As I type this, I’m at the doctor’s office, and some guy a few seats over is booing all the names being called that aren’t his. Do you boo the products that you don’t have? Non-Agency lending, much of it in the form of non-QM loans, has been moving steadily higher at the expense of Freddie Mac’s and Fannie Mae’s market share. Are rates helping? I went back and looked at January 2 of this year. The 2-year Treasury was yielding 4.20 percent, and the 10-year was yielding 4.52, a difference of 32 basis points. Today we have them at 3.74 and 4.29, a difference of 55 basis points, so this difference, one measure of the steepness of the yield curve, has doubled. It is steeper. How’s your adjustable-rate product offering? ARMs now account for nearly 10 percent of applications, per the MBA. Our biz could certainly use a little boost: According to Curinos’ proprietary application index, refinances decreased 20 percent in July; the purchase index decreased 28 percent for July as a whole. July 2025 funded mortgage volume increased 2 percent YoY and decreased 2 percent MoM. (Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures. We drill into this data further here.) (Today’s podcast can be found here and this week’s is sponsored by FirstClose. FirstClose provides fintech solutions to HELOC and mortgage lenders nationwide, increases profitability and reduces costs for mortgage lenders through systems and relationships that enable lenders to assist borrowers more effectively and ultimately shorten closing times. Hear an interview with NFTYDoor’s Mark Schacknies on the reshaping of mortgage lending: from lightning-fast HELOC approvals and real-time AI underwriting to a human-plus-tech model that prioritizes loan officers over direct-to-consumer disruption.)
Products, Services, and Software for Lenders and Brokers
“Strengthen your mortgage quality control with TENA Companies, Inc., the Leader in QC since 1982! TENA provides solutions for firms of all sizes to confidently manage compliance and mitigate risk. Join us at the upcoming MBA Compliance and Risk Management Conference, September 28-30 in Washington, D.C., where our expert team of Tom McDonough, AMP, Kathryn Anderson-Paulbick, CMB, AMP, Wade Mjelde, CRCM, and Viki Ailport, AMP, will all be on-hand to answer any of your QC or compliance-related questions. And don’t miss TENA’s VP of Loan Origination QC, Jamie Huseth, CRCM, who will be speaking during the session, “Clean QC – Nailing GSE Reverification Standards.” This discussion will highlight common mistakes and provide attendees with tips to help navigate the complex compliance landscape and streamline their QC processes. Visit our website or contact us today at info@tenaco.com for more information or to schedule a meeting at the conference. Sign up for our TENAlert newsletter for the latest mortgage regulatory updates delivered to your inbox!”
“Back to School. Back to Basics. Back to Conventional. At AFR, we’re focused on what matters most, delivering a seamless, reliable experience for our clients. This year, we’ve gone back to basics: sharpening our pricing strategy, streamlining processes to cut turn times, and investing in technology to make doing business with us faster and easier. These improvements aren’t by chance they’re the result of listening to your feedback and taking deliberate action to meet your needs, especially during the busy summer season. Conventional lending is now a bigger part of our offering than ever, supported by competitive pricing and the service you’ve come to expect. We’re committed to keeping the momentum going into the fall and beyond. The best is yet to come. Visit afrwholesale.com, 1-800-375-6071, or sales@afrwholesale.com. Conventional. Affordable. Efficient. (NMLS 2826) Not yet a client? Join the journey.
Worried about pre-approval letters exposing you to risk? You're not alone. In a recent webinar hosted by LenderLogix and Ed Miller of Conforma Compliance Group, the conversation focused on the compliance pitfalls hiding in routine pre-approval workflows... think inconsistent LO practices, missing audit trails, and state-specific rules that are easy to overlook. The 30-minute session outlines how lenders are using tech to reduce exposure without slowing down operations. Worth a watch for anyone looking to tighten up processes.
You’re Fighting for Every Deal. We Get It. In today’s market, every loan closed is hard-won. Margins are razor thin. Time and money are too valuable to waste. That’s why Advantage Credit is offering a free services review (Spot inefficiencies. Find savings. Work smarter.) and real Industry Insight – We live this business every day, just like you. Whether you need actionable ways to improve your bottom line or just a conversation with someone who truly understands the grind, we’re here. Click Here to get started. Bottom Line…What’s Important To You, Is Important To Us!
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.
Webinars, 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!
The Louisiana Mortgage Bankers (LA MBA) will have its annual conference August 18-20 at the L’Auberge Hotel & Casino in Baton Rouge (Red Stick), Louisiana.
