Here’s a cool password: 2 444 66666 8888888 9. (You can figure it out.) I’m no IT wizard, but some are. Do you want AI to open your emails and create drafts for you to reply to them? Fyxer does exactly that. Goldman Sachs is piloting an autonomous software engineer, Devin, from AI startup Cognition, marking a significant advancement in AI integration. Devin, capable of handling complex tasks with minimal human intervention, could soon join Goldman's 12,000 developers, potentially scaling to thousands of AI engineers depending on use cases. I didn’t make the cut for Facebook, uh, Meta’s new “Meta Superintelligence Labs” group with their salaries in the eight-figure range. (For those of you who think in basis points, that’s north of $10,000,000 out of Mark Zuckerberg.) But everything isn’t peaches and cream. You have stories like, “OpenAI Hits the Panic Button.” While AI governance is a growing concern for financial services leaders, two recent surveys suggest there might be a knowledge and strategy gap at the board level. Nasdaq's most recent Global Governance Pulse survey notes that board members were asked which skills and experience would expand their board's composition and ensure alignment to the organization's strategy, artificial intelligence and machine learning topped the list, according to. (Today’s podcast can be found here and this week’s are sponsored by Ocrolus. Ocrolus is transforming the mortgage industry with AI-powered data and analytics, featuring cutting-edge tools for automated indexing, income analysis, and discrepancy insights that empower underwriters to make timely, confident lending decisions. Hear an interview with Ocrolus' Rebecca Seward on how Ocrolus is redefining mortgage underwriting with its Inspect platform, enabling real-time condition creation and automated loan reviews to improve quality, reduce costs, and streamline operations for lenders of all sizes.)
Services, Products, and Programs for Lenders and Brokers
“Looking to cut verification costs by up to 50 percent while improving borrower experience and pull-through? Truework helps lenders streamline income and employment verification through a single VOIEA platform used by four of the top five lenders. With an industry-leading 75% completion rate, our platform consistently outperforms competitors and manual waterfalls in speed, cost, accuracy, and R&W relief. We also offer free pre-approvals to help you qualify borrowers faster: only pay when we complete a file. Used with First and Second liens as well as in Wholesale. Fast to implement, easy to use, and built to drive ROI. Let’s talk.”
Japan completed the world’s first bullet train just in time for the 1964 Summer Olympics. The invention wasn’t just fast; it redefined how people move. Today, the Shinkansen network spans more than 1,800 miles of lines, reaching speeds up to 200 mph. And because it bypasses the check-in lines, baggage claims and boarding delays of air travel, it can be faster than flying between Japanese cities. That’s the kind of streamlined efficiency Tropos brings to lending. Tropos is a borrower portal that cuts through the usual delays and bottlenecks, taking borrowers on a quick and easy journey from application to approval while supporting your team with real-time updates and seamless integrations. Conduct a better borrower experience with Tropos.
“Building your own Internal Audit program might sound like a good idea, until the walls start cracking. Sure, you can grab a template, patch together a checklist, and hope the foundation holds… but without the right tools (and experience), it’s more duct tape than due diligence. At MQMR, we bring the blueprint, the level, and the compliance-grade power tools to get the job done right. Our internal audits aren’t one-size-fits-all kits: We custom-build each engagement to fit your structure, your risks, and the expectations of your regulators. So, before you find yourself in an examiner’s version of a home inspection, let us help reinforce your framework. Because when it comes to audit readiness, it pays to hire a professional contractor (MQMR), not rely on “YouTube University” and wishful thinking. Let’s build something solid: reach out to MQMR today.”
On today's episode of Mortgage Law Today at 12pm PT, Brian Levy, Loretta Salzano, and Marty Green are joined by Kitty Ryan of the ABA and Paul Hancock of K&L Gates to discuss the ABA’s white paper arguing that current redlining enforcement may violate constitutional principles, particularly due process. They'll examine whether enforcement actions are exceeding statutory authority and explore how these issues could shape the future of fair lending regulation.
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.
