Call them wretched or call them splendid, in Japan, robots and service bots run some restaurants and are indeed taking the place of humans, who have no doubt, been displaced. In displacement (and labor) news in the United States, call it posturing or real, the Trump Administration’s budget office is threatening mass firings if the federal government shuts down (with no back pay to be paid like in a furlough), and obviously if someone is out of work, they’re not buying a house. This month’s STRATMOR piece is titled, “No Lender Wants a Government Shutdown, but Just in Case…”. Today’s Last Word at 1PM ET may include shutdown ramifications for lenders, as well as delinquencies, student loans, trigger leads, and new credit scoring updates that are reshaping how lenders compete for borrowers in 2025. Another topic may be that, fortunately, the net production income for independent mortgage banks has been creeping up, although the number of IMBs has been gradually diminishing. (Today’s podcast can be found here and this week’s podcasts are sponsored by BeSmartee, the most innovative mortgage technology platform for banks, credit unions, and non-bank mortgage lenders. Hear an interview with Angel Oak’s Tom Hutchens on the impact of the Fed's rate cuts on mortgage activity and the potential for increased demand for non-QM products like HELOCs.)

Services, Products, Software, and Tools for Lenders and Brokers

This October, FirstClose is heading to Las Vegas for the MBA Annual Convention & Expo. Just like the lights on the Strip, the opportunity is hard to miss: homeowners are sitting on trillions in untapped equity, and lenders who act now can capitalize even in a higher-rate environment. FirstClose solutions give lenders the edge, streamlining home equity lending, accelerating workflows, and enhancing borrower experience. In a market where efficiency and growth are always on the line, it pays to play with the right partner. With so much equity waiting, the odds have never looked better. Ready to deal yourself in? If you’ll be in Vegas, schedule time with the FirstClose team. Book your meeting here.

Secure Insight is now providing financial strength ratings on all title underwriters to provide additional risk data for lenders, allowing them to meet current GSE and secondary market guidelines for appropriate third-party vendor management. Utilizing independent industry auditor data, Secure Insight's Closing Guard populates its risk profile reports with this stability assessment and adjusts the rating when and if it changes. This enhancement is the latest in a series of technology and process overhauls to provide greater depth of analysis and a better user experience for Closing Guard clients. For more information contact Amanda Padd, CRO.

What happens in Vegas… can transform your servicing strategy. As one of the industry’s leading subservicers, LoanCare® combines decades of experience with portfolio analytics that give clients a level of support that is raising standards across the industry. LoanCare doesn’t just give you more data, it equips you with intelligence and actionable insight you need to see risk before it materializes and opportunities before they are lost. Whether you’re a lender, bank, credit union, or investor, LoanCare acts as an extension of your team, delivering a servicing experience that feels like your own. Set up a meeting at this year’s MBA Annual to discover how LoanCare can strengthen your servicing operation as a nimble, reliable and fully committed partner.

Ardley Launches OneLink: Revolutionizing Mortgage Offers with Real-Time Personalization. Ardley, the innovator behind technology that scans mortgage portfolios in seconds to uncover origination opportunities, unveiled OneLink. This groundbreaking entry point to the Ardley Intelligence Platform empowers lenders and servicers to deliver hyper-customized, high-converting loan offers to any qualified borrower – including non-mortgage depository clients and new prospects. Overcome low conversion rates from generic marketing and expand outreach beyond existing relationships. OneLink provides real-time pricing matched to borrower and property specifics, via customizable links or QR codes leading to seamless landing pages. “OneLink captures exponentially more ‘warm’ leads, showing borrowers what’s possible based on their unique parameters, the key to our clients’ stellar conversions,” said Nathan Den Herder, CEO of Ardley. Learn more here.

Reggora’s making waves with its 24-hour appraisal solution, set to launch October 15th, and it is no small feat. Backed by $18M in new funding from Centana Growth, the company’s gearing up for serious expansion. This isn’t just another tech tweak. It’s a bold move to reshape appraisals, slashing turnaround times without compromising quality. Industry players are already buzzing about how this could streamline operations and boost efficiency. Reggora’s leveraging its tech to tackle a pain point that’s plagued the mortgage world for years. Curious about the details? The full scoops in their latest press release, and it’s worth a read for anyone tracking innovation in housing. Check it out here.

