The residential lending industry touches all facets of life, and the best LOs are not focused strictly about mortgages. I start off this Commentary with a note about… pets. Yep. Apparently, shelters are overwhelmed with animals. If you’re looking for an animal, or know someone who is, now is especially a good time to adopt. (My cat Myrtle came from “a pound”… they have more character!) LOs also are good at following non-mortgage debt since it is another way to help clients. Did you know that there is more student debt than credit card debt? Yup: $1.8 trillion versus $1.1 trillion. Of course there’s a huge interest rate differential: student loans are in the 6’s, not far from tax-deductible mortgage rates, versus an average of 21 percent for credit cards. Either way, there are reasons to refinance homeowners who have a lot of either, right? 

Employment and transitions

Working with a mortgage company that has great ownership is critical to your long-term success as a loan officer or branch manager. If you aren’t aligned with ownership the chances of success are low. Here’s why: 1. Vision and Stability… Strong ownership provides a clear vision, long-term direction, and financial stability. You're not building on shaky ground. You are part of a proven company that is always planning ahead. 2. Support Without Overreach… Good owners empower you, not micromanage you. They offer systems, tech, and compliance without blocking your growth or controlling every decision. 3. Culture Starts at the Top… A healthy, growth-oriented culture is shaped by ownership. Great owners create an environment where top producers thrive, not just survive. The right ownership can elevate your career, while the wrong one can hold you back. You're not just joining a company. You're partnering with leadership that will help you win.

The Federal Savings Bank announced that Mark Goodwin has recently joined as Regional Senior Vice President. Mark and his team will be based in the new Southlake Texas location. Mark is ranked the #1 loan officer in Texas (Scotsman), in the top #20 nationwide for overall production, and specializes in construction. Mark prides himself with all his builder relationships, and Federal Savings Bank is eager to see Mark leverage his expertise in construction across all 50 states. (Contact Eileen Andersen, 312-730-3567, to learn about other opportunities.)

The Chrisman Job Board is the go-to platform for employment opportunities across the mortgage industry. For employers, adding a job listing is easy. Simply create an account and drop in your existing application link, or forward the details to our team and we’ll take care of it for you. For job seekers, joining our Talent Community is completely free. Upload your resume to be visible to hiring companies across the industry and stay connected to new opportunities as they go live.

Products, services, and software for lenders and brokers

Supreme Court Speaks: Is the CFPB done? The Supreme Court’s recent ruling on federal workforce cuts is raising serious questions: Will the CFPB scale back enforcement? Will there even be a CFPB? Will states fill the vacuum? You can find a summary of the ruling at Garris Horn LLP’s blogpost here. “Do not assume less enforcement, or even less CFPB, means less risk,” warns Troy Garris, Co-Managing Partner at Garris Horn LLP. “The ruling is deceptively simple to start. And state regulators are stepping in anyway.” Rich Horn, who led TRID’s rulemaking at the CFPB, cautions: “Even if federal staffing shrinks, the liability, and the audit trail, is still there.” Savvy C-suite leaders now must prepare for more fractured oversight, inconsistent audits, and increased state scrutiny. In addition, “the CFPB will be back, mark my words.” Garris Horn’s team of veteran mortgage banking lawyers help lenders cut through uncertainty with strategic legal counsel specifically tailored to mortgage. Contact Troy Garris or Rich Horn, or visit www.garrishorn.com to get ahead of the risk.

“Webinar: Co-Marketing Strategies for Local Growth in a Consolidating Industry! While industry giants like Rocket/Redfin/Mr. Cooper, Guild Mortgage/Bayview, and Lower/Movoto consolidate and control entire customer journeys, the smartest local professionals are fighting back, and winning. Join Matthew Marx from Evocalize and Dan Catinella from Total Expert as we share the strategies and tools local professionals use to outcompete these industry giants. It's time to take control of your lead funnel. Join us to see how!”

“Is your technology vendor selling solutions or just selling the idea of them? In a recent episode of the Optimal Insights podcast, Optimal Blue CEO Joe Tyrell breaks it down: some companies pitch big returns, offer free trials, and promise seamless automation, only to reveal during implementation that the tech doesn’t actually exist. At Optimal Blue, we take a different approach. Our AI-powered automation is already live, already delivering, and already saving lenders real dollars. We show you exactly where the ROI comes from and how it reduces risk. No vague timelines. Just proven technology that’s working in production today. Hear the full conversation and learn how to spot real AI from vaporware. Watch the “From Vision to Reality: Joe Tyrrell on Embracing AI and Automation” episode of Optimal Insights now on the Optimal Blue YouTube channel.