Correspondent and Wholesale Loan Programs
“Transformation usually takes time, but consistency is what makes it stick. At AFR, we’ve remained relentlessly focused on improving the client experience, and that commitment continues to drive our progress forward. We’ve sharpened our pricing strategy, significantly reduced turn times, and invested heavily in tech enhancements, all with one goal in mind: to deliver the seamless, reliable platform you expect, especially during the high-volume summer season. These improvements aren’t happening by chance; they’re the result of listening to your feedback and taking deliberate action to meet your needs. We’re not slowing down anytime soon, and there’s more on the horizon. Thank you for your continued trust, partnership, and insight. Together, we’re building something better step by step, day by day. Visit afrwholesale.com, 1-800-375-6071 or sales@afrwholesale.com. Conventional. Affordable. Efficient. (NMLS 2826) Continue to follow along… The best is yet to be!”
Synergy creates a whole that is greater than the parts… And when you add two powerful lending teams, it means significant efficiencies for independent mortgage bankers. That’s why IMBs choose Western Alliance Bank’s warehouse program tailored for Non-Delegated Correspondent clients. IMBs benefit from preferential terms for loans purchased by AmeriHome Mortgage, a wholly owned subsidiary of the bank. Separately or together, Western Alliance Bank and AmeriHome stand out as industry leaders. AmeriHome is the nation’s largest bank-owned correspondent investor,* and Western Alliance’s Specialized Mortgage Services Group offers a 16-year track record in mortgage warehouse lending, MSR financing, note financing, customized cash management tools and a whole loan trading desk focused on purchasing scratch & dent loans (send bid requests to SnD@westernalliancebank.com), all designed to optimize your operations. Contact the team at Western Alliance Bank, Member FDIC, or the AmeriHome team for a personalized consultation. *According to Inside Mortgage Finance, 6/6/2025.
LOs Should Start Prospecting… When?
Over the weekend I received an “MLO VieauxPoint” from Brian Vieaux, CMB, President & COO of FinLocker & Founding ‘Expert’ of MLO Live, suggesting that lenders who “show up early” are winning. “After reviewing early data from the 2025 J.D. Power Mortgage Origination Satisfaction Study, and having multiple in-depth conversations with Bruce Gehrke, one thing is clear: Loan officers who show up early are winning. Engaging with borrowers before they begin house hunting (what J.D. Power calls the point of thought) doesn’t just improve satisfaction, it protects and multiplies business.
“The data shows that satisfaction is 71 points higher when lenders engage before a home search begins, trust is 80 points higher, borrowers are 133% more likely to use that lender again, and they’re also far less likely to shop multiple lenders. And it’s not just happening in theory. According to J.D. Power, 45% of borrowers now contact their lender before a real estate agent, up 18% in the last four years. Among Gen Y and Z, that number climbs to 48%. That’s not just a shift in timing; it’s a shift in who today’s homebuyers trust to lead.
“But here’s the flip side: borrowers who engage their lender after they’ve found a home are one-third more likely to submit multiple applications. That’s not just frustrating, it’s a clear signal that late engagement leads to lost margin and diminished loyalty.
“As I shared recently with a group of loan officers, “If the bar is really that low, if trust in LOs is that broken, then it doesn’t take much to show up differently. Lead with your heart. Lead with education. The ones who do? They’re going to win for decades.”
“We’re entering an era where long-term success will be built by originators who combine coaching, consistency, and consumer-friendly tools. The FinLocker and FirstHome IQ platforms weren’t designed for speed, they were built for trust. When a borrower starts tracking credit, monitoring savings goals, and sharing BuyerVision reports months before applying, they’re not just prepping for a loan, they’re inviting you to lead the journey.
“The new model isn’t ‘Click to Apply.’ It’s, Let’s start working together before you’re ready to buy.’ This requires a mindset shift from transaction to trust, from marketing to mentorship, and from urgency to early engagement. Too many loan officers are still waiting for a borrower to ‘raise their hand.’ But in 2025, the winners are already in the room, offering guidance before the search starts, earning trust before a contract is signed.” For a deeper dive into what J.D. Power’s latest data reveals, read the full article here. #VieauxPoint” Thank you, Brian!
Bank Mergers and Acquisitions
Huntington Bancshares Inc. is buy Veritex Holdings Inc., which operates more than 30 bank branches in Texas, for $1.9 billion in an all-stock transaction. Adding Veritex, which had about $13 billion in assets as of March 31, will help Huntington expand in Texas markets. Huntington, which is based in Columbus, Ohio, will issue 1.95 shares for each outstanding share of Veritex. The deal is “expected to be modestly accretive to Huntington’s earnings per share and slightly dilutive to tangible book value per share, according to the statement. It’s expected to be completed early in the fourth quarter.
