If you want privacy, you may not want to buy a new car: Many new cards share your data with third-party companies via technology. Here at the MBA National, tech is not only a popular topic, but, thanks to AddyAI, there is an Agentic registered “attendee” named Adele. The robot’s job is roaming the halls. Are you doing your “dream” job? They vary by country, by the way, and here’s a map. Some jobs are “unsung,” and one of the topics at the MMLA event in Michigan, the MBAC event in South Carolina, and here at “The National” in Chicago is how lenders need to focus on some of these roles as they could mean the difference between success and failure. For example, the biggest inefficiency in mortgage underwriting is the manual coordination required to resolve exceptions, clarify documents, and move information between borrowers, brokers, and underwriters. Advances in document intelligence and large language models can now address both sides of that problem, enabling AI to identify issues upfront, generate explanations in real time, validate documents and flag fraud, and even match borrowers with alternative loan products without changing existing credit standards. This should create an incremental shift toward AI-assisted decisioning that earns trust while materially compressing cycle times and reducing labor. (Today’s podcast can be found here. This week’s ‘casts are presented by nCino, the platform for agentic AI in mortgage lending. nCino is helping mortgage lenders deliver a faster, simpler path to homeownership. Today’s has an interview with nCino’s Casey Williams on how lenders can improve affordability by expanding access and removing process friction through faster, more responsive technology that helps borrowers from first contact through closing and beyond.)

Lender and Broker Products, Services, and Software

Contortionist Leilani Franco holds the Guinness World Record for the fastest 20-meter backbend walk, covering the distance in just 10 seconds. Impressive flexibility, although mortgage lenders might be giving her some competition lately. September's market demanded plenty of bending and stretching as rising rates pushed overall lock volume down 2 percent month over month and refinances fell 13 percent. Lenders had to look beyond their usual playbook for opportunities. Non-QM climbed to 12 percent of production, up nearly 5 percentage points year over year, while ARM share reached 14 percent, its highest level since 2019. Optimal Blue's September Market Advantage report examines shifting product mix, pricing, and secondary market execution, including changes in hedging activity. See where the market is bending next. Get the full report.

“Homeowners with mortgages hold $11.7 trillion in tappable equity. How much of that opportunity is part of your business? Arc Home is bringing HomeEQ to NAMB National. Stop by Booth 205 to see how our digital HELOC can help you turn home equity conversations into new loans. With 2 percent broker compensation, a fully digital process, and funding in as few as five days, HomeEQ makes it quick, easy, and convenient to serve borrowers looking to consolidate revolving debt, improve their homes, or cover major expenses. Not heading to Vegas? Schedule a meeting with Lee Malone for a personalized HomeEQ demo and an overview of the HELOC market. Explore where the opportunities are and how to make them part of your business. You can also watch our quick demo today.”

What should you actually keep in your servicing portfolio? The answer goes well beyond which execution looks best today. The Servicing Decision: Volume 2 explores how cash, customer strategy, capital, and capacity influence the retain-versus-release decision and why the right answer differs for every mortgage lender. Get Richey May’s practical framework for evaluating what fits your long-term strategy, what may be better released, and how to periodically reassess the decision as your business and the market evolve. Download the guide here.

Your pipeline doesn't stop when you leave your desk. So why should you? A borrower needs a disclosure signed. A referral partner requested a loan application be sent. You need to review an outstanding borrower document, and your laptop is nowhere nearby. Meet Maxwell for Mobile. Coming soon to the Maxwell POS, loan officers will be able to complete work on a native mobile app. From managing their pipeline, to reviewing borrower tasks, to preparing pre-approval letters and sharing their loan application. Maxwell for Mobile is designed for iOS and Android, white-labeled for your organization. Learn more here.

On November 2, 2026, Fannie Mae and Freddie Mac move the industry to UAD 3.6 for every new appraisal submitted to UCDP, replacing a dataset that hasn't changed since 2010. Lenders who prepare now can get through the transition with minimal disruption to their pipeline. Without an approved policy exception from each applicable GSE, new UAD 2.6 submissions won't be accepted after November 2. Your pipeline, your AMCs and your teams all need a plan before the deadline hits. Encompass already has the fields, UCDP integration and file support in place. Read our Five steps to UAD 3.6 readiness and see what to prioritize now.

