Today we’re in Dallas for the Loan Vision Innovation Conference 2026, and LV recently rolled out its AI accounting software Luna. The CEOs, CFOs, and Controllers here are focused on measuring, analyzing, and interpreting data, including volume. MCT's September Indices Report reflects a total lock volume decline month over month in August, with purchase and rate/term refinances both pulling back. (Cash out refinances were the lone category to move higher.) And according to Curinos proprietary application index, August 2026 funded mortgage volume decreased 2 percent Y-o-Y and decreased 9 percent M-o-M. The average 30-year conforming retail funded rate in August 2026 was 6.52, 10bps higher than July 2026 but 16bps lower than the same month last year. (Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures. (Today’s podcast can be found here. This week’s ‘casts are sponsored by FirstClose, which provides fintech solutions to HELOC and mortgage lenders nationwide. Their home equity lending platform accelerates the home equity lending process, reducing application-to-closing times from 45 days to less than ten. Today’s has an interview with FirstClose’s Adam Nicholson on how faster cycle times directly impact pull-through and funded volume.)

Broker and Lender Products, Software, and Services

Freddie Mac’s move from monthly EDR reporting to daily, near-real-time default event reporting is more than a reporting change. Event-level reporting will provide greater visibility into the activities and milestones behind each loan status. The transition is also an opportunity for servicers to consider how information moves across teams, technology, and third parties, and whether the processes behind it cohesively support reporting and auditable results. In “Preparing for Freddie Mac's New Era of Default Reporting,” Clarifire CEO Jane Mason looks beyond the September 2027 deadline to explore what the EDR transition could mean for servicing operations and why preparing now can deliver value beyond reporting readiness. Read the blog to learn what servicers should be thinking about as they prepare for the transition.

“Attending Digital Mortgage in Las Vegas this week? Meet with the JazzX AI team to see how lenders are using governed, end-to-end intelligence to lower cost per loan, improve quality, and increase throughput, without replacing the systems they already have. Bring your toughest operational challenge and we’ll show you how JazzX can help turn it into measurable results. Book a meeting, stop by our booth, or join our live onstage demo on September 16 at 2:00 p.m. PT to see JazzXin action.”

Hurricane season brings flooding, wind damage and storm surges that can vary dramatically from block to block. Yet many lenders still rely on county-wide disaster designations that lack the property-level insight to understand true impact. ICE brings together robust climate risk data with proprietary property and parcel-level data to provide deeper visibility on nearly every property in the U.S. This means knowing which homes were impacted, which were spared and which sit in the path of the next storm, instead of relying on assumptions drawn along county lines. See how timely climate intelligence and precise property data can help transform post-disaster property assessment and accelerate borrower support.

“SEE SAGENT AT DIGMO, TALK DARA, + WIN A PATAGONIA. Team Sagent is on the ground in Vegas at National Mortgage News Digital Mortgage ready to share insider intel on the one platform that powers the entire servicing lifecycle: Dara by Sagent. Stop by our kiosk to meet with our sales lead David Doyle to learn how Dara helps servicers streamline operations, strengthen compliance, improve customer outcomes, and drive greater efficiency at scale. Plus, score a chance to win your very own one-of-a-kind Dara-branded Patagonia. Don’t miss out on the opportunity to discover how you can stay ahead of the competition with a platform built by servicing experts who have spent decades operating through the complexity of our industry. Come see us, talk shop, and leave with knowledge, + some sweet SWAG.”

On September 9, Fannie Mae and Freddie Mac made VantageScore® 4.0 available to all approved sellers effective immediately, formalizing FHFA Director Bill Pulte’s directive. Now, questions around credit score model selection, cost, and implementation are front and center for lenders across the industry. IR delivers VantageScore 4.0 and Classic FICO® reports on a loan-by-loan basis, helping lenders no matter which model aligns with their business goals. Informative Research will be in Chicago for the Mortgage Bankers Association’s Annual Conference, Oct. 11-14, and the IR team will be available throughout the conference to help lenders consider how model choice impacts their workflow and costs. Schedule time with the team to discuss which model is your best fit.

If you’re handling non-QM loans, calculating deposit-based income is time-consuming and a breeding ground for errors. Cotality’s AutomatIQ® Borrower Cash Flow Analysis solution can help you automate many steps of the deposit-based income process, saving you hours of processing time, greatly reducing the chance of income calculation errors, and providing an audit-ready output file in minutes. Schedule a demo today and see how you can take the hassle out of deposit-based income calculations.