Capital Markets
For mortgages, rates are driven by supply and demand, so investors watch prepayment speeds and new applications. Investors look at products, coupons, and states. Mortgage-backed security pools backed by loans from states around the U.S. are starting to catch up with the relatively fast pace of housing turnover shown by Florida pools over most of the last two years. Chalk it up to home price appreciation, where Florida prices have been flat since early 2024 while other states see steady gains.
As home price trends seen at the outset of Covid continue to reverse, the turnover speed gap to Florida should continue to fade. Home prices in Florida have lagged the nation over the last few years, due to HOA fees, special assessments, insurance, or the threat of climate-related events. Florida homes rose about 5 percent in 2023 and have held roughly flat since the start of 2024, even dipping slightly in the early part of that year. National home prices, on the other hand, have increased about 10 percent since the start of 2023. Obviously, appreciation and deprecation factor into loan-to-values on homes, which in turn impact investor appetite for those loans.
The U.S. economy is driven by jobs and housing. Strong June jobs data has led bond traders to largely rule out an interest-rate cut by the Fed at its upcoming meeting, with expectations shifting away from a July cut. Market confidence in a September cut is wavering and now hinges on the Consumer Price Index (CPI) data, which will be key in shaping future rate-cut expectations. Treasury yields, in effect, after a stellar first half, are closely watching those inflation figures to determine if the Fed will resume easing.
The week opened with bonds trading in a narrow trading range despite new tariff announcements targeting Mexico and the EU (potential 30 percent rates start August 1). Investors adopted a wait-and-see stance ahead of this morning’s June CPI report; the report is expected to significantly shape views on inflation and Fed policy. While the market may appear largely unfazed by the ongoing trade war, it’s still poised to be one of the most influential macroeconomic drivers for the remainder of the year. President Trump’s use of tariff threats as a negotiation tactic has been a consistent pattern, and the latest round, set to take effect on August 1, leaves a window open for potential deals before implementation. Even if the administration follows through on these new tariffs, there's always the possibility they could be rolled back quickly if agreements are reached, which may help explain investors’ muted reaction to the recent escalation.
Of note: yields for long-term debt from Japan and Germany to the UK and France rose on Monday as growing concern over widening fiscal deficits hurt demand. The yield on Japan’s 30-year notes jumped the most in two months and those on similar-maturity German bunds rose to near their levels in 14 years. For these countries, fiscal concerns are outweighing central-bank interest-rate policies as drivers of investor sentiment. While the selloff is less pronounced in the U.S., 30-year yields here still touched their highest levels in a month.
Economists have consistently cautioned that tariffs could eventually drive U.S. inflation higher, and today’s consumer price index report for June may test that theory. For the past four months, inflation readings from the Bureau of Labor Statistics have been softer than expected, but many analysts now anticipate a pickup in prices, especially in categories like furniture, cars, toys, and recreational goods that are directly affected by tariffs. Both Federal Reserve officials and private forecasters generally agree that inflation is likely to rise this summer as businesses begin passing higher import costs onto consumers. While some companies had initially managed to blunt the impact by stockpiling goods or accepting smaller profit margins, those strategies appear to be reaching their limits.
Today brings the all-important June Consumer Price Index. Headline CPI was +.3 percent and +2.7 percent year-over-year versus expectations of increasing 0.3 percent month-over-month and 2.7 percent year-over-year up from 0.1 percent and 2.4 percent previously. Core (ex-food and energy) was +.2 percent and +2.9 percent year-over-year versus expectations of rising 0.3 percent and 3.0 percent versus 0.1 percent and 2.8 percent previously. Other releases today include real earnings, NY Fed manufacturing for July, Redbook same store sales, some short-duration Treasury auctions, and remarks from no fewer than five Fed speakers. We begin the day with Agency MBS prices unchanged from Monday night, the 2-year yielding 3.89, and the 10-year yielding 4.40 after closing yesterday at 4.43 percent after CPI came in as expected.