Here in Colorado, banking, credit unions, and independent mortgage banks are a solid part of the economic fabric. LOs here and everywhere are scrambling to add value and educate their borrowers and referral partners ahead of a potential federal shut down tomorrow night. For those who want to know how Colorado, or any state, is doing this year origination-wise, the CFPB rides to the rescue with current nationwide and state-level stats. Fannie Mae’s Economic and Strategic Research (ESR) Group projects Single-family mortgage origination activity at $1.85 trillion in 2025 and $2.32 trillion in 2026, with the refinance share to rise from 26 percent in 2025 to 35 percent in 2026 on the lower mortgage rate outlook; New and existing home sales to total 4.72 million in 2025 and 5.16 million in 2026. Loan originators also care about trends in rentals, and on a more granular level, a story from the apartment building side of things from San Francisco reports that a huge owner of apartments is in default. If true, that’s not good. (Today’s podcast can be found here and this week’s are sponsored by Spring EQ, one of the nation’s leading non-bank home equity lenders, giving partners more ways to serve customers. Known for speed, service, and innovation, Spring EQ makes tapping into home equity easier. Hear an interview with NEO Home Loans Ryan Grant on a growing shift in the mortgage industry as originators seek platforms that offer true operational control, pricing transparency, and long-term business support, delivering on promises the traditional broker model often fails to keep.)
Services, Products, Software, and Tools for Lenders and Brokers
“Tired of CRMs that leave you waiting for answers? I see it all the time. Even the best software is useless if your team can’t get help when they need it. Usherpa fixes that with live, real-time support. Quick questions, Pipeline workflow tweaks, or navigating the platform, our client success team responds quickly and escalates to leadership if it’s a complex request. You’re never left hanging for days or weeks. Enterprise clients can also schedule cadence calls at whatever frequency works for their team, keeping everyone aligned. Jessie Norris, Director of Marketing at GoPrime Mortgage, says, “Making the switch to Usherpa was nearly effortless thanks to a hands-on support team that was always just an email or phone call away.” Add Done‑For‑You marketing and automation, and your team spends more time closing loans, and less time managing software.”
“Supercharge your pipeline with TWO DSCR power programs from LoanStream, DBA of OCMBC, Inc.! This month, go beyond moving the needle and win more investor clients with flexible, innovative financing. LoanStream’s DSCR Investor program offers loans up to $3.5M with up to 85 percent LTV for purchase or rate-term refi, 75 percent LTV for cash-out, and FICO down to 620. Investor perks include gift funds, no cap on financed properties, eligibility for non-warrantable condos, leaseholds, and short-term rentals such as Airbnb or VRBO. For even more versatility, our DSCR Fusion program combines rental income + assets to qualify, with loans up to $2.5M using 401k, retirement accounts, stocks, bonds, IRAs, mutual funds, or cash in the bank. Investment properties only, gift funds allowed. DSCR dominance starts here, contact your Account Executive today or visit our website for details! Non-QM / NanQ Wholesale Loan Programs LoanStream Wholesale - Wholesale Mortgage Lending.”
“Delivering Excellent Customer Service to Our Credit Union Client Partners for 25 Years! Twenty-five years ago, Cenlar took our first steps into the world of credit unions, not just as a mortgage servicer, but as partner in a shared mission. We know that serving communities is at the heart of the credit union ethos. That’s why we deliver a personalized member touch, reduce costs for our partners, and help them better manage risk and compliance. Our expert team with first-hand experience working at credit unions and first-of-a-kind AI technology make us a longtime partner for our credit union partners, which comprise nearly one-third of our portfolio. Let’s discuss how Cenlar can meet the mortgage servicing needs of your organization. Please contact SVP, Client Relations Matt Detwiler or SVP, Business Development, Andrew Pohlmann. You can also visit us here.”
Discover the ROI lenders are achieving with Encompass® and what it could mean for your business. Dive into how innovative workflows and automation are driving measurable results with the average Encompass customer seeing a financial benefit of $1,056 per loan. With real-world data and expert insights, this must-read resource equips you to optimize operations and boost your competitive edge. View the data now and explore actionable strategies for success.
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.
Upcoming Webinars and Events
On-demand webinar: Mortgage Industry Update 2025: Cyber, Compliance, and State Law Shifts Every Lender Must Know. The mortgage industry is entering a new era of compliance complexity. From Fannie Mae’s new Information Security and Business Resiliency Supplement, with its aggressive 36-hour cyber incident reporting requirement and expanded vendor oversight, to rapidly changing state mortgage laws regulating licensing, trigger leads, and consumer protections, lenders face a shifting regulatory landscape that can’t be ignored. In this free webinar, Ncontracts break down what’s changing, why it matters, and how lenders can prepare without getting buried in compliance busy work. You’ll gain practical insights on aligning your programs with both federal and state requirements, and what examiners will be looking for in 2025 and beyond. Top of Form: Watch now!
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!
On Monday the 15th’s episode of Now Next Later at 10am PT, Sasha and Jeremy sit down with knowledgeable guests to discuss the future of lending.
