“I asked a German girl if Germans are afraid of numbers. She said 9!” Numbers make up the bond market, and a steeper yield curve (the difference between short-term rates and long-term rates… steeper = more of a difference) tends to help banks and credit unions since they are paying less on deposits and can lend the money out at a higher spread. Brokers and independent mortgage banks aren’t fans, however, as they tend to be beat up (a technical term) by borrowers doing comparison shopping. Unfortunately for any mortgage loan originator, comparing renting and ownership isn’t going so well. Ownership costs like insurance, property taxes, and assessments for condos are going up, while rents are not. Realtor.com reports that median rents declined YOY for the 23rd straight month. Median rents are about 2.7% below their 2022 peak, so rents have basically flatlined. Rents have increased on a YTD basis, however that might be nothing more than normal seasonality. The current median asking rent is $1,711. (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 NEXA’s Mike Kortas on the advantages of the wholesale channel, the evolving needs of borrowers, and how technology will change the scope of employment in the mortgage industry.)

Services and Tools for Lenders and Brokers

3 New [HELOC] Enhancements: Symmetry has Big News with 3 New Enhancements to its HELOC! Symmetry is introducing AVMs for certain transactions, delivering faster turn times and lowering closing costs. It will now allow 1 year Tax return on their standalone product for self-employed borrowers who have been in business over 5 years. Their new combined loan amount is now $4 million. This is ideal for jumbo, luxury, and assumable mortgage scenarios. Please reach out to your Symmetry AE for more details. Now Symmetry’s Service, Speed and Simplicity is better than ever!!

Reverifications for Mortgage Quality Control: Strategies & Best Practices! Industry experts break down the why, what, when, and how of reverifications, offering best practices, real-world solutions to common challenges, and a look at how technology and automation are transforming the reverification landscape. This latest QC Now webinar featuring insights from Brock Miller, Director of Business Development at ACES Quality Management, Griff Durham, Quality Control Risk Manager at Xactus, and Sarah Neuman, QC Origination Supervisor at Servion. Watch the webinar on demand.

Unlock the Power of AI with Model Match's Borrower Insights! In today's competitive mortgage market, loan officers need smarter tools to identify high-quality refinance opportunities. Model Match's Borrower Insights leverages advanced AI to scan nationwide data, pinpointing homeowners in ideal positions to refinance. Simply prompt the system with your criteria, like "homeowners in Phoenix, AZ, with a current LTV below 80%, who closed in 2022-2023, with higher than a 7% rate," and watch it auto-apply filters, then choose to enrich leads with borrower contact info, interest rates, equity details, and much more. Export to your CRM for seamless follow-up. Check out a demo in action: https://www.youtube.com/watch?v=bjofL3-Q5rs. Boost production effortlessly: sign up for a 14-day free trial at modelmatch.com/welcome, join the Borrower Insights early access list at insights.modelmatch.com, or request a demo at modelmatch.com/demo.

“PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), focuses on relationship-driven business with long-term success, by-the-way, have you heard about our BTW Services? We are pleased to offer all customers our Broker-Dealer, Treasury Management and Warehouse Lending (BTW) services. Our Broker-Dealers can help customers hedge their origination pipelines by buying and selling TBAs, specified pools and whole loan trading. Our Treasury Management team helps customers with escrow and cash management. Finally, the Warehouse Lending team provides customers with confidence to meet their loan funding needs. If you are interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Deric Barnett, (469)955-6786.”

“Why lock your clients into slow, paper-heavy processes when you can offer a fully digital HELOC that closes in as little as ZERO days! With NFTYDoor, you can approve instantly with a simple 1-minute online app and use tools like Debt Eliminator to qualify more borrowers. Our platform is built to help you convert more leads, close faster, and create happier clients, without the headaches of traditional second lien products. Let’s get you set up to start offering the fastest, most flexible HELOC on the market. Contact Seth@NFTYDoor.com to get started.”

See Sagent’s real-time servicing tech only at DIGMO. As mortgage servicing becomes more complex, and customer expectations evolve, servicers are hunting for technology that simplifies the experience without compromising compliance or control. That’s where Sagent comes in. At National Mortgage News Digital Mortgage Conference, Sagent product pros (Hunter Stair + Jennifer Johnson) will showcase Dara, the industry’s first and only real-time core, consumer, and default servicing platform. What does this mean for you? No more clunky handoffs, siloed data, or loan mod bottlenecks. Dara gives servicers real-time agility, letting homeowners and teams work in sync with fast, accurate data, all on one platform. If you’re attending DigMo, see it in action on the main stage. Not going? No problem: you can book your own personal demo anytime here.