“The Servbank team is looking forward to attending MBA Annual Convention & Expo, October 11-14, 2026, in Chicago, where mortgage industry professionals come together to share ideas, discuss market trends, and build genuine partnerships. Our team will be there to connect with lenders and market peers about the challenges and opportunities shaping the industry today. Whether you're evaluating your current servicing strategy, exploring subservicing solutions, or looking for a partner focused on operational excellence and customer experience, we'd love to start the conversation. If you'll be attending, we'd welcome the opportunity to meet and learn more about your business. To schedule time with our team during the conference, reach out at partnership@servbank.com or learn more about the nation’s premier bank subservicer here.”

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.

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 Jake Perkins at 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.

Learning From Your La-Z-Boy

Every time the Fed sneezes, HELOC pipelines catch something: a cold or a growth spurt, depending on the direction. Rates dip and applications flood in. Rates tick up and your newly hired processors are alphabetizing the supply closet. Meanwhile, home equity keeps stacking: $34.9 trillion nationwide, with HELOC balances up 17 straight quarters. The demand is real. It just refuses to hold still. Add in the industry's shift toward full underwriting before approval and funding, and you're doing first-lien work on second-lien margins. Fun math. There's a better model: fulfillment that runs fully automated where it can, expert-managed where it should, and flexes capacity with every rate move. Ready on day one, costing less every quarter. Join Indecomm for "Built for the Surge: How to Scale HELOC Fulfillment When Demand Moves with the Fed" on October 29th. Register here. The supply closet can wait.

“Some mortgage opinions are better left off the conference stage. We’re putting them on a webinar instead. Join LenderLogix CEO Patrick O’Brien and Rich Swerbinsky, Business Consultant & Career Coach at Onward & Upward Consulting, for Get Rich Quick: 30 Minutes of Hot Takes from Rich Swerbinsky on Thursday, September 24 at 1 PM ET. Expect rapid-fire hot takes on whatever controversial news, trends, and headlines are dominating mortgage world. Register here!”

Mortgage Law Today is today at 3PM ET. Presented by Polunsky Beitel Green, Brian Levy, Loretta Salzano and Marty Green are joined by Ally Carty of SoFi and Erin Dee of BankSouth for a conversation on the compliance implications of influencer-based internet marketing. The discussion explores how mortgage companies can navigate advertising and compliance requirements as social media influencers and digital creators become an increasingly important part of the industry's marketing strategy.

If you’re doing non-QM loans, handling the calculations for deposit-based income is a time-consuming process that can be a breeding ground for errors. Join Cotality on September 16 at 11 a.m. PT for a 45-minute webinar around Using Cash Flow Analysis to support non-QM underwriting. During this session, we will highlight how new tools can help you automate many steps of the deposit-based income process, saving you hours of processing time and greatly reducing the chance of income calculation errors. Register today and see how you can take the hassle out of deposit-based income calculations.

Mortgage Matters is Wednesday, September 16 at 11AM PT. Presented by Lenders One, join Peter Benjamin, CMB, President of ACUMA, for a conversation on the role of credit unions in mortgage lending and the broader housing finance market. The discussion explores the challenges and opportunities facing credit unions, how the mortgage landscape is evolving, and what industry leaders should be watching as the market continues to change.

Also tomorrow is Credit Committee at noon PT. Presented by Equifax, David Battany, SVP of Capital Markets at Guild Mortgage, joins Justin Demola, Rob Chrisman, and Robbie Chrisman, to unpack the true cost of credit. The discussion examines rising credit report costs, the growing share attributed to legacy credit score pricing despite relatively minimal increases in bureau data costs, and the financial impact of pipeline fallout. The panel will also explore how lenders can manage credit expenses during the pre-qualification and home shopping phases without creating credit blind spots, while protecting margins in an increasingly cost-conscious market.

Join flyhomes on September 17, 10:00 AM PT / 1:00 PM ET and discover how to unlock the 70 percent of your clients already in your pipeline with Kaitlyn Miller.

The appraisal industry is entering a major transition with the rollout of UAD 3.6 and the redesigned Uniform Residential Appraisal Report (URAR). Join the MBA of Eastern Pennsylvania on September 22, 2026, 10:00 AM – 11:00 AM EDT for “UAD 3.6 – What It Means to You”. This webinar offers a practical overview of what is changing, what is not, and how lenders, brokers, appraisers, and real estate professionals can prepare.

