July 24… While much of the nation swelters, if you live in Utah, it’s Pie and Beer Day. Uh, I mean, Pioneer Day. The average home in Utah now costs $517,000, a 1 percent increase from last year, per this article and very manageable. If this article (showing state-level fraud rankings) is to be believed, Utah has steered clear of a high mortgage scam ranking. Good job! For more good news, LOs are watching nationwide stats and trends for marketing purposes. Today will be another episode of The Big Picture at 3PM ET (click here to register) sponsored by Depth and featuring Nikki Bialka who oversees affordable & CRA lending for Fifth Third Bank. Thank you to Mark W. who reminded me that approximately 39 percent of 18- to 30-year-olds in the U.S. lived with their parents, according to a post citing OECD data. According to Fortune, citing a recently published Goldman Sachs note, the share of U.S. homeowners without a mortgage rose from 33% in 2010 to 40% in 2023. Assuming there are 86 million homes nationwide, the outlet estimates more than 30 million are now owned free and clear. (Today’s podcast can be found here and this week’s podcasts are sponsored by Wholesale Mortgage Direct (WMD), whose mission is to deliver high demand, innovative products unique to the wholesale industry, including MyEQNow, which is one-of-a-kind TraDigital HELOC platform. WMD is your trusted partner for innovative HELOC, NonQM and/or Reverse options. Today’s has an interview Wholesale Mortgage Direct’s Denis Kelly on the evolving wholesale channel and HELOC landscape, the rise of digital lending, investor, and borrower demand in underserved markets, and how the MyEQNow platform is reshaping access with innovative, data-light solutions.)
Products, Services, and Software for Lenders and Brokers
Federal, state, and local fees are subject to change whenever new laws are passed, requiring lenders to be vigilant in keeping up with these changes. This may result in additional resources if the solutions in place can’t support the fee management processes needed. Furthermore, disclosing inaccurate fees to borrowers at the time of closing can cost lenders thousands of dollars in fee cures. ICE’s new whitepaper, How fee changes can directly impact lenders, breaks down four use case examples that demonstrate the potential consequences local and state fee changes can have on a lender’s operations. Learn how having the right fee management tools in place can help prevent fee cures and streamline the fee management process: How fee changes can directly impact lenders
The Loan Store reduces bottlenecks and elevates exception management with ACES Flexible Audit Technology® Before implementing ACES, The Loan Store managed pre-fund, post-close, and due diligence audits using spreadsheets, an approach that limited efficiency and visibility. With ACES Quality Management & Control Software®, they’ve accelerated QC response times, gained real-time visibility into audit performance, and identified trends and gaps with robust reporting, all supporting their commitment to seamless closings and strong partner relationships. “There’s a lot less strain at the end of the month. It’s more efficient for everyone, and that transparency helps our whole business operate more effectively,” said Thessel Jonas Hyango, Managing Director of Quality Control at The Loan Store. Watch the success story.
“Looking to boost your ROI on your marketing activities? How does a 5x improvement sound? That’s what our clients see when they use Cotality’s Intelligent Marketing Solutions. We have developed a powerful platform (Araya) that delivers four solutions designed to help you easily keep in touch with past customers with personalized, automated messages and understand when they are in the market for a new home or other lending product. Plus, you can get the insights you need to uncover new areas of opportunity and identify potential networking partners. All backed by Cotality’s gold standard property data and insights, covering over 99.9% of U.S. properties. To see more about how we’re helping originators succeed in any market, check out our comprehensive suite of solutions and schedule a demo with us today!”
If you lead borrower experience or mortgage ops, take a lesson from the bees. In a honeybee hive, every worker knows what to do. Some forage, others clean, nurse larvae, or tend to the queen. No one micromanages… It just works. Tropos brings that same natural coordination to lending. Its modular infrastructure and seamless integrations let your tech stack function like a well-tuned colony with each part doing its job, all moving in sync. Borrowers move forward with ease, equipped with real-time updates and fewer manual asks. Build your hive with Tropos.
Planet delivers exceptional sub-servicing for residential and commercial assets, combining operational expertise, transparency, and tailored solutions. S&P and Fitch-rated for agency and non-agency residential and commercial loan portfolios. Planet delivers the execution and oversight investors count on to protect performance and minimize risk. Experience smarter sub-servicing with Planet: subservicing@planethomelending.com.
MMI Launches ChatMMI: Mortgage Intelligence. Just Ask. No dashboards. No filters. No digging. Just answers. ChatMMI™ is the industry’s first conversational AI tool built specifically for mortgage professionals. Whether you're in sales, recruiting, marketing, or executive leadership, ChatMMI gives you instant answers to complex questions, just by typing them. It’s powered by MMI’s real-time, highly accurate mortgage dataset, so you get trusted insights, instantly. ChatMMI also works seamlessly with Bonzo (for automated engagement) and MonitorBase (for borrower intent alerts), creating a unified solution that gives you an undeniable edge in productivity, growth, and retention. It’s smart. It’s simple. And it’s built for how you actually work. Get the full story on ChatMM’s launch. Or see ChatMMI in action.