“Are you prepared to comply with Fannie Mae’s Information Security and Business Resiliency Supplement effective August 12th? The requirements are robust, encompassing industry-leading frameworks, incident response plans, vulnerability management, comprehensive penetration testing, business continuity plans, reporting requirements, and more. Even if you’re not an approved seller or servicer, many of the requirements are considered best practices for creating a robust cybersecurity program and enabling the future of your business. The Supplement outlines requirements in three key areas, including a comprehensive information security program, incident management and response, and business continuity and resiliency. The Richey May cybersecurity experts have created this blog so lenders can learn more about the impact with actionable recommendations. Need help meeting compliance? Contact us today!”

If compliance is on your radar, this is one of those webinars you’ll want on your calendar. Pre-approval letters may seem routine, but small missteps can trigger big compliance issues, especially with varying state rules and inconsistent LO practices. Join compliance expert Ed Miller of Conforma Compliance Group and LenderLogix on Wednesday, July 31st at 1PM EST as they break down what lenders are getting wrong, the risks hiding in plain sight, and how smart institutions are using tech to rein in the Wild West of “cowboy” letters... without sacrificing borrower or Realtor experience. Register now to save your seat.

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 product offerings

“Newrez Correspondent is excited to announce enhancements to our Jumbo AUS and Non-Agency Smart Series programs. Our Jumbo AUS product offering has expanded to include ARMs and, for those lenders that would prefer non-delegated, we have that need covered as well. Our Non-Agency Smart Series program has been updated to include a P&L Documentation option, only one year of self-employment is required, and the DSCR has been lowered to 0.5. To support our customers, we are offering client training sessions for both our Jumbo AUS and Non-Agency Smart Series on a monthly basis or can tailor a personalized training session just for you. Contact your RSM to request training. Don’t forget the upcoming conferences where we would love to discuss these enhancements with you: Chris Nobile at the Michigan MBA Conference in Frankenmuth, MI, August 3-5, and Rebecca Sommer, David Pistone, Brent Nichols & Baird Marble during the Western Secondary Conference at the Terranea Resort, August 11-13. Click here to schedule your meeting.”

“Vista Point Mortgage's Correspondent channel is expanding on the momentum of multiple historic production months. We've enhanced our First and Second Lien offerings to help originators capture more market share in today's rapidly changing landscape. Our newest rollout includes a 3% PPP option on all business purpose loans, as well as self-employed borrower eligibility with just one year of self-employment history, no minimum expense factor required on bank statements and P&L documentation, unlimited cash-out on first-lien non-QM loans, and many more expansions. Join us at the Western Secondary Market Conference in CA from August 11-13 to discuss how we can structure more innovative solutions to build client trust and increase your volume in a shifting market. Visit VistaPointMortgage.com or email us at info@vistapointmtg.com for more info.”

“Spring EQ has rolled out the latest enhancements to EMMA, our loan interface built to simplify your process from registration through funding. These updates are designed to give partners the transparency and efficiency they’ve been wanting. Users can now upload, view, and attach documents to conditions within EMMA, eliminating unnecessary extra steps. A new loan summary section provides key info like DTI, CLTV, loan amount, and payoffs all in one place. You can also add or edit employment income directly, speeding things up and reducing manual work. If you missed this week’s webinar that walked through all the updates, no problem. You can register for next week’s webinar (Tuesday, July 29 at 2:00 p.m. ET) that will cover all the details. Not yet a partner with Spring EQ? Reach out here to get signed up Wholesale Partnership.”

Elizabeth Warren v. Bill Pulte

U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, wrote to Federal Housing Finance Agency (FHFA) Director Bill Pulte about his abnormal behavior directed at Fed Chair Jerome Powell, including his prolific social media use, and whether these actions are preventing him from fulfilling his responsibilities to oversee trillions of dollars in federally backed mortgage loans and lower housing costs for the American people.

“Your job is to manage FHFA, oversee our nation’s mortgage market, and lower costs for American families–full stop. Your prolific activity on X and apparent decision to take time away from your duties as FHFA Director to draft a letter for President Trump to fire Chair Powell are abnormal. Your behavior raises significant questions about your judgement and commitment to operating FHFA in a responsible, competent, and lawful manner,” wrote Ranking Member Warren.