Credit reporting expenses cutting into profits? SettlementOne delivers premium credit solutions that balance cost efficiency with unmatched service and quality. Access all major bureaus through MeridianLink’s Mortgage Credit Link platform, seamlessly integrated with nearly every LOS, POS, AUS, and wholesale system. Innovative bundles maximize cost recovery, while SettlementOne’s “People First” approach ensures experienced professionals support you and your borrowers. From soft-pull pre-quals to tri-merge reports with the latest FICO and VantageScore models, rapid rescoring, undisclosed debt monitoring, and post-close QC, SettlementOne covers the entire loan lifecycle. With 25+ years serving lenders, it has perfected the balance of comprehensive credit reporting and verification solutions, responsive support, and competitive pricing. SettlementOne’s unique pricing tools provide real-time visibility into per-loan costs so you can control expenses without compromising quality. Stop choosing between quality, service, and value. SettlementOne delivers all three. Contact accountservices@settlementone.com to learn more.

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.

Voice of the Industry

Many readers of this commentary agree that Dave Stevens was widely regarded as the voice of the mortgage industry: a rare blend of technical expertise, passion, and authenticity who led with both heart and vision until his passing. Revered across all levels of the industry, from CEOs to young loan officers, Dave listened intently, communicated with clarity across diverse audiences, and remained grounded in his belief in the transformative power of homeownership. His leadership, especially during the financial crisis, earned him a lasting place in the mortgage banking hall of fame. In his absence, many feel the industry has become more fragmented, lacking the unifying presence he once championed. As the mortgage sector faces continued challenges, including recovery from a difficult three-year stretch and the ongoing debate around the GSEs, there’s a pressing need for mortgage bankers to regroup around shared priorities, maintain strong partnerships, and advocate for a stable, predictable housing finance framework.

The Chrisman Commentary is very pleased to present the first of many “Voice of the Industry” articles penned by Pennymac CEO David Spector, exclusively available on our website. In the first of these, Mr. Spector reflects on his journey from Wall Street to leading one of the nation’s top mortgage lenders, emphasizing the value of ethical leadership, balanced business models, and cutting-edge technology. In a wide-ranging perspective on the current state and future of mortgage banking, he also honors the late Dave Stevens’ legacy while calling for industry unity, regulatory clarity, and smarter use of AI to improve affordability, efficiency, and long-term talent development. Read the full article.

Capital Markets

Quiet again yesterday. Headlines revolved around renewed optimism surrounding a potential summit meeting between Russia’s Vladimir Putin and Ukraine’s Volodomyr Zelensky, as well as speculation over just what will be said during Fed Chair Powell’s Jackson Hole speech later this week and how that will impact rate cut odds. We received a mixed Housing Starts (+5.2 percent month-over-month to 1.43 million, expected 1.31 million) and Building Permits (1.35 million, expected 1.39 million) report: Housing starts in the U.S. climbed in July to five-month high, led by the strongest pace of multifamily construction in more than two years.

Multifamily housing starts, known for their month-to-month volatility, jumped nearly 10 percent in July, reaching their fastest pace since mid-2023. Single-family starts, the largest segment of the housing market, also rose by 2.8 percent to an annualized rate of 939k. Despite this uptick, homebuilders remain cautious, as elevated mortgage rates continue to discourage homeowners from selling, limiting turnover and contributing to the largest inventory of new homes since 2007. In response, builders have offered price cuts and incentives, but residential construction has weighed on economic growth in four of the past five quarters. Notably, the number of single-family homes under construction declined in July to its slowest rate since early 2021, with builders pulling back on speculative projects that begin without a buyer in place.

Today’s economic calendar kicked off with mortgage applications decreasing 1.4 percent from one week earlier, according to data from the Mortgage Bankers Association. Later today brings an auction of $16 billion 20-year bonds, and remarks from Fed Governor Waller and Atlanta President Bostic. In between speakers, the minutes from the July 29/30 FOMC meeting will be released. Outside of the U.S., we received two central bank decisions ahead of the open: the RBNZ (25-basis points cut) and Riksbank (unchanged). We begin the day with Agency MBS prices slightly worse than yesterday’s close, the 2-year yielding 3.76, and the 10-year yielding 4.31 after closing yesterday at 4.30 percent.