Let’s see what’s in my electronic mailbag. “Rob, is it true that LOs can now join the MBA directly?” Yup. There’s MBA Homebase that provides loan officers with education, coaching, professional development, and a stronger voice in the mortgage industry. It is open to loan officers at every lender and across every origination channel, regardless of whether their company is an MBA member. “Rob, I watched President Trump talk about Montana being helped, financially, by Fannie and Freddie. Is that legal?” Hah, define “legal.” Montana has about 10,000 sales a year, $3 billion divided by 10,000 is $300,000. He is just saying that Fannie and Freddie are going to keep doing what they always have done: facilitate home loans? Or will Bill Pulte have state-based loan level price adjustments, which some may view as politically based? Stay tuned. “Rob, since Clinton and Congress last balanced the budget, we’ve had a deficit. Why do we care now?” First off, it’s a huge, unimaginable number, and no politician even wants to talk about it. Let’s face it: we’re spending money that we don’t have. The U.S. government, with its $40 trillion in debt, isn't the only one with a debt problem. 1 in 5 Americans fell behind on a loan or mortgage payment in 2025, according to new data from the Federal Reserve. That figure is up from 1 in 8 Americans in 2022 and marks the highest level since 2007. Why is it happening, and what will it mean for the economy? (Today’s podcast can be found here. This week’s ‘casts are presented by Experian. Experian Verify’s integration with Workday gives mortgage lenders broader access to reliable, up-to-date income and employment data, streamlining verification, enhancing efficiency, and delivering a smoother borrower experience from application to closing. Today’s has an interview with Knock’s Sean Black on the company’s buy-before-you-sell program, which allows homeowners to access their existing home equity to purchase a new home before selling their current one.)

Lender and Broker Products, Services, and Software

Spring EQ (NMLS #1464945) is giving partners more reasons to get loans moving before the end of October. For partners serving real estate investors, Spring EQ is offering 75 bps off the price on all DSCR loans through October 31. Spring EQ is also covering the cost of eligible appraisals on qualifying home equity loans through October 31. Borrowers pay the appraisal cost upfront, and when the loan closes with Spring EQ, they’ll receive a lender credit equal to the eligible appraisal cost. Spring EQ’s HELOC and HELOAN solutions help homeowners access their equity without making a traditional cash-out refinance the only option. And the 1st lien HELOC gives LOs another powerful solution to meet borrower needs. Two limited-time promos, a broad range of home equity solutions, and more ways to grow your business. Visit EMMA to price, process, and manage loans. Not a partner? Join here: Wholesale or Correspondent.

Your trading strategy has evolved, and your execution software should keep pace. The Agile way to TBA connects your entire workflow into a single, high-speed workspace, taking your desk from price discovery through post-trade settlement without terminal bloat. Drag and resize widgets to fit your desk's natural flow, manage parallel positions, and communicate directly with up to 24 broker-dealers on one live screen. After the strike, automated allocations, AOTs, position swaps, and Round Robin netting keep your credit lines open and trades moving. Ditch the 15 open tabs, endless emails, and spreadsheet workarounds. Experience modern secondary execution built for speed and basis-point preservation. Contact Agile to learn more about how they are modernizing the TBA trading workflow.

“Your borrowers are all different. Finding the right solution should still be simple. At Quorum, we offer a full suite of home equity lending solutions designed to fit a wide range of borrower scenarios. Whether your client has a straightforward need or a more unique situation, you have more options to help find the right fit. Our new Product Snapshot makes it easy to compare eligibility, credit requirements, financing limits, and key features at a glance, so you can quickly identify the right solution for your borrower. One Lender. More ways to help borrowers.

“The 4 Cs of lending aren’t going away. So where will AI go to learn them? Cotality is the industry’s go-to source for fiduciary-grade lending data and solutions. Our clients rely on us for credit reports, home price performance, appraisal QC, income verification, flood certs, and fraud prevention…just to name a few. We also collect information and pay property taxes on 49 million homes. Cotality is where the mortgage industry goes for the data behind the 4 Cs and where AI agents will go to find the most current, accurate, and defensible data. So, whether you’re optimizing legacy systems, implementing new AI features, or deploying state-of-the-art MCP servers and agentic workflows, Cotality is here for you. See why trusted, AI-ready data starts with Cotality.”

“Who’s in your corner when volumes change? For three straight years, Indecomm has added an average of 36 new clients a year, plus 70 new engagements a year, as new and existing lenders expand their work with us. That’s a lot of lenders who want Indecomm in their corner, and 2026 is on pace to match. Many lenders start with our fulfillment, QC, underwriting, or post-closing teams, then add muscle with Genius AI automation like our latest AuditGenius | ai and IDXGenius | ai. A top 15 U.S. bank is now automating mortgage origination bank-wide with IDXGenius | ai and DecisionGenius. A fast-growing fintech lender is launching a new HELOC offering with the same products. Find out why one top lender calls Indecomm “a true partner in our success.” Debt-free, cash flow positive and ready for every round. See who’s in our corner.”

