“I forgot to put the seat belt on my five-year-old boy this morning and as we were leaving the trailer park, somebody shouted, ‘You're an irresponsible father!’ I yelled, “Who the hell said that?! Stop the car, son!’” Lenders know that not all manufactured homes are trailers, and in fact there are some great MHs out there. In a few weeks I head to Michigan for the MMLA conference. It turns out that that over 25 percent of manufactured homes in Michigan are owned by private equity or similar entities per the Private Equity Manufactured Housing Tracker. In 2020 and 2021, they accounted for 23 percent of all manufactured home purchases, up from 13 percent between 2017 and 2019. Housing market trends will be discussed in today's The Big Picture will start at 11:15AM PT, with Pete Mills from the Mortgage Bankers Association also discussing upcoming policy developments, GSE reform and the MBS guarantee, and what the MBA is watching. (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 Garrett, McAuley & Co.’s Joe Garrett on the future of mortgage commissions, debating whether automation, shrinking margins, and smarter underwriting tools will make 100-basis points payouts a thing of the past.)

Processing Tools for Lender 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 percent 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.

Your mortgage technology is costing you more than you realize. The good news? MeridianLink® Mortgage can fix that. Time lost in loan closings and dollars wasted on outdated systems are draining your ROI. By switching to MeridianLink Mortgage, lenders have cut closing costs by up to 50 percent and close loans nearly a week faster, all while delivering a smoother borrower experience. More efficiency. Lower total cost of ownership. Faster growth. Unlock your mortgage lending power with MeridianLink. Learn more.

Auroras, those magnetic light shows that ripple across the poles, are dazzling but hard to predict. To track the dance as it happens, you need a higher perspective, like this incredible view from the International Space Station. Mortgage lending can be just as unpredictable. Borrowers hit unexpected turns. Loan files reveal new twists. Conditions shift. That’s where Tropos comes in. It’s a borrower portal built to give lenders the high-altitude view. Tropos adapts in real time as borrower information changes, helping teams navigate obstacles with clarity and keeping borrowers moving forward with confidence. See the full journey with Tropos.

Think you’ve tapped all your refi potential? Think again. Many lenders are sitting on a goldmine of past loans, but without the right tools, those opportunities stay buried or require hours of digging through data to find them. Capture for Originators, built into Optimal Blue® PPE, changes that. It automatically analyzes your closed loan portfolio, identifies refinance opportunities using real-time pricing and lender fees, and delivers borrower-ready presentations in one click. No spreadsheets. No manual digging. Just instant insights that help you act fast, deepen relationships, and drive real ROI. If you missed Optimal Blue’s July 15 webinar, “Unlocking Refi Potential,” now’s your chance to catch the replay and see Capture for Originators in action. You’ll learn how to turn your past loans into future deals and how to do it faster, smarter, and with less manual effort. Watch the recording and start capturing more from your closed loan pipeline.

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.

Products, Services, and Software for Lenders and Brokers

“A 30-minute meeting with Planet's Correspondent sales team at the 2025 Western Secondary Market Conference could be the catalyst for a year-round boost in your business. Explore our continually refined product lineup, from vanilla to niche, tailored to your needs: Best effort, mandatory AOT, delegated, non-delegated, bulk and co-issue. While you’re there, ask how our nimble sub-servicing solutions can optimize execution across your portfolio. Join us Aug. 11–13 in Palos Verdes, CA, by reaching out to SVP Correspondent Sales Jason Mac Gloan at 518-248-1160 or Regional Sales Managers Jennifer Caldwell (909-225-8444) or Tiffani Ta (714-376-3214).”

Curious how technology is impacting the lending landscape and reshaping borrower expectations? Dale Vermillion, CEO of Mortgage Champions, recently sat down with Tim Bowler, President of ICE Mortgage Technology, for an insightful discussion on the future of lending. Together, they explored the transformative role of AI, evolving borrower demands and the delicate balance between technological innovation and human connection. Watch the full conversation now to learn how personalized experiences and innovative solutions are transforming the mortgage industry.

A regional bank in Texas faced a looming deadline and nearly 4,000 HMDA entries plagued by errors. With regulatory risk rising, the bank brought in Xactus for fast, reliable support. Xactus leveraged its HMDA Review platform to rapidly detect and correct discrepancies across key data fields, ethnicity, race, income, and property location. Over 95 percent of entries required updates, but with Xactus’ guidance, the bank achieved 100 percent error resolution well before its FPB submission deadline. The result was a clean file, no audit issues, and a confident regulatory posture. Lenders seeking to meet tight deadlines without sacrificing accuracy trust Xactus to deliver high-quality results, fast. To get started, reach out to sales@xactus.com.

