One of the panels during this year’s California MBA Western Secondary focused on the ramp up of non-Agency/equity lending. Why has it increased as a portion of the overall residential origination pie? It is attributed to a changing economy and changing borrowers, along with record equity. Add in the high percentage of borrowers who have first-lien mortgage rates below 5 percent (the “lock in effect”). There’s consumer pressure (high debt), equity extraction, the 40 percent of owners don’t have a mortgage, so owners are levering. From Freddie and Fannie’s perspective, the Agencies don’t have an answer for many of these borrowers or scenarios. Any lenders refusing to adapt to these demographics, do so at your own peril. On the housing side of things, Saturday’s Commentary featured “The Missing Principle in Housing Finance” by Marc Biron and Steven Siegel. The article explores how diversifying individual home-price risk could enhance homeowner financial resilience and support safer no- or low-down-payment mortgage lending. Mortgage lenders, loan investors, and other industry participants interested in the concept can contact Marc. (Today’s podcast can be found here. This week’s ‘casts are sponsored by Optimal Blue. Optimal Blue’s Profitability Center unifies pricing, hedge performance, pipeline activity, profitability, and market intelligence into one personalized dashboard, giving mortgage lenders faster, more complete insights to make better capital markets decisions. Today’s has an interview with Angel Oak's Tom Hutchens on the latest from the non-QM space.)

Lender and Broker Software, Products, and Services

The espresso martini has come a long way since bartender Dick Bradsell reportedly created it in the 1980s for a customer who wanted a drink that would “wake me up, then mess me up.” Today, it’s a staple at celebrations, cocktail bars and now conference receptions. Floify is sponsoring its own twist at ACUMA’s Make Your Mark Conference, September 20–23, 2026, at the Fontainebleau Las Vegas: a vanilla bean espresso martini with light-up swizzle sticks. The same spirit of reinvention carries over at Floify’s kiosk, where attendees can experience Dynamic Apps 2.0. The configurable platform lets lenders tailor borrower application experiences for virtually any loan product, while embedded AI extracts borrower data, auto-populates the 1003 and helps move cleaner loan files through the pipeline faster. It’s proof that a thoughtful update can make an old favorite feel entirely new. Schedule time with Floify at ACUMA to stir your innovation.

What if you could modernize execution without rebuilding your technology stack? JazzX AI was built for exactly that purpose. Rather than replacing your LOS, CRM, document systems, pricing engines, verification providers, or third-party services, JazzX sits above them as a System of Intelligence - an AI-native execution layer that orchestrates work across the mortgage lifecycle while preserving the systems you've already invested in. The result is a modern mortgage operation that becomes more adaptive, intelligent, and efficient without the cost, risk, and disruption of rip-and-replace initiatives. Want to see it in action? Book a demo with our team.

For smaller independent mortgage bankers, the right relationships can create meaningful efficiencies and new opportunities for growth. Western Alliance Bank’s Specialized Mortgage Services Group and AmeriHome Mortgage bring warehouse financing and correspondent lending together through one coordinated relationship. Western Alliance Bank, Member FDIC, offers a warehouse program tailored for Non-Delegated Correspondent sellers, including preferential terms for loans purchased by AmeriHome, a wholly owned subsidiary of the bank. AmeriHome provides underwriting support and loan approval before closing, allowing non-delegated sellers to retain the borrower relationship and fund loans through their own warehouse line. AmeriHome is the nation’s largest bank-owned correspondent investor,* while Western Alliance provides mortgage warehouse lending, MSR financing, note financing, treasury management solutions and a whole loan trading desk that purchases scratch-and-dent loans nationwide (send bid requests to SnD@westernalliancebank.com). Explore the advantages of a more connected mortgage banking relationship by contacting the Western Alliance team or the AmeriHome team. *According to Inside Mortgage Finance, 6/5/2026.

