“Someone posted that they had just made synonym buns. I replied, ‘You mean just like the ones that grammar used to make?’ I am now blocked.” That was sent to me by an economist; yes, they have senses of humor. Did you know that the Federal Reserve Board employs more than 500 researchers, including more than 400 Ph.D. economists, who represent an exceptionally diverse range of interests and specific areas of expertise? (I wonder if anyone yells, “Is there a doctor in the house?” at staff meetings.) This week’s focus will be almost entirely on the Federal Reserve. The central bank's monetary policy committee will deliver its seventh interest rate decision of the year on Wednesday. The Fed has stubbornly held interest rates steady since ending 2024 with a series of cuts, but now with the labor market showing continued signs of cooling and inflation remaining sticky, it is a sure thing that the central bank will restart its policy easing process and drop overnight Fed Funds by 25 basis points, which in turn should move the discount rate lower (the rate at which the Federal Reserve lends money to financial institutions, including commercial banks, thrifts and credit unions). (Today’s podcast can be found here and this week’s are sponsored by CreditXpert. The all-new credit optimization platform that helps you close more loans. CreditXpert is committed to making homeownership more accessible and affordable for ALL. Today’s features an interview with Potomac Consulting’s Dan Varroney on why the Federal Reserve should cut rates 50-basis points this week due to weakening labor markets and recent inflation data.)
Services, Software, and Tools for Lenders and Brokers
Build Your Brand & Close More Loans! Stand out in a crowded market! Learn how personal branding and credit optimization can boost referrals, client trust, and closings. Watch this on-demand webinar today and start winning more deals. Watch now.
Traditional mortgage closings are stressful, for lenders and borrowers alike. Your borrowers want Amazon-level speed and simplicity, but get tedious paperwork, scheduling headaches, and closing-day chaos. Meanwhile, you face operational inefficiencies, limited flexibility, and low borrower satisfaction scores. That’s why more lenders are turning to DocMagic’s proprietary eClosing and Remote Online Notarization (RON) platform: Its technology takes the pain out of closings, replacing stress and wasted time with a fast, seamless, digital experience. With DocMagic, you get the industry’s most complete eClosing solution: intelligent document generation, secure RON, and real-time collaboration tools, all backed by more than 38 years of mortgage expertise. The result? Faster closings, lower costs, and happier borrowers. Ready to simplify closings and delight your customers? Visit DocMagic or contact Leah Sommerville, Director of Sales, to get started.
“Are fee changes impacting your operations and profitability? The CFPB and TRID have historically been the sole regulators for enforcing real estate closing fee accuracy. However, state and local regions also play a pivotal role in setting fee calculation rules. Consequentially, lenders are responsible for staying up to date on thousands of fees at the federal, state, and local level, which can be costly and timely to keep track of if the right solutions are not in place. Providing inaccurate fees at the time of closing can result in compliance risk, fee cures, and borrower dissatisfaction. ICE is here to help. Watch our on-demand webinar to learn about new, enhanced capabilities, available in the Encompass® LOS - that can help you stay on top of fee changes, so you can effectively tackle challenges with real estate fee management.”
Did you know there are 8.5 million Hispanic heads of household in their prime homebuying years, ages 25-44, according to NAHREP’s 2024 State of Hispanic Homeownership Report? With this market on the rise, you have an opportunity to serve as a trusted partner to this group of future borrowers. Success comes from building meaningful relationships with these prospective homeowners! MGIC can help you reach Hispanic first-time homebuyers with Spanish-language materials and more. Check out MGIC’s Hispanic marketing resources today!
The top mortgage originators all share one trait: they think and operate like a CEO. In this NMP Webinar, The CEO Mindset That Helps LOs Win In Any Market, you’ll hear from Vera Chang, Cheryl Yang, and Lee Zhang (three top producers, each closing over 100 units a year) not by chasing leads, but by running their businesses with strategy, systems, and a clear vision for growth. From bold pivots to team-building and national expansion, they’ll share how they lead their production like executives, not just originators. Hosted by James Jing, CEO of GMCC, and Andrew Berman, CEO of NMP, this fireside chat pulls back the curtain on the real habits, turning points, and platform advantages that drive consistent volume in any market. If you're ready to lead your mortgage business like a CEO, join us Thursday, September 18 at 1PM ET / 10AM PT. Save your seat here.
Each year, about 500,000 people in the United States try skydiving for the first time. While the leap to UAD 3.6 may not be quite as nerve-racking, some of us would welcome a little reassurance from a seasoned jumper who knows the ropes. Class Valuation is leading the way, preparing lenders for a smooth landing with a dedicated UAD 3.6 resource hub. Filled with tools, transition guides, and GSE materials, you’ll be ready to land 3.6 safely and confidently. Book your private prep course to plan your UAD 3.6 migration here…no parachute required.
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.
Wholesale and Correspondent Products
OCMBC, Inc. is thrilled to welcome a bold new addition to its family, RISE TPO, Home - RISE TPO led by Eric Yang, CEO and Sabrina Lopez, President. Serving brokers in 49 states, RISE TPO offers a powerful portfolio of loan programs, including Non-QM, Conventional, and Government. But what truly sets RISE TPO apart is its mission: to redefine the lender–broker relationship by creating an environment where brokers are genuinely empowered to thrive. RISE TPO is committed to forging lasting partnerships where every loan becomes part of a greater legacy. Guided by the belief that when brokers RISE, we all RISE together, they aim to deliver enduring value and shared success. With their cutting-edge submission portal, PULSE, brokers gain a streamlined, state-of-the-art platform to manage their loans with personalized, one-on-one service. Ready to see how RISE TPO can transform your pipeline and elevate your business? Learn more at Home - RISE TPO.