Agency News

More and more production is heading onto non-Agency avenues, for various reasons, but watching what Freddie Mac and Fannie Mae are up to is still important. Earlier this week Chrisman LLC produced a Thought Leadership piece title titled, “Tumult in the Credit Scoring Biz” worth a skim.

Last weekend Federal Housing Finance Agency (FHFA) sent, through official FHFA channels, a rumor that Fed Chair Powell was considering resigning. Yesterday he abandoned official channels and tweeted out a two-page Frequently Asked Questions (FAQ) document that provides much-needed information on last week’s announcement that Fannie Mae and Freddie Mac (the GSEs) will begin to accept loans originated using VantageScore 4.0.

Our MBA reminded us that there are many open questions that need to be resolved before the GSEs can accept delivery of these loans. “Director Pulte’s published FAQ provides the first round of necessary details, highlighting the initiative is a work in progress, and that additional details will be provided in the weeks ahead.”

As a reminder in case you were on vacation last week, the GSEs will permit lenders to deliver mortgage loans using a credit score generated by either the Classic FICO model or the VantageScore 4.0 model (owned by Experian, TransUnion, and Equifax), but for the time being will not accept scores from multiple models on a single loan.

Lenders can choose to report different credit scores on different loans – e.g., VantageScore 4.0 on one loan and FICO Classic on another (just not two scores on single loan). The GSEs will develop “appropriate risk mitigants” to ensure safety and soundness.

The MBA stated, “FICO 10T (owned by Fair Isaac) remains a validated credit score model and is planned for future use, though it is not available for loan deliveries now. The GSEs will announce changes to their Selling guides in a future release. An implementation date was not provided. As initially reported, the credit reporting requirement will ‘stay tri-merge.’ Importantly, however, the FAQs state that FHFA will continue to assess the credit reporting requirements in the future to lower costs for consumers and promote competition and innovation. MBA will use this opportunity to continue exploring a single-file credit report option and other approaches to lowering credit reporting costs.”

Left to be decided are “minor things” like Loan Level Price Adjustment grids, minimum credit score eligibility, and business rules around using different scores and different loans, along with the implications for mortgage insurance pricing and investor acceptance of VantageScore 4.0.

During this, U.S. Federal Housing FHFA Director, William J. Pulte, issued an Order to Consider Cryptocurrency as an asset for Single-Family Loans delivered to Fannie Mae and Freddie Mac.

Streamline your condo loan underwriting process and gain valuable insights with the latest update to Desktop Underwriter® (DU®). Now, DU integrates real-time, project-specific messaging directly from Condo Project Manager™ (CPM™), providing you with the information you need to make faster, more informed decisions. Discover how this powerful integration can transform your underwriting experience and help you close loans more efficiently.

Find out what Fannie Mae economists are predicting for home sales and originations activity in 2025 and 2026.

Fannie Mae Announcement SEL-2025-05 July Selling Guide updates includes Revised project standards policies for properties terminating or involved in insolvency proceedings. Clarified anti-money laundering reporting requirements for entities not regulated by the Bank Secrecy Act. Extended Desktop Underwriter® loan casefile archival and resubmission timeframes for single-close construction-to-permanent transactions. Removed dollar limits for lender incentives, and other updates to simplify your workflow.

Get ahead of Uniform Closing Dataset (UCD) v2.0 changes, test environments are now open. Validate XML files, receive real-time feedback, and ensure a smooth transition. Start testing today to avoid disruptions and be ready for the upcoming changes. View Fannie Mae’s Announcement regarding Testing Available for UCD v2.0 Specification and UCD Critical Edits.

Fannie Mae's September 2024 Quality Insider identified six new defect trends that recently entered the top 10 most common issues found in Quality Control (QC) reviews for loans acquired in Q1 2024. These include incorrect income calculation (specifically for rental income and base income), miscalculated monthly payments, inappropriate comparable sales selection, insufficient assets to close, omitted debt documentation, income misrepresentation, borrower unemployment, undisclosed liabilities, and failure to adjust comparables. Fannie Mae emphasized the importance of staying informed on these trends to enhance QC programs, improve training, and prevent recurring errors. Additionally, lenders should monitor declining defect trends to prevent their resurgence, ensuring a more proactive and dynamic approach to loan quality management.