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
“Catch Click n’ Close on the Road! Click n’ Close is attending two key industry events this August, and we’d love to connect. Our Correspondent team will attend the CMBA Western Secondary Market Conference, August 11–13, in Rancho Palos Verdes, CA. Don’t miss your chance to meet with our team and learn more about our best-in-class suite of Repayable and Forgivable down payment assistance (DPA) programs. We pay up for E-notes! Our wholesale team will also be at the Florida Association of Mortgage Professionals (FAMP) Annual Convention, August 14–17, in Orlando. While there, watch for Jon Eldridge, Regional Manager, who has been invited to present CNC’s acclaimed GOAT DPA program, a clever and insightful take on how we’re reshaping down payment assistance for today’s market. Industry professionals interested in meeting us at either one should contact CNC’s Wholesale or Correspondent divisions.”
“Citi Correspondent Lending is committed to maintaining a client centric focus that enables strategic growth. Our current product suite, which includes our Non-Agency Jumbo program, is a critical element of that commitment. Citi’s proprietary, competitively priced Non-Agency Jumbo program offers fixed and ARM options, purchase transaction incentives and CRA premiums for eligible loans, as well as delegated and non-delegated loan delivery options. Interested in learning more about this program or other opportunities Citi Correspondent Lending offers? If you plan to attend the Western Secondary conference next month, schedule some time to speak with our sales team! Both current and prospective clients can reach out to the Account Executive supporting your area. Prospective clients can also complete and return our Prospective Client Questionnaire.”
Webinars and Training
What’s Next for the GSEs? L1 & CHLA Virtual Roundtable, today! Join Lenders One and the Community Home Lenders of America (CHLA) today at 2:00 PM ET for an exclusive virtual roundtable exploring the path forward for the GSEs and the potential exit from conservatorship. Justin Demola, CMB, President of Lenders One, and Taylor Stork, CMB, President of CHLA, will set the stage for the discussion. Hear insights from top Beltway voices, including Ron Haynie, ICBA’s SVP of Mortgage Finance Policy, Mike Calhoun, President of the Center for Responsible Lending, and Rob Zimmer, CHLA External Affairs. The panel will discuss recent developments and key debate topics, including advocacy objectives and strategies, post-conservatorship, use of GSE warrants, the future of the Common Securitization Platform, and more. This event is free and open to the entire mortgage industry: don’t miss it and bring your questions! Register now.
Have borrowers shop with the confidence of a cash buyer, and never again be left wondering if a deal will fall through at the closing table. On the next OriginatorTech Deep Dive, Grow Your Business with TRUTH, TRUST and AngelAi’s TRU Approval on Tuesday, July 29 at 1 PM ET / 10 AM PT, discover how AngelAi’s TRU Approval® and Exclusive Trusted Warranty are giving loan officers an unbeatable edge in a market that demands certainty. In this NMP Webinar, Sun West Mortgage CEO and AngelAi founder Pavan Agarwal teams up with Mark Dimas, Co-Founder of Realty of America, to show how truth, not guesswork, is what truly separates top originators. A TRU Approval® isn’t a pre-qual; it’s a fully underwritten loan backed by verified income, credit, and assets. Plus, it comes with a warranty backed by Sun West. See how Angel Twin keeps you connected without compromising your data. Register now by clicking here.
Introducing Next Level Education: A Fresh Approach to Mortgage Industry Training! Next Level Education is ready for CE season. Co-founded by seasoned mortgage professionals J.R. Huber and Debbie Gadberry, CMB, the company brings over 70 years of combined industry experience to a bold mission: to empower loan officers and elevate the mortgage workforce nationwide. By combining their expertise with a passion for accessible, meaningful education, the founders aim to support both new entrants and seasoned pros in advancing homeownership across the country. Built on a foundation of innovation and engagement, Next Level Education delivers a dynamic learning experience through cutting-edge technology and a variety of course formats, including in-person classes, webinars, and self-paced modules. Their offerings include CE, exam prep, professional development, and personal growth, all enhanced blogs, licensing support, and more. With Adobe Learning Manager at its core, the platform creates a fun, modern environment that adapts to different learning styles and keeps professionals motivated, informed, and inspired.
Upcoming webinar: Mid-Year Compliance Check-In: What 2025’s Regulatory Shifts Mean for You. The first half of 2025 brought rapid changes to the regulatory landscape, and those changes are reshaping compliance priorities for the rest of the year. On July 24th, join Ncontracts’ experts for a breakdown of what’s happened so far, what’s still in flux, and how it all impacts your institution’s risk posture and exam readiness. From executive orders and Section 1071 delays to shifting CFPB enforcement focus, we’ll help you connect the dots and plan with confidence. Designed for anyone navigating risk and compliance, this session will help you cut through the noise and prepare for what’s next. Register today here!
Today will be another episode of The Big Picture at 3PM ET. Rich Swerbinsky hosts a variety of guests. You can click here to register for today’s show featuring Nikki Bialka who oversees affordable & CRA lending for Fifth Third Bank.
