While the debate rages on about whether the three colors of candy corn taste different, at the other end of the tech spectrum, lenders are weeding out unused or out-of-date technology, reviewing new tools, all the while looking at bad developments in the IT world. (Speaking of tools, Ben Teerlink, Founder/CEO, MMI, will be interviewed today at 11AM PT on the L1 show.) AI companies are paying people to fold laundry in front of robots so they can learn to do household chores. It’s disappointing that we may never see a robot get tangled in a fitted sheet. Robots and automatic machines aren’t new (the French were cutting edge 250 years ago). But now Americans, including potential borrowers, are losing millions to scammers at crypto ATMs. Crypto scams drew a lot of people who wanted to make money and didn’t care about victims. They abound. Here’s how companies profit. JPMorgan Chase isn’t taking any security chances at its brand-spankin’-new $3 billion headquarters in Midtown Manhattan, so it’s requiring employees to offer up biometric data in order to access the building: biometric access is now required to enter the skyscraper at 270 Park Avenue. (Today’s podcast can be found here and this week’s are sponsored by Floify, an industry-leading point of sale platform. With Floify’s new Dynamic AI feature, lenders can modify applications with no coding required and rely on AI to autofill key application fields, allowing borrowers to fill out only a few fields relevant to their needs. Hear Figure’s Anthony Stratis & West Capital Lending’s Arthur Greenbaum discussing the power of partnership, and why they're excited about Figure's new AI-powered DSCR platform.)
Services, Products, Software, and Tools for Lenders and Brokers
“Grab your slap bracelets and fire up those CDs: Floify's rocking the ‘90s at MBA Annual. Known for delivering the industry’s most intuitive POS, Floify is leveling up with Dynamic AI, a game-changing feature for customizing applications. With Dynamic AI, lenders can modify, or even skip, questions with zero coding required and let AI autofill key fields. That means borrowers only provide information relevant to their loan, leading to faster completions, fewer drop-offs and smoother approvals. With Dynamic AI, you can flex to market demand and let loan officers focus on what really counts: closing deals and keeping borrowers pumped, Saved by the Bell style. We’re hitting the MBA Hub Stage on Monday, Oct. 20, (approx. 3:25 PM). But why stop there? Snag a 1:1 suite meeting to see Dynamic AI up close… Because the future of lending is all that and a bag of chips.”
“Meet the Future of Lending Technology. Gridavate is introducing a next-generation SaaS platform built for the lenders of tomorrow. Designed to meet the demands of 2026 and beyond, our solution empowers lenders to stay agile and confident in a rapidly evolving market. With advanced fraud detection, automated workflows, and continuous real-time FEMA Monitoring (available as a fully integrated feature or a powerful standalone tool), Gridavate brings clarity, speed, and precision to your operations. Unlock a smarter, faster way to prevent fraud and manage risk, built for modern lending. The next era of lending technology is almost here. We’re attending MBA Annual 2025 October 19-22 in Las Vegas: contact info@gridavate.com to schedule a meeting and learn more.”
“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. Truework is fast to implement, easy to use, and built to drive ROI, and 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.”
Correspondent and Wholesale Tools for Borrowers
“New Comp Options: Great news!! Symmetry now offers some new comp options for our HELOC products! For 1st or 2nd Lien Standalone HELOCs, our new options are: $0, $500, $1000, 1 percent, 1.5 percent, or 2 percent. For Piggyback and Post Close HELOCs: $0, $500, $1000, 1 percent. All options are borrower-paid. Percentage options are based on the HELOC’s initial draw at closing. No prepayment penalty or EPOs. Their AEs are standing by to help with your new scenarios and questions: Symmetry.”
As many of us head to Las Vegas for MBA Annual, we can already predict long days, full schedules, and sore feet. That’s why Down Payment Resource (DPR), the OG of DPA, is sharing this peaceful instrumental and fall scenery by composer Tim Janis, a moment of calm to enjoy before, during and long after Annual. DPR can offer lenders that same peaceful feeling every day by connecting your team to its database of 2,550+ DPA programs able to lower a borrower’s LTV by an average of 6 percent. These funds often can be used for varied property types and expenses beyond down payments, even leaving new homeowners with a little cash on hand, giving them some peace of mind too. Catch DPR at MBA Annual to learn how DPA can soothe the nerves of frazzled buyers and help lower your decline rate. Schedule your serenity consultation.