Freddie Mac Feedback Messages Coming Soon: Interested party contributions and expense/liability - New and revised messages to provide additional details and conciseness.

Uniform Appraisal Dataset (UAD) – New and revised messages will support upcoming updates to the UAD.

Freddie Mac Loan Selling Advisor® June 2025 Release Notes. Visit the Freddie Mac Technology Releases webpage to view recent technology releases, feedback messages and announcements for system updates.

Freddie Mac Loan Selling Advisor® July 2025 Release Notes.

Freddie Mac Loan Closing Advisor updates, effective June 30, 2025.

Freddie Mac published Guide Bulletin 2025-9 containing information on Condo/Co-op Project Review, Manufactured Homes and More.

Strengthen your quality control processes and reduce risk by complying with updated Selling Guide Part D requirements. The Selling Guide changes, announced on June 4, cover third-party originators (TPO) sampling, reporting, and more, and must be implemented by Sept. 2, 2025. View a summary of the changes.

The latest Fannie Mae Servicing Guide update helps you maintain compliance and streamline your operations by removing an outdated reference and updating the Foreclosure Time Frames and Compensatory Fee Allowable Delays Exhibit.

Capital Markets

Scalable operations and reliable partners are essential for long-term growth in today’s competitive mortgage landscape. In MCT’s recent video, David Holding, VP of Secondary and Capital Markets at Mortgage Equity Partners, shares how MCT played a pivotal role in their rise to becoming one of Massachusetts’ largest independent mortgage companies. After transitioning from a previous hedging provider, the team at Mortgage Equity Partners saw measurable gains, both in efficiency and execution, thanks to MCT’s strategic insight, powerful software like MCTlive! and Enhanced Best-Execution for MSR, and unwavering day-to-day support. David states, “There are people that are offering to discount their services to get our business, but we choose to stay [with MCT] because of the partnership.” Watch the full video for more insight into how MCT helps lenders perform at scale.

In the ever-shifting world of mortgage capital markets, lenders face a delicate balancing act between borrower demands, internal margins, and investor expectations. In his latest piece, "Navigating Loan Renegotiations and EPO Risk in Mortgage Capital Markets," Robbie Chrisman unpacks the intricate dance of loan repricing, hedging strategies, and the hidden costs of early payoffs. With clear-eyed insight, he explores how education, transparency, and smart policy can help lenders walk the tightrope without slipping.

Optimism abounded yesterday following the release of a relatively tame-looking June PPI report. Wholesale inflation was flat in June, with the Producer Price Index (PPI) showing zero month-over-month growth and a 2.3 percent year-over-year increase, down from May’s 2.7 percent. Core PPI (which excludes food and energy), was also flat in June, with its annual rate easing to 2.6 percent. Both the CPI and PPI reports this week showed little evidence of tariff-driven inflation.

There are two competing forces in the housing market right now: increasing inventory levels (helping to make homes more affordable), and declining prices in an increasing number of markets. Homes are taking longer to sell, which is beginning to make homeowners more reluctant to list. The CPI report this week showed shelter costs continue to decline as affordability pressures weigh on the housing market.

And I’m not going to spend much ink on this: the Supreme Court telegraphed that President Trump does not have the power to fire Fed Chair Powell, so it’s a nothing story for me. A bigger story would be the announcement of a dovish successor well before Powell’s term ends in May of next year.

Today’s busy economic calendar contains some first-tier data, starting with retail sales for June (+.6 percent, more than expected). We’ve also received June import prices, weekly jobless claims (221k, lower than expected), and Philadelphia Fed manufacturing for July. The uncertainty introduced by President Trump’s ever-evolving trade agenda has made it difficult for business leaders to commit to hiring or expansion plans until there is further clarity on the forward outlook. Later today brings the NAHB Housing Market Index, May business inventories, Treasury activity that will be headlined by $13 billion reopened 20-year bonds and $21 billion new 10-year TIPS, Freddie Mac’s Primary Mortgage Market Survey, and remarks from multiple Fed speakers. We begin the day with Agency MBS prices slightly worse than Wednesday’s close, the 2-year yielding 3.93, and the 10-year yielding 4.48 after closing yesterday at 4.46 percent.