In Tuesday the 30th’s episode of MortgagePros411, at 2PM ET, Audrey and Kevin focus on originator’s topics.
Think you can outsmart a fraudster? Join MBA Hawaii on Wednesday, October 1st, from 10–11 AM for a fun and free online workshop with Mary Kay Scully, Enact’s Director of Customer Education.
Looking for more in-depth commentary on weekly mortgage news? Register here for Wednesday the 17th at 11AM PT "Mortgage Matters: The Weekly Roundup” presented by Lenders One, this week featuring attorney Brian Levy.
Join CMLA in Vail for a three-day experience where Colorado’s mortgage industry leaders come together to connect, collaborate, and chart a course for excellence. This year's theme is "Destination Excellence: One Industry, United in Purpose." Register for the 2025 Annual Convention held at The Hythe Hotel, Wednesday, October 1, from 1PM - Friday, October 3, 12:00.
On October 1, from 3:00 – 4:15 PM ET, we have the two part series FHA Credit Watch Program: Overview and Remediation | MBA. Marina Walsh and Jack Higgins from FHA will be covering current delinquency trends and an overview of the Credit Watch program. Brian Chappelle from Potomac Partners will then come on to talk about remediation best practices if an issue is flagged.
RESPA News is bringing the experts together for the RESPA Review: Navigating Multilevel Oversight webinar on October 2. With regulatory scrutiny intensifying across agencies from state attorneys general to the CFPB, this webinar offers the clarity you need to stay compliant. Loretta Salzano of Franzen and Salzano and Noah Gillespie of Greenberg Traurig will break down what regulators are focusing on now, from shifting CFPB priorities to multi-estate examinations and evolving rules around loan originator compensation. Register today at RESPANews.com.
Thursday at 3PM ET will be another episode of The Big Picture. Rich Swerbinsky hosts a variety of guests. You can click here to register for this week’s show featuring Dustin Owen.
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.
Industry veteran Alan Fowler, CMB, Director of Client Success at Garris Horn, LLP, is once again bringing his popular in-person NMLS 8-Hour CE classes to mortgage professionals. Alan has classes coming up in Albuquerque on October 3 for the New Mexico Mortgage Lenders Association (Register here). Alan points out “MLO’s never go back to online CE once they take my class. And they support great causes for the industry across the country.”
Capital Markets
On September 26, 2025, the U.S. Securities and Exchange Commission (SEC) issued a concept release seeking public comment on potential improvements to regulations governing residential mortgage-backed securities (RMBS) and certain aspects of asset-backed securities (ABS). The release highlights the absence of public RMBS offerings since 2013 and explores whether current SEC rules, such as disclosure requirements and privacy concerns around mortgage loan data, may be contributing to this stagnation. The SEC is particularly interested in feedback on regulatory barriers, possible revisions to definitions, and other changes that could help revive the public RMBS market, which it views as essential to expanding access to mortgage financing and reducing costs for consumers. The comment period will remain open for 60 days following publication in the Federal Register.
Shifting to rates, following the Fed’s first rate cut in nearly nine months, policymakers are increasingly divided on the path ahead. While Fed Chair Powell struck a tone of cautious optimism about the economy last week, others like Governor Miran and Vice Chair Bowman warned of labor market risks and advocated for deeper cuts. Stronger-than-expected Q2 GDP growth and persistently high core inflation at 2.9 percent have confounded things, forcing the Fed to carefully weigh inflation control against potential labor market softening.
Much hinges on the trajectory of real consumer spending, retail sales have shown surprising strength, but questions remain about whether this resilience can last if hiring slows further. Ultimately, the Fed has signaled that future rate decisions will depend heavily on inflation data and the durability of consumer demand in the face of a cooling job market.
Yes, recent economic data paints a mixed picture of an economy showing surprising resilience but facing persistent underlying challenges. Second-quarter GDP growth was revised upward to 3.8 percent, largely due to stronger consumer services spending, while inflation-adjusted consumer spending rose 0.4 percent in August, hinting at continued momentum into Q3.
However, housing remains under pressure from high prices and elevated mortgage rates, with existing home sales declining slightly and new home sales surging only due to aggressive builder incentives. Inflation continues to run hot, with core prices up 2.9 percent year-over-year, and consumers remain wary, sentiment fell to a four-month low amid rising concerns about how high prices are eroding personal finances. While layoffs remain low and job creation stable, the labor market shows little dynamism, and economists caution that current spending levels may not be sustainable without stronger income growth, as households increasingly rely on savings to keep up.
This week’s calendar, with month-end tomorrow, includes updates on housing, Fed surveys, consumer confidence, ISM PMIs, factory orders, construction spending, and the usual labor market indicators ahead of Friday’s payrolls report; there are also plenty of Fed speakers. Today we have Pending Home Sales Index for August followed by Dallas Fed manufacturing for September and remarks from five different Fed speakers. We begin the week with Agency MBS prices better than Friday’s close by .125-.250, the 2-year yielding 3.62, and the 10-year yielding 4.14 after closing Friday at 4.19 percent.
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