President Trump has recommended that publicly held companies only report earnings every six months instead of every three. Don’t stockholders deserve more timely information to make educated choices, not less? For example, bond market investors who rely on government releases to make decisions seem nearly frozen in their tracks, and the government has only been shut down for about a week. Lenders try to learn things from every source, and in today’s Advisory Angle at 2PM ET, powered by the Chrisman Commentary, STRATMOR’s Garth Graham, Sue Woodard, Will Ayer, and Madison Ayer reveal what the mortgage industry can learn from hospitality, exploring how lenders can systematize service to create borrower experiences that drive clarity, confidence, and lasting loyalty. Speaking of learning things, thank you to everyone who wrote yesterday reminding me that, given the Fifth Third/Comerica news, Comerica Bank exited the warehouse lending business in 2023 during the regional bank liquidity crisis. (Plenty of other banks have stepped in: If you’d like your warehouse services listed in the Marketplace, please send an email for details.) (Today’s podcast can be found here and this week’s are sponsored by Truework, the only all-in-one, automated VOIEA platform that helps mortgage providers achieve up to 50 percent cost savings with an industry leading 75 percent completion rate. Today’s features an interview with Truework’s Randy Lightbody on the Fed’s recent rate cut and its impact on borrower behavior, what lenders should watch for, how homebuyers might respond to lower rates, and the critical role of integration and automation in building a more efficient, sustainable path to homeownership.)

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

“The new federal quality control standards under Dodd Frank for automated valuation models (AVMs) are now in effect, requiring valuation professionals to provide greater transparency in how AVMs determine credible, consistent, and objective property values. That’s why it’s important (and required) to regularly test, monitor and validate your AVMs. ICE’s advanced AVMs and self-service valuation reporting tool deliver unmatched transparency into ICE’s rigorous testing methodologies to validate output performance, coverage and accuracy of our AVMs, helping clients stay aligned with new and evolving regulatory guidelines. Read our latest blog to learn how ICE’s solutions can help enhance valuation accuracy, reduce valuation bias and strengthen regulatory compliance.”

Get closer to home with MGIC. MGIC helps lenders and borrowers overcome the hurdles to homeownership with innovative MI solutions that make low-down-payment mortgages possible. MGIC laid the foundation for modern private mortgage insurance nearly 70 years ago, and, backed by financial strength and stability, it continues to support its customers and their borrowers to this day. That’s why MGIC is a partner you can count on. Explore MI Solutions today!

At the MBA Annual, see how SettlementOne helps lenders reduce costs and improve efficiency with its advanced Verification Suite. Featuring VOE cascade and instant employment and income check, through trusted sources like Truv, Experian Verify, and The Work Number, the platform provides a cost-effective multi-sourced approach. Automation tools and cost recovery options provide measurable savings across the loan lifecycle, while real-time reporting ensures complete transparency into per-loan expenses. Lenders also gain access to the FICO® Score Mortgage Simulator, which uses trusted FICO® algorithms to show how specific borrower actions can change credit outcomes in real time. Backed by 25+ years of industry experience, SettlementOne pairs one-stop-shop credit reporting and verification services with integrated technology that transforms lender workflows. Schedule time to meet with us at the MBA Annual to explore how you can recover costs and streamline verification.

The “Original Bimbo 3 Ring Circus” was an arcade game featuring a marionette clown, its arms and legs jerking to music. For a dime, kids could push buttons and bring the “circus” to life. Fast forward to today… the MBA Annual can feel just as busy for us adults, with an ongoing spectacle of meetings, sessions, and networking. (Not to mention Vegas, baby!) Amid the flurry, be sure to catch up with the crew from Down Payment Resource (DPR) who can show you how down payment assistance (DPA) can lower a borrower’s LTV by an average of 6 percent, a game-changing advantage in today’s market. DPR tracks some 2,550+ programs nationwide (at least one in every U.S. county), offering an average payout of $18,000, which can help you unlock opportunities for more borrowers while reducing risk. Don’t let this class act pass you by: schedule with DPR now.