LenderLogix just released an AI Sidekick for LiteSpeed, giving loan officers a powerful new way to work faster, smarter, and with more confidence. The AI Sidekick reviews loan files, identifies red flags, recommends missing documents, and summarizes borrower data in seconds. It’s not here to replace loan officers, but to make them even more effective by handling the tedious parts of the process and freeing them up to focus on relationships. Integrated directly into LiteSpeed, the Sidekick brings next-level intelligence to the mortgage point of sale that thousands of borrowers and users already rely on. See it in action!
Book a Pathways Home Demo at MBA, and MMI CEO & Founder Ben Teerlink on Mortgage Matters Today! Pathways Home is MMI’s new homeowner intelligence platform that helps lenders stay connected with borrowers post-close with branded insights on equity, market activity, and refi opportunities. MBA Annual attendees can request a limited demo appointment to see the platform in action. Today at 2 PM ET, MMI CEO & Founder Ben Teerlink will appear on the Mortgage Matters webinar with Justin Demola CMB, CEO of Lenders One, and Rob & Robbie Chrisman, to discuss Pathways Home, MMI’s evolution, and what’s next for the future of borrower intelligence and mortgage tech. Register for today’s webinar.
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 In-Person Events
Join FAMP Central Florida Chapter for Knowledge and Networking at Teak Neighborhood Grill, Thursday October 16th, 3:30pm. Speaker, Coach Claire Autrey will utilize her 27+ years of life coaching and 18+ years as a real estate business owner to pour into the lives of her clients and workshop attendees; empowering, encouraging and passionately assisting them to reach their goals. After class, network with your fellow mortgage and real estate professionals.
Discover AI secrets every loan officer needs, how you adapt will determine whether you thrive or fade into irrelevance. Hosted by MMLA Southeast Chapter, join Dustin Owen, CMB, CEO & Founder of TLOP, for an insightful webinar on Thursday, October 16, 2025 - 11:00 a.m. - 12:00 p.m., and learn how to harness AI to your advantage.
Join NYMBA’s Free, Affordable Housing Webinar, Friday, October 17, 12:00 – 1:00pm. Presented by Jeff Wilkish, loanDepot and Lisa Atkins, Arrow Bank, explore how affordable homeownership plants the seed of financial stability and long-term wealth.
The 2025 MBA Annual Convention & Expo will begin October 19 in Las Vegas.
Mark your calendar for AMBA's October 22nd luncheon from 11:30 – 1:00 featuring essential insights for mortgage professionals.
CE Fest Southern California is coming to Irvine on Thursday, October 30th. Teaming with MaxClass, the nation’s leading live CE provider, you’ll experience a full-day, high-energy continuing education class combined with exclusive vendor networking. Whether you need to finish your electives or complete all 8 hours, this is the event built for busy originators like you.
Industry veteran Alan Fowler, CMB, Director of Client Success at Garris Horn, LLP, is offering a last-minute version of his popular in-person NMLS 8-Hour CE classes in Oklahoma City on October 30. The class is offered in conjunction with Mortgage Bankers Association - Oklahoma City. 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 by attending.” To register or get more details, email Alan here.
The Texas Women Mortgage Bankers will host their annual fall event on November 3rd at the Cathedral in Austin, Texas, bringing together professionals from across the industry for an evening of connection and inspiration. The Texas Women Mortgage Bankers was founded in 2019 as a sub-set of the Texas MBA and has grown since its inception by over 80 percent, highlighting the clear importance of this community. For this event, The TWMB is honored to welcome Faith Schwartz, Founder and CEO of Housing Finance Strategies, as its guest speaker. Faith will lead a thoughtful conversation on “There Are Enough Seats at the Table,” a message about leadership, inclusion, and elevating the next generation of voices in mortgage banking. TWMB events are known for their authentic energy and sense of community, and this year’s gathering promises to be no exception. Registration is open.