PRMG® has been named a Top VA Lender in Scotsman Guide's 2026 rankings, rising to No. 14 from No. 16, and overall, No. 13 lender in America. The recognition coincides with the country’s 250th anniversary and reflects PRMG's commitment to serving our military families through dedicated people, programs, and technology. "When the underwriting is done correctly, VA loans are one of the most powerful lending solutions for military borrowers,” said J.D. Peck, PRMG area manager and VA loan specialist of the JD.Mortgage Team. Scott Stacy, PRMG sales team lead and VA loan specialist, pointed to PRMG's partnership with Operation T.A.G., a 501(c)(3) nonprofit, to offer the Hometown Hero Credit. "Veterans, active-duty service members and Gold Star spouses may receive a 2 percent credit, up to $21,000, toward closing costs," Stacy said. "It is a meaningful way to ease homeownership costs." Contact: Paul Lucido, Chief Culture and Brand Communication Officer.

Rooftop views, craft cocktails, and Dallas' best mortgage industry crowd: Covius is throwing the Five Star party you won't want to miss! Join Covius, Guardian Asset Management and Ghidotti Berger on Tuesday, September 1st at 8 p.m. at Waterproof, the iconic rooftop lounge atop the Statler Hotel. Enjoy skyline views and cocktails as we kick off the conference together. While you're at Five Star, learn how Covius helps lenders and servicers control risk and assure compliance through expert partnership in default title, loss mitigation, title curative, REO & auction, doc prep and more. Space is limited, so RSVP now to secure your spot at the hottest reception at Five Star.

Affordability pressure doesn't disappear when the loan closes. It comes back later as repurchase risk. Your borrowers are stretched, leaving less room for errors in the file. Truework, a Checkr Company, verifies income, employment, and assets before you close, replacing error-prone processes with fast, automated reports pulled directly from sources. Lenders see up to 50 percent cost savings on verifications, with faster turn times and higher accuracy. Learn more.

“Live Webinar: Reach High-Net-Worth Clients with Pennymac TPO’s Asset-Based Loans. If you’ve ever had to pass on a high-net-worth client because their traditional income docs limited their ability to qualify, this webinar is for you. Join Pennymac TPO for a complimentary webinar on August 25th at 10AM PT/ 1PM ET as we dive into the benefits of our Asset-Based Loan options, designed to help you serve more high-value clients and open new channels of business. Learn to utilize stocks, bonds, retirement accounts, and liquid funds effectively to choose the right strategy for your clients’ specific needs. Register today, contact your Pennymac TPO Account Executive, or become a partner to learn more. We hope to see you there! (Equal Housing Lender, NMLS #35953)”

Chrisman Demo Day is a free perk for all Chrisman Marketplace members. If you're a technology or service provider and haven't joined the Marketplace yet, reach out to info@chrismancommentary.com to learn more.

The Chrisman Marketplace is a centralized hub for vendors and service providers across the 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.

Mortgage Travel Plans for 2026 and Into 2027

A good place for longer-term conference planning and for organizers to post their events is to start is here for in-person events in the future. Book those flights in advance… they’re not cheap and have been going up given the war in the Middle East. Lenders and vendors are casting a critical eye on ROI (return on investment) given how much it costs to send an individual thousands of miles away, week after week.

The Louisiana Mortgage Banker Association’s Annual Conference is August 16th-18th 2026 at the Hilton Capitol Center Downtown Baton Rouge.

Join MISMO August 24-27 in Reston, Virginia, for the MISMO Fall Summit, where mortgage industry leaders come together to collaborate, solve challenges, and advance the standards shaping the future of lending. Early bird pricing ends July 1st.

In September we have, in Hood River, Oregon, the PNMLC yearly conference from 9/13-9/15.

In Dallas from 9/15-16, is the LoanVision Innovation conference with LoanVision recently rolling out its new AI tool.

Join mortgage industry professionals from across the Washington DC region on Thursday, September 17th at 9:00 AM – 4:30 PM EDT for a full day of timely insights, practical strategies, and valuable connections. The 2026 MBAMW Annual Conference will explore the economic outlook, client engagement, modern marketing, AI, and the importance of human connection in today’s evolving mortgage marketplace.

September 20 is the start of the yearly ACUMA conference, attracting credit unions and third-party providers from across the nation to Las Vegas.

From 9/21-9/23 the NY MBA conference is at the Rivers Casino & Resort in Schenectady NY, close to the Albany International Airport.

Compliance and Risk! From September 27-29 the MBA is hosting its annual conference.

10/4-10/6 in Ypslanti, near Detroit, the Michigan Mortgage Lenders Association is having its annual fete.

10/11-10/14 is the MBA “Annual”, this year in Chicago.