Disaster/FEMA/Climate News
As a saying goes, “I don’t care if you believe in climate change, and you don’t care if I do either. But ask your insurance company if it does.” Or a mortgage servicer or investor. The average insured property loss from natural events is now an estimated $152 billion per year, but what’s especially interesting about that number is which events are fueling the growth. Over the past five years, insured non-crop losses averaged $132 billion per year, and over the previous five years, it was $104 billion. The thing is, the big, monster, eyeball-grabbing once-a-year meteorological catastrophes are not driving up the costs. Rather, it’s something the industry calls “frequency perils.” In other words, severe thunderstorms, winter storms, fire, and floods that affect smaller areas but add up big time, accounting for an estimated $98 billion out of that $152 billion, up 12 percent year over year. Note that $152 billion in annual losses is below, but approaching, the 2024 gross homeowners premium estimate of $170 billion. So fortunately for insurance companies, the annual loss/cost is still below right at the annual premium/revenue.
On June 27, 2025, HUD published Mortgagee Letter 2025-19 Rescission of Mandatory Pre-endorsement Inspection Requirements for Properties Located in Presidentially-Declared Major Disaster Areas (PDMDAs) eliminating pre-endorsement PDMDA inspection requirements. HUD advised such requirements were unnecessary and burdensome. Previously, FHA required damage inspection reports prior to endorsement for all properties located in PDMDAs (even if no damage occurred). FHA required the inspections to be completed by FHA Roster Appraisers, which sometimes resulted in lengthy waiting periods and delayed closings. FHA now defers to a lender’s discretion to determine the property condition and scope of inspections and repairs following a disaster event based on the lender’s own risk management practices and tolerances.
Wisconsin saw DR-4892-WI. On 9/11/2025, Wisconsin Counties Milwaukee, Washington, and Waukesha were granted individual assistance with DR-4892. View AmeriHome Mortgage Disaster Announcement 20250902-CL for inspection requirements.
Capital Markets
“Today MAXEX is happy to welcome an insurance capital powerhouse to its already robust list of MAXEX Non-QM and DSCR investors. This buyer will participate in both the company’s delegated and recently expanded non-delegated channels. This move helps deepen the investment MAXEX continues to make in its Seller base, enabling originators to successfully navigate more of the non-Agency market through a single platform. Learn more about this powerful new liquidity opportunity as well as updates to our multi-buyer exception process and upcoming seller experience enhancements on our October 2 MAXEX University webinar.”
This week, all eyes are on the FOMC decision on Wednesday, which is expected to restart the Fed’s normalization process toward a neutral policy rate of somewhere near 3.0 percent by next year. Markets anticipate a dovish tone across the statement, press conference, and Summary of Economic Projections (SEP), with the 2025 and 2026 dots likely to reflect further gradual easing. While a few hawkish projections may prevent the dot plot from fully aligning with market pricing, recent economic data gives the Fed cover to shift policy without appearing politically motivated. The alignment between Fed policy and White House preferences reduces the urgency of defending central bank independence, even as some political voices continue to call for more aggressive action.
However, a modest quarter-point reduction could disappoint both the White House and segments of the market hoping for a 50-basis points move, particularly if it’s interpreted as a one-off rather than the start of a series. The Fed may attempt to frame the action as preemptive and data-dependent, leading to a potential curve-flattening response if markets interpret it as a hawkish cut. However, current pricing in fed funds futures and the SOFR curve suggests that investors expect a gradual and sustained easing path. The challenge for the Fed will be managing market expectations while avoiding premature commitments, especially as political pressure and economic fragility complicate forward guidance.
Economic data released over the past week highlighted the difficult task facing the Fed in achieving its dual mandate of stable prices and maximum employment. Consumer prices rose 0.4 percent in August and 2.9 percent over the last year. Since reaching a low of 2.3 percent in April, annualized inflation has been slowly creeping back up. Higher costs for apparel, used vehicles, airfare and hotels have put upwards pressure on prices. Producer prices are also running hot, with core prices up 2.8 percent over the past year in August. This number might have been higher if not for a 0.1 percent drop in core selling prices which was due to margin compression. Meanwhile the labor market continues to show signs of deterioration with news that the economy added 911k fewer jobs from April 2024 to March 2025, the largest revision on record. While this does not affect more recent data, it reinforces the narrative that the economy began the year in worse shape than previously thought. Despite inflation still running above the Fed’s target, the market consensus is the committee will be more focused on labor conditions and move to ease monetary policy.
The latest decision from the Federal Open Market Committee is clearly this week’s highlight along with Chair Powell’s press conference on Wednesday. The Fed is widely expected to cut rates by 25-basis points. Other key data includes Fed surveys, retail sales, industrial production/capacity utilization, business inventories, housing updates, import prices, and leading indicators. Treasury supply will consist of $13 billion reopened 20-year bonds and $19 billion reopened 10-year TIPS, which will be auctioned either side of the Fed on Tuesday and Thursday. There are several central bank decisions besides the Fed, including the Bank of Canada on Wednesday before the Fed, the Bank of England and Norges Bank on Thursday, and the Bank of Japan on Friday.
For MBS, Class B and C 48-hour notifications are on Tuesday and Thursday, respectively. Empire manufacturing for September kicked off today’s calendar (surprisingly -8.7) and is the lone data point. We begin the week with Agency MBS prices nearly unchanged from Friday’s close, the 2-year yielding 3.53, and the 10-year yielding 4.07 after closing last week at 4.06 percent.
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