People gearing up for the Western Secondary in Southern California see that “technology” is on the agenda. (Of course, it is always on every agenda, right?) Is the making of baby carrots considered “technology”? When Google tells you that part of its sales business was hacked, do you even care? On Monday, Jessica Evett, SVP of Product Strategy and Technology Ops, CloudVirga, discussing how to think about what point of sale means now? Where is the data we need and how do we collect and verify it for approval? Embalmers don’t read this Commentary, nor do they use a lot of technology: Embalmers are on this list of jobs least likely to be affected by AI. (Remember the source.) There’s also a list of jobs in that link likely to be most affected by AI. Ugh. Do you need digital project intelligence, helping your forecast your, and your company’s, business? There’s Shilo AI; “the innovative force in real estate technology” that just raised $2.6 million in its latest funding round. Don’t forget: Never take meeting notes again. Get transcripts, automated summaries, action items, and chat with Otter.AI to get answers from your meetings. (Today’s podcast can be found here and Sponsored by Total Expert, the purpose-built customer engagement platform trusted by hundreds of modern financial institutions. Total Expert turns customer data into actionable insights that help lenders engage and guide consumers through complex financial decisions. Hear an interview with Ardley’s Nathan Den Herder and Taylor Potter on borrower behavior and loan data from portfolios in the second quarter.)

Products, Services, and Software 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 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.”

“Luxury Mortgage Corp.® is excited to launch Simple Seconds™, our new Fixed Rate Second Mortgage program designed to give borrowers more flexibility without touching their low-rate first mortgage. With loan amounts up to $1 million, Simple Seconds are available on primary, second home, and investment properties, and support Full Doc, Bank Statement, 1099 ONLY, and DSCR income types. The program offers fixed 15- and 30-year terms, allows DTI ratios up to 50%, and requires a minimum credit score of 720. Best of all, there’s no mortgage insurance, no prepayment penalties, and no escrow requirement. Available as a standalone or concurrent second. Simple Seconds gives your borrowers more options to access the equity they’ve built, without giving up the rate they love. Let’s keep growing together. Not an approved broker yet? Become an Approved Broker.”

PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), is committed to providing mortgage lenders with a sustainable funding source in an uncertain market. With over 30 years’ experience and a well-capitalized, diversified financial holding company. PlainsCapital Bank National Warehouse Lending provides confidence to meet our mortgage lending partners’ funding needs. With exceptional operational performance, and a focus on relationship-driven business geared towards long-term success, we do not dwell on unnecessary fees. With PlainsCapital Bank National Warehouse Lending there are NO non-usage fees, NO application or renewal fees, NO third party due diligence fees or Third Party Doc Custodians and NO interest charged on the day of loan settlement. If you are attending the Western Secondary Conference in Palos Verdes, CA and interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Deric Barnett or John Weerts.

“Everyone has VIP clients who are “top shelf” and treated with extra care. Here at Symmetry, we want to show you that we give every customer white glove treatment. Each loan is handled like family. We have first-class exceptional service. We have No prepayment penalty and No EPO to you. What are you waiting for? Symmetry Lending!”

August means it’s time for the California MBA’s 2025 Western Secondary Market Conference! As a key sponsor of this year’s conference, Western Alliance Bank’s Specialized Mortgage Services Group looks forward to seeing the industry come together Aug. 11-13, at Terranea Resort Palos Verdes, CA. And as hosts of the All-Attendee Party on the first night of the conference, the Western Alliance team and their colleagues at Western Alliance Bank’s wholly owned subsidiary, AmeriHome Mortgage, invite you to join them on Monday, Aug. 11, from 6-9 p.m., on the 4th Floor Terrace. Additionally, the team extends its deepest appreciation to California MBA CEO Susan Milazzo and everyone at California MBA for their advocacy for the mortgage banking community. To learn more about how Western Alliance Bank can tailor solutions to help drive profitability, reach out to the Specialized Mortgage Services Group or meet them at the conference. Western Alliance Bank, Member FDIC.

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.

Better.com Mortgage Earnings

Better.com just reported Q2 earnings, “highlighting sustained growth and operational momentum driven by AI adoption, channel expansion, and fintech product innovation.” Key highlights from its Q2 earnings video call and presentation are… Funded loan volume grew 25 percent YoY to $1.2 billion with 4,032 total loans funded, up from 2,995 in Q2 2024 and 2,975 in Q1 2025. Better.com’s revenue increased 37 percent YoY to $44M, “fueled by tech-driven efficiencies and better conversion.” Adjusted EBITDA loss sharply reduced from Q1 2025’s $(40) million to Q2 2025’s $(26.6) million, a notable step toward profitability as the company remains focused on reaching Adjusted EBITDA breakeven by the end of Q3 2026. HELOC & second lien volume surged 166 percent YoY to $240M, making up 20 percent of total loan volume, signaling strong momentum in Better.com’s diversification strategy.

In-Person Events and Training

Every conference has an LTV ratio: the percent of “Lenders to Vendors.” Cutting edge mortgage stats aside, a good place for longer term conference planning is to start is here for in-person events in the future; and organizers can post their event!

