling rates and a flatter yield curve, reflecting stable volatility and disciplined investor demand, though lenders likely saw margin pressure as primary-secondary spreads widened without a corresponding pickup in loan production.
Highlights from this week’s four business days include the April FHFA and S&P Case-Shiller Housing Price Indices, June Chicago PMI, and June Consumer Confidence on Tuesday; June ADP Employment, June S&P Global U.S. Manufacturing PMI, May Construction Spending, and June ISM Manufacturing Index on Wednesday; and with bond and equity markets closed in observance of Independence Day on Friday, Thursday brings June Nonfarm Payrolls and May Factory Orders, before the Treasury market closes early at 2pm ET.
The June nonfarm payrolls report on Thursday will be the marquee economic event this week; economists expect the U.S. economy added 115k jobs during the month, down from 172K in May, while the unemployment rate is forecast to remain unchanged at 4.3 percent. With nothing of note on today’s economic calendar, we begin the week with Agency MBS prices practically unchanged from Friday’s close, the 2-year yielding 4.09, and the 10-year yielding 4.37 after closing last week at 4.37 percent, down 8-basis points over the course of last week.
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