“At Servbank, we know that details matter. Which is why we focus on the details, both big and small, so you can concentrate on what really matters: your business. We understand how challenging managing your portfolio can be. That is why we provide you with a single point of contact for all your needs, ensuring you that nothing falls through the cracks… so that you can focus on the growth and success of your business. Whether it's an individual loan issue or an entire portfolio need, we’ve got you covered. With timely, transparent, and efficient communication, we make your experience with us frictionless and hassle-free. Make your life easier and let Servbank handle the details, so you can focus on taking your business to the next level. Learn more about the nation’s premier bank subservicer.”

Cut verification costs by 50 percent, while driving better borrower outcomes! Rising costs and borrower friction continue to challenge mortgage lenders. That’s why four of the top five lenders now rely on Truework to streamline income and employment verification. Our all-in-one VOIEA platform delivers an industry-leading 75 percent completion rate, consistently outperforming both competitors and manual waterfalls across speed, cost, accuracy, and rep & warrant relief. With Truework, you can cut verification costs by up to 50 percent, improve borrower experience and pull-through with faster, smoother verifications, accelerate pre-approvals with our free option (only pay when we complete a file), and support First and Second liens, as well as Wholesale channels. Fast to implement, easy to use, and built to drive ROI, Truework gives lenders a single, reliable path to better results. Let’s talk about how we can help your team unlock lower costs, higher borrower satisfaction, and stronger pull-through. Let’s talk.

“Pathways Home Unveiling: Request Your Demo at MBA Annual. This is not your typical “swing by the booth” demo. Pathways Home is MMI’s new homeowner intelligence platform, the tool that flips post-close engagement on its head. Borrowers see equity, market shifts, and refi or move-up opportunities every day in a sleek app that carries your brand, not ours. It’s the difference between being forgotten after closing and being the lender they never let go of. Here’s the deal: demo slots are capped. Once the limited schedule fills, that's it. Everyone at MBA will be buzzing about this launch. The only question is… Will you be the one who saw it live, or the one who heard about it afterward? Request your Pathways Home demo now.”

AI shouldn’t replace loan officers; it should support them. Next week, LiteSpeed (POS by LenderLogix) introduces its new AI Sidekick, a feature designed to help loan officers work faster and with more confidence. Built directly into LiteSpeed, the AI Sidekick reviews loan files in seconds, flags potential red flags, and recommends missing documents or letters of explanation. The result is a smoother, smarter workflow that lets loan officers focus on what matters most: the borrower. Learn how LiteSpeed combines speed, accuracy, and the human touch with the power of AI.

“Heading to Vegas for MBA Annual this month? Schedule time to meet with the Covius team and learn why we’re trusted by 9 of the top 10 lenders and servicers, 14 of the top 20 banks, and thousands of settlement agents and attorneys. As recently announced, Covius has entered into an agreement to acquire Title365, further expanding our ability to deliver technology-driven efficiency, scalability, and service excellence across the mortgage lifecycle. From loss mitigation and lien release tracking to title and settlement services, document and data solutions, borrower communications, and more, Covius provides the expertise and tools to help clients streamline operations and mitigate risk. Click here to schedule a meeting and see how Covius can help transform your mortgage operations.”

“Elevate your accounting function today! As an independent mortgage bank, your focus should be on growth, not accounting headaches. Whether you have no accounting expertise in-house or you have a new team with no mortgage experience, you can lean on the Richey May team for the support you need. This team is stacked with mortgage industry experts who can tailor your solution to meet your most pressing needs with no training needed. Need help transitioning to loan-level accounting? Need a fully outsourced function? You got it! Need industry training for your controller? We can do that. Contact Richey May today to get started on the solution that fits your business.”

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 Wholesale Products

“This October, leave the spooky surprises to Halloween. eRESI brings you all treats, no tricks. eResi has recently improved its Max Price on DSCR and updated pay-ups on prepayment LLPAs, designed to give you more flexibility and fuel your non-QM growth. Also, mark your calendars: catch eRESI's Lisa Schreiber, SVP of Correspondent Lending, and other industry leaders on the "Why the Non-Agency Market is a Must for Your Success" panel at the MBA Annual Convention & Expo in Las Vegas, taking place on October 20th at 3:00 PM. Whether you're just getting started with non-QM or scaling up, these events empower lenders with the knowledge to fuel sustainable growth. Email sales@eresimortgage.com with any questions or to schedule a meeting at the MBA.”