There are the National MI, ARCH MI, MGIC, Essent, Radian, and Enact training calendars.
On today's episode of Now Next Later at 10am PT, Sasha and Jeremy sit down with Jessica Evett from CloudVirga.
Tuesday the 19th’s episode of MortgagePros411, at 2PM ET, Audrey and Kevin focus on originator’s topics.
Looking for more in-depth commentary on weekly mortgage news? Register here for Wednesday the 20th at 11AM PT "Mortgage Matters: The Weekly Roundup” presented by Lenders One and joined by Halcyon’s CEO Kirk Donaldson.
Thursday 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 this week’s show featuring the one and only Dave Savage of Mortgage Coach and TrustEngine.
Friday’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.
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!”
HUD Mortgagee Letter 2025-14 mandates a new FHA loss mitigation waterfall by Oct. 1, marking the most sweeping update to FHA delinquency resolution protocols since the pandemic. The policy requires servicers to revamp processes, refresh borrower communications, retrain staff and deploy technology capable of executing the new sequence of workout options. Industry insiders say many servicers, especially mid-size and smaller firms, remain unprepared, with a notable share still unclear on the revised workflow. DLS Servicing will host an Oct. 1 webinar exploring this significant policy shift and offering guidance to help servicers prepare for the deadline. Register online.
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.
The Chrisman Commentary is pleased to bring you a variety of video shows hosted on Zoom throughout the week. Take your pick: We have a show focused on technology and innovation (Now Next Later Mondays at 1pm ET), origination (Mortgage Pros Tuesdays at 2pm ET), big-name interviews (Mortgage Matters Wednesdays at 2pm ET, presented by Lenders One), headline news (The Big Picture Thursday’s at 3pm ET), opinion (Last Word Fridays at 1pm ET), advisory services (Advisory Angle first Tuesday of the month at 2pm ET, presented by STRATMOR Group), capital markets (Capital Markets Wrap second Tuesday of the month at 3pm ET, presented by Polly), mortgage legal issues (Mortgage Law Today third Tuesday of the month at 3pm ET), and reaching the next generation of homeowners (Mortgages with Millennials last Tuesday of the month at 1pm ET, presented by The Mortgage Collaborative). (If you don’t see a presenting sponsor, please reach out to Chrisman LLC’s Anjelica Nixt to inquire about opportunities.)
Capital Markets
“With the right product and pricing engine (PPE), mortgage lenders can streamline their operations, improve accuracy and drive profitability. But what should you prioritize when evaluating a PPE? Get expert guidance and a breakdown of three key must-haves for a robust, efficient PPE in our new blog. Read it now for actionable insights so you can make informed decisions and set your business up for success.”
Economic data over the past week highlighted the slow and uneven impact of recent trade policy shifts, suggesting that the full effect has yet to work its way through the economy. Consumer prices for July rose in line with expectations (headline CPI increased 0.2 percent while core CPI rose 0.3 percent) with core inflation now running at its fastest 12-month pace since February, signaling that businesses have been cautious in passing tariff-related costs onto consumers. Retail sales climbed 0.5 percent in July, and June’s figures were revised sharply higher, though much of the gain was driven by autos and price increases rather than stronger underlying demand, suggesting real sales volumes were more modest. Adjusted for inflation, retail sales are up just about 1 percent year over year.
So? The market interpreted the data as supportive of further monetary easing, with the probability of a 25-basis-point rate cut in September rising. Underlying trends still point to potential economic fragility: employment growth over the past three months has been the weakest since the pandemic, and with inflation remaining above the Fed’s 2 percent target, concerns are emerging about a possible return of stagflation, where slowing growth coincides with persistent price pressures.
This week brings the Kansas City Fed’s Jackson Hole 2025 Summit, which will start Thursday evening and end on Saturday. Fed Chair Powell is scheduled to speak Friday morning, and markets will be anticipating a signal that rates are coming down next month. Fed funds futures see a cut as a certainty and are pricing in a small chance of a 50-basis point cut. On the data front, markets will receive updates on the housing market, PMI flashes from S&P Global, remarks from several Fed speakers are scattered over the week, there are some notable Treasury auctions, and besides today being Class C 48-hours for MBS, Class D is on Thursday. Today’s sole data point is the NAHB Housing Market Index for August. We start the week with Agency MBS prices better than Friday’s close by about .125, the 2-year yielding 3.74, and the 10-year yielding 4.29 after closing Friday at 4.33 percent.
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