UAD 3.6 is here, and it brings a new level of complexity to underwriting the appraisal. The report is longer, with many more data points and dynamic sections, so underwriters will spend significantly more time learning the format, and finding what they need, with a higher risk of missing critical issues. Every lender and AMC also needs a new review policy to avoid investor suspenses and repurchases. To help lenders and AMCs prepare, HomeVision is offering a free trial for the next 60 days: run your first UAD 3.6 appraisal reviews through MIRA, HomeVision’s AI-powered underwriting platform, at no cost. No integration required. Upload a report and see a full review in minutes, with flagged issues and clear explanations. Each review applies the UAD 3.6 policy and security standards trusted by the largest lenders, banks, and AMCs in the industry. Start your trial at homevision.co/uad-3-6.

Lawyers, compliance officers, risk executives, and consumer finance leaders: this one is for you. Join Saul Ewing’s “Consumer Financial Services Annual Update: Courts, Regulators & the In-House Perspective” free CLE webinar on Thursday, November 12 from 1:00 – 4:00 PM ET. The program will provide a timely, practical look at the forces reshaping consumer finance litigation, regulation, and compliance, with the discussion covering key developments under the FCRA and FDCPA, significant court decisions, emerging litigation trends, and notable settlements and enforcement outcomes. Speakers will also review and examine the role states have taken to fill the void left by the Federal Government’s changed priorities in areas of fair lending, fair loan servicing, interest, and other consumer/borrower fees, and general UDAAP concerns. With insights from in-house counsel, the program will offer practical strategies for managing compliance risk, responding to litigation and enforcement activity, and navigating the responsible use of emerging technologies, including AI, in a rapidly changing environment. Click here to learn more and register.

“Wintrust Mortgage Warehouse Lending: Different Approach, Better Results®. At Wintrust, we know every mortgage business is unique. For decades, we’ve provided mortgage bankers with more than just warehouse lines and deposit solutions; we deliver robust, customized strategies backed by industry experts. Our proprietary platform is built for maximum efficiency, requiring minimal documentation for rapid funding, especially critical during high-premium, month-end periods. In an industry that moves fast, we prioritize stability and consistency. You’ll work with seasoned professionals who offer a steady hand and a long-term perspective, ensuring you have a reliable partner to help you navigate market shifts and scale with confidence. Connect with our experts, Robert Marr, or Kevin Mitzit, today!”

News From “The National” in Chicago

The atmosphere in the hallways is somewhat cheerful and forward looking. George W Bush did a fine job on the stage yesterday, telling stories of Putin and Tony Blair and domestic politics… “The U.S. government is in no position to control the U.S. economy... leave it up to the marketplace.”

Meanwhile, Bill Pulte, Director of the FHFA which oversees Freddie Mac and Fannie Mae (their historical market share has indeed reversed), delayed and then entirely canceled any appearance in front of the largest trade organization in the industry. I received plenty of notes. “He’s not a lender, what does he know?” “He’ll just sit and tweet things in the middle of the night instead.” “Lack of accountability is no way to run the most powerful organizations in our industry.” “What’s he going to do next, confuse mortgage insurance with title insurance and cut their profits as well?”

MBA Homebase, a New Initiative for Mortgage Loan Officers! Yesterday, MBA, in collaboration with FirstHome IQ, announced a new initiative to provide loan officers with education, coaching, professional development, and a stronger voice in the mortgage industry. Spearheaded by MBA’s 2027 Chairman Owen Lee, CEO of Success Mortgage Partners, Inc., MBA Homebase provides a comprehensive pathway for loan officers to strengthen their performance, expand their professional influence and become more engaged in shaping the future of the mortgage industry. The initiative is open to loan officers at every lender and across every origination channel, regardless of whether their company is an MBA member. Learn more at mba.org/homebase.

Optimal Blue has acquired mortgage CRM and marketing automation platform Usherpa in a move that expands Optimal Blue's reach beyond product, pricing and eligibility into lead generation and borrower engagement. “The acquisition brings Usherpa's borrower engagement capabilities closer to the pricing and eligibility technology used by more than 200,000 originators with the goal of helping loan officers identify financing opportunities, engage the right borrowers, and convert more leads into loans. Usherpa will be natively integrated into Optimal Blue while continuing to serve loan officers, real estate professionals, and mortgage companies nationwide. Optimal Blue says it will maintain an open ecosystem that allows lenders to choose their preferred CRM providers. The deal also advances Optimal Blue CEO Joe Tyrrell's vision of a single originator command center that connects pricing intelligence with borrower engagement. Optimal Blue plans to continue investing in Usherpa, with future development informed by customer feedback. Financial terms were not disclosed.