The next day, Tuesday, November 4, the Texas Mortgage Bankers Association is partnering with the Lyndon B. Johnson Foundation to co-host a housing summit at the LBJ Library (in the Lady Bird Johnson Auditorium), in honor of the “60th Anniversary of the Housing and Urban Development Act.” From mortgage bankers to home builders, we are bringing the country’s brightest thought-leaders to Austin for a full-day of discussions around the future of housing in the United States. Register here, and/or email info@texasmba.org if you need assistance with your MyTMBA login)
STRATMOR Group’s Consumer Direct Workshop is back, live in Charlotte, NC, November 5–6. Designed specifically for lending executives in the Consumer Direct channel, this workshop goes beyond theory with peer-to-peer discussions, benchmarking, and practical strategies you can implement right away. Learn from peers and STRATMOR experts about what’s working now in sales execution, comp structures, marketing channel allocation, technology adoption, and more. The format is interactive, candid, and collaborative, a rare opportunity to learn directly from industry peers and STRATMOR experts. Registration is open now, and seats are limited. Learn more and secure your spot here.
On November 19th the Mortgage Bankers Association of St. Louis will have a fine luncheon with a discussion of industry trends.
On November 20th, the Mortgage Bankers Association of Kansas City will have its annual BBQ/Thanksgiving event! Watch for sign-ups.
November 19-21, in Phoenix, Arizona, the MBA is having its Accounting and Financial Management Conference, the premier annual gathering for accountants and financial managers in single-family and commercial/multifamily real estate finance.
Capital Markets
The ongoing federal government shutdown, now entering its third week with no resolution in sight, has had a limited immediate impact on the economy and markets, though 600k employees have been furloughed and all twelve annual appropriations bills remain unresolved, making this one of the most expensive shutdowns in recent history. While the economic cost is currently modest (estimated at 0.1–0.2 percentage points of GDP per week) concerns are rising over potential disruptions to key data releases. Meanwhile, Chinese and U.S. politicians continue their ongoing trade war.
The shutdown is also shaping expectations for monetary policy, reinforcing the likelihood of a Fed rate cut in October and making the December FOMC meeting increasingly pivotal, as delayed data may create a compressed and more volatile decision-making window for policymakers. Fed Chair Powell spoke yesterday, signaling the central bank may stop shrinking its balance sheet in the coming months. He also indicated U.S. labor-market prospects continue to worsen, a message that supports investors’ expectations for another interest-rate cut this month. Fed officials have been winding down the central bank’s balance sheet since 2022, reversing trillions of dollars of asset purchases designed to stimulate the economy after the pandemic struck. Earlier this year, the Fed slowed the pace by reducing the amount of bond holdings it lets roll off every month.
As PrimeLending’s Andrew Stringer put it, “The most obvious pressure point is labor market weakness. We’re now looking at nearly 1 million jobs retroactively removed from the books due to survey inconsistencies. September’s hiring plans were the lowest in 14 years, and seasonal hiring is projected to be the weakest since 2009. With the shutdown disrupting key data releases, we’re flying blind on the true unemployment rate, though it’s hard to reconcile any meaningful drop from the last reported 4.3%. On the other side of the scale, longer-term yields continue to climb as investors demand more compensation for inflation risk. The 30-year yield is being driven up by concerns over persistent price pressures and fiscal imbalances. This tug-of-war between labor softness and inflation anxiety has kept rates range-bound for now. But unless Powell signals a higher terminal rate, resolution remains elusive, especially with potential trailing tariff effects still looming…volatility is likely to rise alongside the environmental risks already in play.”
Mortgage rates remain elevated at around 6.3 percent, partly due to a still-wide but narrowing spread between rates and 10-year Treasury yields, which peaked at 317 basis points in 2022 but has recently compressed to 217-basis points, closer to the historical average of 175. This narrowing is driven by greater clarity around monetary policy following a recent Fed rate cut and expectations of further easing, alongside a steeper yield curve and reduced rate volatility. Additionally, improving supply-demand dynamics in the MBS market, particularly stronger demand from private non-bank investors, are contributing to the tightening spread.
Today’s economic calendar kicked off with Mortgage applications decreasing 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 10, 2025. Empire manufacturing for October is also out (better than expected). Later today brings remarks from multiple Fed speakers and market movement will largely be dictated by bank earnings, headlined today by Morgan Stanley and Bank of America. We begin Wednesday with Agency MBS prices slightly improved from Tuesday’s close, the 2-year yielding 3.47, and the 10-year yielding 4.00 after closing yesterday at 4.02 percent.
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