Hear Kaitlyn Miller, head of flyhomes national accounts & partner growth, discusses how to help borrowers Buy with $0 down using flyhomes cross collateral. Register for the live session on September 24, 10:00 AM PT / 1:00 PM ET.

Short on time? Try these Freddie Mac five-minute learning resources, on demand:

Tasks for Contract Fulfillment Reference. Learn the key steps Sellers must take to ensure the timely funding and settlement of their Cash and Guarantor contracts.

Import Fixed-Rate Cash Contracts Reference: Learn how to import and price Cash contracts, as well as access error messages to support successful contract processing.

Property Condition Examples: Foundations: In this simple reference, easily find examples of acceptable and not acceptable foundation conditions based on actual loan files received at Freddie Mac.

DPA One®: Your Central Source for Down Payment Assistance Webinar (60 Minutes): Quickly identify down payment assistance opportunities that can bring more borrowers across the finish line.

Improving Mortgage Loan Quality: Understanding the Quality Control Process Webinar (90 Minutes): Learn about our quality control review process and the benefits of using Quality Control Advisor PlusSM to help you effectively manage mortgage loan quality.

Accessory Dwelling Units Webinar (60 Minutes): Understand the benefits of ADUs, underwriting requirements and how they can help build your borrower base.

Resolve® Submit and Manage Forbearance and Repayment Plan Requests On-Demand Webinar (60 Minutes): Enter and manage forbearance and repayment plan workout requests in Resolve, review actionable messages to correct requests and cancel, or submit for exception review, as applicable.

Resolve® Custom Modifications and Bankruptcy Cramdowns On-Demand Webinar (60 Minutes)

Submit and manage custom modifications, including bankruptcy cramdowns in Resolve. Learn how to use the Custom Modification template to create your file and submit for exception review.

Timely Loan Delivery Fundamentals Webinar (60 Minutes): Achieve timely funding and settlement of loans and contracts delivered through Loan Selling Advisor®.

Capital Markets

The 10-year U.S. Treasury yield breached 5 percent for the first time since 2023 yesterday and hitting levels not seen in 19 years, threatening economic growth and richly valued equities. Persistent Treasury supply and strong demand for long-term bonds are limiting the effectiveness of any government efforts to push yields lower. Yields now sit roughly one percentage point above pre-Iran-war levels, adding a significant political and economic risk ahead of the midterm elections. The recent rise in Treasury yields does not appear to be driven by a broad surge in market-based inflation expectations, as long-term inflation swaps remain relatively contained despite inflation having stayed above the Fed’s 2 percent target for years. Speaking of the Fed, sticky core inflation, renewed oil-price pressures, and resilient economic data have strengthened the case for a 25-basis point hike at the conclusion of the Federal Open Market Committee meeting tomorrow, though investors remain uncertain about how aggressively the Fed will continue tightening over the remainder of 2026 and into 2027. The bond market has clearly already tightened financial conditions independently. Expectations for a sharp decline in yields have been scaled back, with a year-end target around 4.60 percent and continued yield-curve flattening. Faster growth in the money supply raises a deeper question about whether the Fed should focus less on interest rates and more on controlling money creation. The latest MBA application data points to a broadening slowdown, with sequential declines across nearly all purchase and refinance indexes and the sharpest weakness concentrated in refinance activity. The headline refinance index is down 58 percent over the past six months and 24 percent year-over-year, driven disproportionately by government borrowers (particularly VA, where applications have fallen 77 percent over six months versus a 47 percent decline for FHA and 55 percent for conventional refinances).

By contrast, conventional refinance applications have actually risen 12 percent over the past three months, while purchase activity remains essentially unchanged, down less than 1 percent over both six-month and 12-month periods. With 30-year mortgage rates near one-year highs and only about 3.4 percent of borrowers retaining a refinance incentive, a near-term rebound in supply seems unlikely. Prepayments should remain above the exceptionally low levels of 2023, but the continued erosion in refinance activity could push gross MBS issuance below $100 billion-per-month by year-end. Today’s economic calendar has the minor September Empire State Manufacturing and a Treasury auction for $13 billion of 20-year bonds. Expectations for the rest of the week are that consumer spending should remain resilient, with retail sales rebounding 0.7 percent in August, while elevated mortgage rates and affordability challenges are likely to keep housing starts under pressure in August. We begin Tuesday with Agency MBS prices worse than Monday’s close by .125-.250, the 2-year yielding 4.65, and the 10-year yielding 5.00 after closing yesterday at 4.96 percent.