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.

Correspondent and Broker Products

“Your database is a goldmine. Stop digging blind: ReverseMatch from Finance of America uncovers the reverse mortgage opportunities just waiting to be claimed. It’s secure, simple, and fast, with results and an action plan delivered in under a week. We’ve already uncovered over $10 billion in potential loans for our partners. Ready to start digging? Fill out this form (it takes less than a minute) and our team will be in touch. Finance of America NMLS #2285”

Arc Home, a Top 10 Non-QM lender, is now Live in Arive, giving brokers and correspondents seamless access to its full suite of Non-QM and Non-Agency products. This includes programs for self-employed clients, investors, and borrowers who need flexible solutions. The integration simplifies the process within the Arive ecosystem by providing direct access to competitive pricing, flexible guidelines, and Arc Home’s experienced account executives who help brokers close loans faster. “At Arc Home, our priority has always been to make it quick, easy, and convenient for brokers to do business with us,” said John Gibson, Chief Production Officer. “Joining Arive allows us to meet our partners where they already are and give them more ways to access our industry-leading non-QM solutions and grow their businesses.” Learn more on Arc Home’s dedicated Arive Partner Page.

Capital Markets

The overnight news focused on yet another round of tariffs, with a packed economic calendar yesterday, data took center stage in influencing investor sentiment. Q2 GDP was revised up to 3.8 percent from 3.3 percent, Durable Orders grew unexpectedly in August (2.9 percent versus -0.5 percent expectations), and weekly Initial Claims decreased to 218k. The combination suggests that the economy is holding up well, but does complicate hopes for multiple rate cuts before the end of the year.

Separately, existing home sales dipped 0.2 percent month-over-month in August to a seasonally adjusted annual rate of 4.00 million from an unrevised 4.01 million in July. Sales were up 1.8 percent on a year-over-year basis, still constrained by high prices, higher mortgage rates, and limited supply. The biggest month-over-month increase in sales was in the Midwest, which is also the region with the lowest median price. And the Treasury posted a weak $44 billion 7-year note offering, helping to flatten the yield curve.

The White House told federal agencies to prepare for possible mass firings if the government shuts down next week. Changes are afoot: U.S. Federal Housing (Freddie and Fannie) has formalized its withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) in a letter to the Chair of NGFS. “Biden drove housing costs up with politicized nonsense that prioritized climate activists over American families,” said U.S. Federal Housing Director William J. Pulte. “Consistent with President Trump’s Executive Orders, we are removing these distractions to ensure Fannie, Freddie, and our housing finance system stay laser focused on delivering the American dream of homeownership.” In the letter, the Agency states that employees will no longer engage in NGFS committees, task forces, or working groups, and further requests to be removed from the NGFS website and other public materials.

For those who care about borrower demand, mortgage rates ticked up from last week’s lows, which were the lowest since last October. For the week ending September 25, the 30- and 15-year mortgage rates in Freddie Mac’s Primary Mortgage Market Survey rose 4-basis points and 8-basis points, respectively, to 6.30 percent and 5.49 percent, though remain 22-basis points and 33-basis points higher from a year ago.

The Fed-favorite core Personal Consumption Expenditure price index (PCE) for August kicked off today’s calendar: +.3 percent, month over month, as expected. Core PCE was +.2 percent, as expected, and for the year was +2.9 percent, as expected. Personal income and spending: +.4 percent and +.6 percent, respectively, about as expected. Later today brings final September Michigan sentiment and remarks from Richmond Fed President Barkin and Vice chair for supervision Bowman. After the latest inflation data, Friday has Agency MBS prices roughly unchanged from Thursday, the 2-year yielding 3.64, and the 10-year yielding 4.16 after closing yesterday at 4.17 percent.