Newrez and eXp Realty just announced a new mortgage joint venture, Revenos Mortgage, powered by Newrez, designed to serve eXp agents and their clients. “Following the wind-down of Success Lending, eXp and Newrez have come together to launch Revenos Mortgage, uniting one of the country's largest real estate brokerages and one of the nation's largest mortgage lenders and servicers in a first-of-its-kind relationship at this scale. The partnership also aligns with Newrez's continued focus on local-market growth through joint ventures and strategic partnerships. “The partnership aims to create a more seamless homebuying experience from application through closing and beyond by leveraging eXp's trusted local market expertise and Newrez's broad range of lending solutions, technology, mortgage expertise, and servicing capabilities. Newrez services more than 4 million homeowners today, helping ensure agents' clients receive ongoing support long after closing and creating a more connected experience that extends beyond the initial transaction.”

The industry continues to watch loanDepot, currently trading around 56 cents a share. Recall that on August 21 loanDepot, Inc. received a deficiency letter from the New York Stock Exchange (the "NYSE") notifying loanDepot that it is not in compliance with applicable price criteria in the NYSE's continued listing standards. "As we continue to execute our transformation agenda to position loanDepot for profitable market share growth, we are making significant progress. In the last quarter, unit volume grew by 25 percent, revenue grew by 18 percent, and purchase market share grew by 33 percent. We executed a successful and strategic expansion into home equity lending, at scale, and re-entered the wholesale market," said loanDepot Founder and Chief Executive Officer Anthony Hsieh. "We are making more loans, making them faster, and producing them at a lower cost. By continuously leveraging our unique assets, including one of the most differentiated customer acquisition and retention business models in the marketplace today, and by prudently and actively managing our capital and debt obligations, we believe we can create sustainable stockholder value. As we do that, we expect our stock price to reflect our success."

Optimal Blue’s September Market Advantage mortgage data report, shows that mortgage activity softened in September as rates moved sharply higher, while non-QM lock volume grew 8 percent from August. Total lock volume declined 2 percent month over month and 26 percent year over year, but purchase volume was essentially flat both monthly and annually. ARM usage reached 14 percent of lock volume, its highest share in Market Advantage data going back to 2019. “What stands out in September is how much product mix is doing the work of keeping purchase activity moving,” said Brennan O’Connell, director of data solutions at Optimal Blue. “Conforming lost share while non-QM volume grew and ARM usage reached its highest level seen in our report.”

Capital Markets

For pipeline hedgers, uncertainty over whether duration extension and convexity-related selling have peaked creates two-sided risk: further rate increases could widen mortgage spreads, while a Treasury rally could shorten MBS duration and force costly hedge adjustments. Ultimately, the next inflation readings and the Fed’s response will shape both Treasury direction and mortgage-market stability, with basis volatility, hedge positioning, and origination profitability remaining key concerns.

Bond market direction will increasingly depend on whether incoming economic and corporate data continue to justify elevated yields. Third-quarter earnings, particularly from banks and other interest-rate-sensitive sectors, will test consumer demand amid higher borrowing costs and energy prices. Strong quarterly results from Wall Street could reinforce expectations that the economy can withstand tighter financial conditions, keeping yields elevated. Conversely, weakening demand, margin compression, or cautious earnings guidance could expose the delayed economic impact of higher rates, which could support a Treasury recovery. Although technically stretched conditions, solid auction demand, and the potential for economic deterioration offer a more constructive near-term outlook for bonds, a sustained rally will require evidence that inflation is moderating or growth is losing momentum.

Inflation data will be the primary market catalyst this week, with September CPI on Wednesday and PPI on Thursday likely to shape expectations for the Federal Reserve’s next policy decision. Investors will also monitor retail sales, initial jobless claims, manufacturing surveys, industrial production, and the Fed’s Beige Book for signs of whether economic momentum is holding up or weakening. The combination of inflation and growth data will be particularly important: persistent price pressures alongside resilient activity would reinforce the case for restrictive monetary policy, whereas easing inflation or deteriorating demand could strengthen the argument for a more cautious Fed.

Treasury markets were closed yesterday for Columbus Day. For economic news there’s nothing major: September NFIB Small Business Optimism (it declined 0.8 points in September to 97.9, one-tenth of a point below the 52-year average of 98.0) and September Existing Home Sales (expected to be little changed from August). This morning we find the 2-year yielding 4.77 percent and the 10-year at 5.19 versus closing last week at 5.24 percent (down 4-basis points over the course of the week), and Agency MBS prices better than Friday’s close by about .125 depending on coupon and maturity.