Want to know why giving Carrington the first look for non-QM makes all the difference? Speak with Carrington Mortgage Services at two events in Las Vegas this month. First at NAMB, either at their booth or during their happy hour event on October 18th at Pronto by Giada at Caesar’s Palace. Then for the MBA at the Fontainebleau to talk Delegated and non-QM strategies. In addition, Carrington is also looking for experienced non-QM account executives across the country. Have a confidential conversation with their VP of Sales, Jeff Massotti to learn more. To connect with them, either schedule time now or reach out!

LOs and Compassion, Selflessness, and Empathy

Sunday I received an “MLO VieauxPoint” from Brian Vieaux, CMB, President & COO of FinLocker, Founding ‘Expert’ of MLO Live, soon to be President of MISMO on

selflessness, compassion, and support. “Last Sunday, my wife and I got a call no parent ever wants to receive. We went from watching football to packing bags and booking an unplanned flight to Seattle. In an instant, everything that mattered fit inside one small hospital room two thousand miles away. Machines, tubes, and monitors took over what we could not control. All we could do was hold on and be there.

“In those first hours, I learned again that helplessness has a sound, the steady rhythm of a monitor and the quiet resolve of people refusing to give up. Then something else began to happen. People showed up. Messages, household chores done, prayers, favors, by family, friends, and colleagues. Each act small on its own. Together, they built a net strong enough to catch us. That’s when I saw what selflessness really looks like. It doesn’t ask for credit or wait for timing. It just shows up, again and again, until the weight starts to lift.

“The same lesson applies in our work. Whether you’re leading a team, guiding a borrower, or supporting a colleague, compassion creates strength. It doesn’t cost us production. It multiplies it. In this business, and in life, relationships are what matters.

“So, here’s my challenge this week: Find one person you can quietly support. No fanfare. No post about it later. Just presence. The world, and our industry, could use a little more of that kind of leadership right now.” Read the note here. Thank you, Brian! #VieauxPoint

Capital Markets

Headlines to open the week revolved around surprise political developments in Japan (new pro-stimulus leader incoming) and France (old prime minister outgoing). With the September employment report, and plenty of others, delayed by the government shutdown, speculation abounds over who in Washington might have early access to the data. The mystery hasn’t stopped investors from increasingly pricing in a 25-basis points Fed rate cut by month-end, with futures implying a 96 percent chance of easing and another cut likely by December. As the October Class A cycle begins with a sparse economic calendar (no major Fed speeches or Treasury auctions) attention turns to the FOMC’s September meeting minutes for insight into the Committee’s divided outlook.

One overlooked trend in the current market is how aggressively large servicers are moving to retain servicing through recapture strategies, essentially ensuring they control the borrower relationship from the start. While some of this can be attributed to limited float or strong demand for specified pools, there’s growing evidence that payups are bleeding into more generic note rate pricing, especially on excess IOs. Correspondent buyers aren’t acting alone; both GSEs have been steering sellers into excess strip executions, even on familiar note rate windows.

Last week’s performance in the UMBS 30-year stack showed stronger demand for lower coupons, which are expected to benefit from slower prepay speeds. In contrast, higher coupons are likely to see an uptick in speeds when data prints later today. For now, the best carry appears to be in 3.5 percent conventionals and 5.0 percent Ginnies. While 5.5 percent and 6.0 percent coupons still dominated gross supply last month, the 5.0 percent is gaining ground amid the rally. For those seeking prepayment protection in higher coupons with incentive, low payup stories (e.g., investor, Florida, HiLTV, and FICO-centric pools) remain attractive, especially as refinance risk fades. Encouragingly, recent strength in the market has helped ease payups for larger loan balance pools ($300k+) in higher coupons.

The trade deficit in August would normally kick off today’s economic calendar but is expected to be delayed due to the government shutdown, leaving Redbook same store sales and consumer credit for August as the only other data. Treasury activity will be headlined by an auction of $58 billion 3-year notes, and markets will digest remarks from four Fed speakers: Governor Miran, Atlanta’s Bostic, vice chair for supervision Bowman, Minneapolis’ Kashkari. We begin Tuesday with Agency MBS prices basically unchanged from Monday’s close, the 2-year yielding 3.60, and the 10-year yielding 4.17 after closing last Monday at 4.16 percent.