August 11-13, who doesn’t want to attend the fabled California MBA’s Western Secondary? “Golf anyone? Looking for another great networking opportunity and a day of fun? Join us for the 2025 CAMPAC Golf Tournament on Monday, August 11th in Rancho Palos Verdes, which is also the unofficial kickoff of the Western Secondary Market Conference! Proceeds for this event support the political action committee of the California MBA which allows the association to maintain a strong political presence in California. This event sells out every year so lock in your foursome today! For more information, contact registration@cmba.com.”

Be sure to check out FAMP’s annual convention in Orlando August 14-16.

September 7 through the 10th, in Boise, Idaho, is the Pacific Northwest Mortgage conference. Hear from the MBA Chairperson Laura Escobar, forward thinker Kristin Messerli, Guild’s David Battany, Robbie and Rob Chrisman, and other top-notch speakers about our industry and where we’re going.

September 11-12 there’s the Mortgage Bankers Association of Mississippi Fall Conference in Jackson. Check out “Success Through Synergy!”

If you’re near New York, check out the annual NYMBA’s convention 9/15-9/17.

Registration is officially open for ACUMA’s 2025 Make Your Mark Annual Conference! Join credit union lending professionals and industry leaders from across the country September 21–24 in Denver, Colorado, for one of the year's most impactful credit union mortgage events. This year’s conference promises dynamic speakers, timely insights, hands-on learning, and powerful networking opportunities. Whether you're returning or attending for the first time, this is your chance to make connections that matter and be part of shaping the future of credit union mortgage lending.

“The 2025 Loan Vision Innovation Conference is where mortgage finance leaders come to connect, learn, and innovate. Join us in Atlanta, GA, from September 22-24 for three days of expert-led sessions, real-world strategies, and networking with the best in the industry. From cutting-edge technology to efficiency-boosting insights, LVIC25 is designed to help you drive profitability and stay ahead of the curve. Don’t miss your chance to be part of the premier event for mortgage banking professionals! Register now! Rob Chrisman is back on the main stage at the 2025 Loan Vision Innovation Conference! Connect with top lenders and financial leaders shaping the future. Register now!”

The 2025 MBA Annual Convention & Expo will begin October 19 in Las Vegas.

On November 19th the Mortgage Bankers Association of St. Louis will have a fine luncheon with a discussion of industry trends.

On November 20th, the Mortgage Bankers Association of Kansas City will have its annual BBQ/Thanksgiving event! Watch for sign-ups.

Capital Markets

On today’s episode of Last Word at 10AM PT, Brian Vieaux, Christy Soukhamneut, Kevin Peranio, and Courtney Thompson analyze the political and market ripple effects of President Trump’s firing of the BLS chief and his recent meeting with banking leaders on GSE reform. They also explore the implications of falling mortgage rates and new housing finance nominations on the mortgage industry. And let’s not forget, to the surprise of no one, Donald Trump nominating chair of White House economic council Stephen Miran as Federal Reserve governor.

Remember the good ol’ days of Brexit? The U.S.-China Trade War? Portugal, Italy, Greece, and Spain (PIGS) in trouble? Well, now all the headlines seem to revolve around tariffs and the Fed. Quite a bit of uncertainty abounds in how much of the tariff impact is already baked into the economy and whether upcoming data, crucially on inflation and jobs, will confirm or challenge these concerns. The lackluster July employment report added to the unease, leaving open the question of whether we’ve seen the low point for payroll growth or if further deterioration is ahead.

July’s weak payrolls report has shifted the Fed’s calculus from focusing on inflation toward prioritizing the employment mandate. Another worry is how will tariffs influence core goods inflation? The probability of a September rate cut is now effectively fully priced in, with attention turning to July’s Consumer Price Index, August’s NFP, and August’s CPI as the pivotal data points for determining whether further cuts will follow in October or December.

Using technology to help you in your job? On the data front, we learned yesterday that Q2 productivity rose 2.4 percent, rebounding from a sharp Q1 decline, and helped slow unit labor cost growth to 1.6 percent, though productivity in the current cycle remains below its historical average. Labor market data were softer, with initial jobless claims ticking up to 226k and continuing claims climbing to their highest level since late 2021, reinforcing signs of cooling employment conditions following last week’s weak payrolls report. Consumer credit growth in June was modest at $7.4 billion, driven entirely by non-revolving credit, while wholesale inventories inched up 0.1 percent.

Mortgage prices are a direct result of supply and demand. The Agencies released fairly uneventful July prepayment reports late yesterday. FN30s and 15s increased a slightly lower 4 percent and 6 percent on average versus June, while GNIIs were up 3 percent. Paydowns totaled $87.4 billion versus $84.0 billion in the prior month, while net issuance was $15.1 billion versus $24.0 billion. As expected, Freddie Mac reported declines in the 30-year and 15-year mortgage rates in the week ending August 7. The 30-year decreased 9-basis points to 6.63 percent, and is just 1-basis point above April’s YTD low, while the 15-year fell 10-basis points to a new 2025 low of 5.75 percent.

Today has all the hallmarks of being a pretty dull summer Friday trading session. There are no major economic releases (same goes for Monday) while the only event is St. Louis Fed President Musalem delivering remarks. Markets will digest the announcement that President Trump has selected Dr. Stephen Miran to the Board of Governors until January 2026. Miran was serving as chair of the Council of Economic Advisors for Trump. We begin Friday with Agency MBS prices roughly unchanged from Thursday’s close, the 2-year yielding 3.73, and the 10-year yielding 4.26 after closing yesterday at 4.24 percent.