Tomorrow’s episode of Last Word at 10am PT, hosts Brian Vieaux, Christy Soukhamneut, Courtney Thompson, and Kevin Peranio explore recent shifts in the mortgage market, focusing on the spate of economic news that has hit the market and the latest out of the Agencies.
Monday’s episode of Now Next Later at 10am PT, has Sasha and Jeremy examining what’s ahead for lenders.
Tuesday the 15th’s episode of MortgagePros411, at 2PM ET, Audrey and Kevin focus on originator’s concerns.
Looking for more in-depth commentary on weekly mortgage news? Register here for Wednesday the 30th at 11AM PT "Mortgage Matters: The Weekly Roundup” presented by Lenders One.
Learn how the re-activation of the Hawaii Hurricane Relief Fund is impacting the insurance landscape. Register for MBAH’s seminar HHRF update and rollout on July 30, at 01:00 PM HT. Scott Saiki and Sue Saio will share information on HHRF’s new role in helping their condo associations.
MGIC’s webinar, “Understanding Mortgage Ineligibility in Condominiums & Cooperatives, is Wednesday, July 30th, 10 a.m. PT / 11 a.m. MT / 12 p.m. CT / 1 p.m. ET.
Join special guests from CondoTek for an in-depth exploration of the key factors that lead to mortgage ineligibility for condominium and cooperative properties and what can be done to restore eligibility.
Capital Markets
Atlas, MCT’s generative AI advisor, continues to redefine innovation in capital markets. At the MBA Secondary Conference in May, Pike Creek Mortgage Services leveraged Atlas to evaluate its current pipeline coverage and request a hedge recommendation. Atlas responded with a recommendation to sell two million of UM30 6’s and a quarter million of G2SF 5.5’s, aligning with expectations. Following a detailed review, Pike Creek executed both trades with confidence through a competitive auction on MCTlive! “It’s one thing to summarize a pipeline, it’s another to help manage it,” said Steve Pruitt, CFO at Pike Creek Mortgage Services. This video demonstrates how Atlas goes beyond surface-level insights by interacting with live data and delivering actionable, lender-controlled recommendations. It’s a real-world look at how AI is already improving confidence, speed, and precision in secondary marketing. Watch the video to see MCT’s generative AI in action, driving faster decisions for MCT clients.
Turning to the “what’s moving, or not, rates” world, the five-day rally in the bond market may be over, but the “bear-flattening” of the yield curve (long-term yields dropped more than short term yields, typically due to expectations of tighter monetary policy) yesterday wasn’t driven by a tremendous amount of selling. Sure, there were some technical pivots and money being taken off the table in general, but pressure was mitigated by news of a trade deal with Japan. (Does that mean they don’t have to release the Epstein files now? I digress…) The trade deal imposes a 15 percent tariff on Japanese exports, lower than the previously threatened 25 percent, while Japan committed to investing billions in the U.S. and opening its markets to more American goods.
That deal, coupled with reports that the European Union and the U.S. are progressing toward an agreement that would set a 15 percent tariff for most products, according to diplomats briefed on the negotiations, helped fuel a “risk-on” trade in midweek action. As global trade tensions ease and attention turns to corporate earnings from Wall Street, other countries like the Philippines have made modest progress, while Canada faces delays. The reported progress on the trade front has lifted risk assets and put slight downward pressure on Treasuries, though the 10-year yield remains anchored near its 200-day moving average. Despite trade optimism, the Treasury market continues to trade within its established range, and that pattern is unlikely to shift in the near term, barring a major surprise. Put a different way, markets are more likely to lean toward lower yields than a breakout above 4.50 percent. But nobody can predict rates.
Originators know that high interest rates (compared to five years ago) remain a significant constraint on home sales. Total existing home sales fell 2.7 percent in June, bringing the pace of resales to a 10-month low of 3.93 million units. The persistently weak pace of sales has allowed supply to increase recently, which has led to a moderation in home price appreciation. Despite all that, for-sale inventory remains low enough to keep upward pressure on prices. During June, the existing median home price climbed to $435K, a record high. The increase is a reminder that, in addition to financing costs, elevated home prices are also a significant limitation for home buyers. Oh, I thought rising credit score costs were the reason nobody could afford a home, based on all the grousing.
Today’s economic calendar kicked off with weekly jobless claims (217k). Later today brings S&P Global flash PMIs for July, new home sales for June, KC manufacturing for July, Treasury announcing auction sizes for month-end supply (consisting of $69 billion 2-year, $70 billion 5-year, $44 billion 7-year notes, and $30 billion new 2-year FRNs) before actually auctioning $21 billion new 10-year TIPS, and Freddie Mac’s Primary Mortgage Market Survey. Also, the European Central Bank was out with its latest monetary policy decision (no change), and earnings continue to pour in from Wall Street. We begin Thursday with Agency MBS prices slightly worse than Wednesday’s close, the 2-year yielding 3.92, and the 10-year yielding 4.43 after closing yesterday at 4.39 percent.