Membership Matters. Lenders One Delivers. Lenders One (L1) helps independent mortgage banks, community banks, and credit unions save money, access valuable solutions, and build stronger industry connections. Members collectively realize more than $20 million in savings each year through L1 Preferred Providers and L1 Solutions, including complimentary CE, industry insights, peer networking, L1 Summit, and more. Put the value of Lenders One membership to work for your organization. Click to learn more.

The next Chrisman Demo Day is November 19 and is a free perk for all Chrisman Marketplace members. If you're a technology or service provider and haven't joined the Marketplace yet, reach out to Chloe Murray at info@chrismancommentary.com to learn more.

The Chrisman Marketplace is a centralized hub for vendors and service providers across the 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

Want to know what home equity automation could return for your shop? Lenders who attend tomorrow’s FirstClose webinar can request an ROI review of their own home equity volume and production numbers and take home the latest impact and ROI analysis. “The 7.99x Return: How FirstClose Turns Home Equity Volume into Verified ROI” walks through a MarketWise Advisors study of 54 FirstClose client lenders, with time set aside for XpressEquity’s instant pre-approval and automated settlement ordering through FirstClose Order Management Services. It also explains why the presenters see nonbank growth in home equity as structural competition that isn’t going away, and what waiting costs a lender. Join us Thursday, Oct. 22, at 1 p.m. CT. Register here.

“Navigating mortgage regulatory compliance does not have to drain your credit union's valuable time and resources. Join us on October 28th at 1:00 PM CT for an exclusive ACUMA Inside Track Webinar, Mitigate Risk, Elevate Strategy: Unlocking the Value of Expert Compliance Partnerships. During this session, MQMR's Scott Weintraub and UFCU's Erin Simmons will share real-world strategies for tackling day-to-day compliance challenges head-on. You will learn firsthand how finding the right compliance partner can streamline complex regulatory requirements and turn oversight into a true driver for member growth. Transform your approach to regulatory oversight and empower your staff to focus on what matters most: serving your members and closing more loans. Secure your spot and register here today!”

Mortgage Matters is today at 11AM PT. Presented by by Lenders One, today’s guests are Noor Punjwani & Naveed Punjwani with Awesome Tech.

Credit Committee is today at noon PT. Presented by Equifax, today’s show features Jesse Hardin, an economist at Equifax, discussing the construct of today’s market with a focus on the credit world and its impact on the industry.

Thursday is The Big Picture at noon PT. Presented by Stellar Innovative Solutions, Total Expert’s CEO Joe Welu addresses what clients are seeing in the industry, and how companies are shifting given developments in technology.

Last Word is Friday, October 23, at 10AM PT. Presented by MISMO, Brian Vieaux, Kevin Peranio, Christy Soukhamneut, and Tracey King break down the week's biggest market signals, agency developments, and industry storylines.

Mortgage Compliance Hot Topics: Fall 2026 Edition: Federal, State & Industry Developments Oct. 28 | 2 PM ET. Join Asurity's compliance and legal professionals, together with leading industry attorneys, for a complimentary 60-minute webinar examining recent and emerging developments affecting mortgage lending. Topics include Federal regulatory activity, evolving industry compliance standards, emerging technology and AI requirements, and other issues lenders should be watching. CLE: CLE accreditation is being sought in California, Texas, and Virginia. Additional information regarding approval and applicable credit will be provided as it becomes available. Register Here.

Non-Agency and Processing News

Whether it is jumbo, non-QM, DSCR, or bond programs, non-Agency volume has eaten into the market share of Freddie and Fannie (the “Agencies”). Proponents say that the underwriting and property criteria match current borrower demands to a greater degree, and investor demand is solid. Critics say that private money can quickly vanish.

Gershman Mortgage announced a home financing option designed for eligible Native Americans and Alaska Native borrowers. The Section 184 Indian Home Loan Guarantee Program offers borrowers flexible options for purchasing or refinancing eligible primary residences.

United Wholesale Mortgage is bringing the power of AI directly into brokers' hands with the launch of the new ChatUWM mobile app, transforming the former InTouch app into an intelligent business assistant built for speed, convenience and productivity.

United Wholesale Mortgage announced Underwriting+, a new solution designed to streamline the process and help independent mortgage brokers close loans faster.

Pennymac updated non-QM LLPAs effective for all Best-Efforts Commitments taken on or after Friday, August 28, 2026. See Announcement 26-101 for details.

Champions Funding is expanding its equity-based lineup with Ally Equity First, a No Ratio program for owner-occupied and second home borrowers that removes the barriers stalling deals and gives your clients a real path to financing.

Pennymac updated Jumbo LLPAs effective for all Best-Efforts Commitments taken on or after Friday, August 21, 2026. View Announcement 26-98 for details.