If technology is part of your world, MBA's Tech Exchange should be on your radar. AI. Innovation. Cybersecurity. The future of mortgage tech… The folks at MBA told me they are planning to pack it all into one high-energy day on October 14 in Chicago, right after the Annual Convention. They’re kicking things off with Zack Kass, former Head of Go-To-Market at OpenAI, and the day will be filled with practical, interactive sessions.

On 11/18, in St. Louis, we have the Mortgage Bankers Association of St. Louis annual luncheon, along with other events throughout the year, and on 11/19, in Kansas City, is the annual MBAKC luncheon. (Watch for details.)

Accounting and Financial Management!

The MBA has announced the 2027 IMB Conference, set for January 25-27, once again in Florida, this time in Tampa.

Then there’s 2/1-2/3 Optimal Blue in Scottsdale, 3/7-3/10, in Frisco, TX, L1, 3/15-3/17 in Las Vegas, NV, ICE, 4/19-4/21 Great River, 5/16-5/19 in Chicago the MBA’s National Secondary, and MBAH in Honolulu June 15-17.

Capital Markets

Today’s Capital Markets Wrap at noon PT, presented by Polly, Kristin Ankeny Bickenbach, Ira Selwin, special guest Dave Gottfried, and me examine the latest developments shaping mortgage capital markets. UWM’s hedging and earnings in general, AI's growing role in pipeline management, sales, and trading, higher Treasury borrowing, premium access to market-moving news, and what these trends mean for lenders in a higher-for-longer rate environment will be discussed.

An efficient market means that a buyer and seller have the same information. Think of disclosures used in home buying. The recent announcement that President Trump’s company would be selling information ahead of the release to the public turned some heads. Mortgage banking remains a business of allocating capital against an unknowable future. Mortgage finance periodically mistakes new tools for new economics. Every cycle introduces technologies that appear capable of reshaping the competitive landscape, and for a time many do.

Yet the industry's most persistent sources of value creation haven't really changed: Secondary markets reward institutions for interpreting uncertainty more effectively, investors have lacked clarity (as opposed to lacking data), and every mortgage-backed security is ultimately a collection of assumptions about borrower behavior, prepayment incentives, housing markets, labor conditions, and interest rates. The challenge has been determining which risks matter, which risks are mispriced, and which risks remain hidden until market conditions change.

Technological progress may improve analysis, but it does not eliminate uncertainty. When everyone has access to similar models, similar datasets, and similar computational power, competitive advantage shifts elsewhere: toward governance, discipline, and decision-making under ambiguity. The institutions that consistently outperform across cycles are the ones that maintain conviction when consensus is wrong, preserve liquidity when markets become stressed, and avoid confusing precision with foresight. How are you evolving your understanding of the difference between information and insight?

In terms of bond prices, and thus interest rates, it was a quiet day yesterday as investors largely stayed on the sidelines ahead of today’s July Consumer Price Index report, which is the key data point for recalibrating the odds of a September rate hike. The Treasury’s strong $58 billion three-year note auction did not move the market as investors awaited a clearer inflation signal before making a larger move. CrossCountry Mortgage, the nation's largest distributed-retail mortgage lender, priced its upsized offering of $750 million aggregate principal amount of 7.750 percent senior notes due 2031.

Today’s economic calendar kicked off with mortgage applications from MBA, which rose 3.6 percent last week as a modest decline in mortgage rates, helped by a brief drop in oil prices on hopes for progress in the Iran conflict, encouraged both purchase and refinance activity. Refinance applications increased 5 percent week-over-week but remained 22 percent below last year, while purchase applications rose 3 percent but were still 1 percent lower year-over-year.

We’ve also received July CPI (+.1 percent, as expected and a prior reading of -0.4 percent; +3.4 percent Y-oY, well above the Fed target) and Core CPI (+.2 percent, also about as expected and a prior reading of 0.0 percent; +2.5 percent Y-o-Y). Later today brings weekly crude oil inventories, July’s Treasury Budget, and a Treasury auction of $42 billion 10-year Treasury notes. We begin Wednesday with Agency MBS prices slightly better than Tuesday’s close, the 2-year yielding 4.20, and the 10-year yielding 4.66 after closing yesterday at 4.68 percent.