The Ranking Member noted that since the beginning of July alone, Director Pulte has posted or reposted more than 100 times on X about Chair Powell. The Ranking Member listed Pulte’s 15 posts about Chair Powell on July 16th alone.

Ranking Member Warren continued: “During your nomination process, I raised concerns about your excessive and unusual use of social media, and how that reflected on your temperament and fitness to serve. It now appears that my concerns were prescient.”

Ms. Warren concluded by asking Director Pulte for copies of all of his posts and reposts on social media platforms regarding Chair Powell, for details about how much time social media is taking up out of his schedule, and for details about his involvement in the Trump Administration’s move to establish pretext to fire Chair Powell.

During Director Pulte’s confirmation process, Warren wrote to Pulte requesting copies of the 25,000 posts on X that he deleted ahead of his confirmation, which have yet to be provided.

Homebridge & NFTYDoor

Homebridge reminded the industry of its ownership of, and being “powered by,” NFTYDoor, “a fast-rising fintech platform that has pioneered AI-powered lending infrastructure… This acquisition, made in mid-2023, marks Homebridge's bold step toward not just keeping pace with the industry, but shaping its future.”

“Founded by Mark Schacknies and Jonathan Spinetto, NFTYDoor was born out of frustration with outdated, fragmented mortgage processes. The founders envisioned a platform that delivers modern, digital, and intelligent lending infrastructure with instant credit decisions, automated underwriting, and costs reduced by over 90 percent. Launched in 2022, NFTYDoor's HELOC platform integrates real-time credit scoring, automated valuations, income verification, title reviews, and digital closings, all through a proprietary decision engine. Over half of applicants now receive ‘Fast Pass’ instant approvals, reducing closing times from weeks to days.”

Non-Agency program news around the biz

As part of its regular credit review process, eRESI Mortgage may publish an active monitoring list or a do-not-buy list for valued partners' awareness and risk management. Effective for new loan applications on or after July 16, 2025: eRESI will not accept appraisals from appraisal firms/appraisers listed in the attached document.

With summer rental demand surging, investor clients looking to capitalize on peak season opportunities can benefit from Logan Finance flexible Non-QM solutions designed specifically for real estate investors.

There are new additions to JMAC Lending Venice DSCR program. Now offering 5-8 Units and 2-8 Mixed-Use. Plus, FHA single-unit spot approvals.

Effective for all Best Efforts Commitments taken on or after Thursday, July 10, Pennymac updated Jumbo LLPAs as described in Announcement 25-70.

Citi Correspondent Lending is reducing the HomeRun program's LLPA, effective with new Best-Efforts locks completed on/after Friday, July 18, 2025. Current HomeRun LLPA - 2.50, New HomeRun LLPA (eff. 7/18/25) - 2.25.

Citi Correspondent Lending recently made a significant change to its Special Purpose Credit Program's (SPCP) eligible markets. Effective with new loan registrations on/after June 15, 2025, Citi added five new Market Areas to the SPCP. If you aren't familiar with this program yet, take a few moments to review SPCP flyer. Complete details regarding program eligibility can be found in the Correspondent Manual Sections 292 and 292.1.

Capital markets: overall, rates haven’t moved much

Where’s the macro narrative? After five consecutive sessions of rate rallies, benchmark yields have retraced nearly all movement since late June, with the 5-year down 17-basis points, the 10-year breaking below key support, and the 2-year regaining lost ground. Despite a flurry of events (e.g., a ceasefire in the Middle East, mixed jobs data, political pressure on the Fed, and ambiguous inflation reports) rates have essentially “round-tripped” over the past month, leaving markets with plenty of volatility but little lasting direction. The market did not receive any economic data to influence yesterday's trade and things will remain subdued on that front today as well.

One point of note: There is likely more pressure on consumer prices coming. Import prices excluding fuel were up notably in June, suggesting foreign companies aren’t shouldering the burden by offering U.S. firms lower prices. This challenged President Trump’s claims that other countries pay the rate on his ever-evolving tariffs.

Today’s economic calendar kicked off with mortgage applications increasing 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 18. Later today brings existing home sales for June and Treasury activity that will be headlined by an auction of $13 billion in reopened 20-year bonds and a buyback (for illiquidity purposes) in 3- and 5-year coupons for up to $4 billion. We begin Wednesday with Agency MBS’ prices little changed from Tuesday’s close, the 2-year yielding 3.84, and the 10-year yielding 4.36 after closing yesterday at 4.34 percent.

Alert! A shop assistant fought off an armed robber with a labelling gun.

Police are looking for a man with a price on his head.