Pennymac introduced a new Jumbo loan program effective Friday, August 7, 2026. See Announcement 26-90 for details.

Pennymac announced the release of the Pennymac Closed-End Second (CES) Program to their Pennymac Correspondent Group, effective immediately. View Announcement 26-114 for details.

Carrington Mortgage Services, LLC announced significant enhancements to its Flexible Advantage non-QM loan program, introducing industry-first eligibility guidelines designed to expand access to mortgage financing for borrowers who may not qualify under traditional lending programs. The expanded Flexible Advantage program allows eligible alternative-documentation borrowers to qualify with FICO scores as low as 550, creating new opportunities for borrowers working to rebuild their credit.

Newrez Correspondent updated its SmartEdge, SmartVest and SmartSelf Summaries and the Smart Series Underwriting Guides.

Newrez Correspondent updated their Product Summaries, Overlay Matrices and Guidelines. All updates are effective August 27, 2026, for pipeline loans with the exception of Temporary Buydown Term updates which are effective August 27, 2026, for new loans only.

Effective with Best Efforts locks completed Wednesday, August 26, 2026, Citi Correspondent Lending is making a change to the HomeRun Program's pricing adjuster. FIND EMAIL LATER

Earlier this week AmeriHome Mortgage announced the minimum eligible debt service coverage ratio was reduced from 0.80 to 0.75. With 20260810-CL Product Announcement, AmeriHome is retracting and correcting published announcement 20260809-CL Minimum Eligible DSCR Reduced, Effective August 26, 2026.

Loan Stream Mortgage Wholesale’s Non-QM Core Flex program is built to help capture opportunities you may have had to pass on before, especially with underserved borrowers. Some program highlights include 500 minimum FICO, up to 65 percent LTV, loan amounts up to $1.25M, max 45 percent DTI, and more.

Pennymac updated non-QM LLPAs effective for all Best-Efforts Commitments taken on or after Wednesday, September 16, 2026. See Announcement 26-109 for details.

Newrez Correspondent updated their Closed End Second guidelines by raising the minimum appraisal guidelines from $350,000 to $400,000 effective for all new locks on or after September 15, 2026. Additionally, the Ineligible Property Types have been updated. 

First Financial Network introduced FirstValue™ 3.0, a market-based loan analytics engine calibrated on over 35 years of proprietary loan sale pricing data.

Effective for new loan applications dated on or after September 4, 2026, Pennymac is updating non-QM guidelines regarding prepayment penalty eligibility, non-arm’s length transactions, borrower eligibility, departing residence requirements, and the use of bank statement collection services. See Announcement 26-107 for more information.

Capital Markets

The U.S. housing market continues to weaken as elevated mortgage rates, high home prices, and limited affordability drove pending home sales down a record 7.3 percent in September and housing starts down 5.2 percent, while declining building permits signal limited near-term construction growth. Despite relatively resilient new-home sales, scarce existing-home inventory, rising construction costs, and builder confidence at a 14-year low are prompting price cuts and sales incentives, revealing the disconnect between persistent housing costs and weakening demand. Continued pressure on purchase-mortgage activity is likely to constrain new construction and reduce Agency mortgage-backed securities issuance, as high financing costs discourage buyers and limit builders’ willingness to expand supply. Although mortgage rates have crept up, U.S. Treasuries have experienced volatile, range-bound trading as investors balance geopolitical tensions, rising oil prices, persistent inflation concerns, and anxiety over elevated technology valuations. Despite inflationary pressures and a broader global shift toward tighter monetary policy, risk aversion has recently supported Treasury demand.

Treasuries' traditional safe-haven role has been weakened by the post-2021 inflation environment and the Federal Reserve’s policy response, though recent market movements suggest that role may gradually strengthen if inflation subsides. With a hawkish hold expected at the upcoming FOMC meeting and markets pricing in a high probability of a December rate hike, Treasury yields will likely remain sensitive to equity performance, energy prices, corporate credit spreads, geopolitical developments, and government debt issuance. There is little sign of investors seeking dollar-denominated assets when there is turmoil. Today’s economic calendar kicked off with mortgage applications falling 5.3 percent for the week ending October 16, as purchase applications declined 7 percent week-over-week and 18 percent year-over-year, while refinance applications dropped 2 percent weekly and were down 59 percent annually. Despite the 30-year fixed mortgage rate easing to 7.41 percent (the first weekly drop in over two months), borrowing costs remained high enough to weigh on demand, signaling continued weakness in both homebuying and refinancing activity.

Later today brings weekly crude oil inventories, and a Treasury auction of $13 billion in 20-year bonds. We begin Wednesday with Agency MBS prices roughly unchanged from Tuesday’s close, the 2-year yielding 4.79, and the 10-year yielding 5.11 after closing yesterday at 5.12 percent.